Tech Giant LG Forms Partnership to Expand eBay-Like Crypto Marketplace
Tech giant LG has signed a deal with Ubank, the team behind Ubcoin Market. The Ubank mobile payment app will be pre-stalled by on LG smartphones that will be made available in various global markets.
South Korean LG Electronics is one of the largest consumer electronics companies and smartphone manufacturers in the world. With over 83,000 employees in its target markets of South Korea, North America and Europe, the company made $57.1 billion in revenue in 2017, up from $52.04 billion in 2016.
LG devices routinely top lists for the best Android smartphone. Its reach among consumers makes the partnership with Ubank a solid step toward a digital economy where cryptocurrencies are used like cash.
Ubcoin Market, a blockchain-based platform, allows people to acquire cryptocurrency and exchange it for real goods. It’s geared for consumers who want to participate in the growing digital economy, and who may or may not mine or invest in cryptocurrencies. Its main goal is to “bring 200 million new retail investors to crypto by eliminating all fiat obstacles on the way to crypto.”
It also allows people to accrue cryptocurrency by selling items instead of using cash money to buy it on an exchange.
The ecosystem is completely non-reliant on fiat currency. Users leverage real goods by selling items on the Ubcoin Exchange for cryptocurrency. The cryptocurrency can then be used to make purchases on Ubcoin Market, an Ethereum-based blockchain marketplace that uses peer-to-peer smart contracts to settle transactions. Sellers receive crypto only after the terms of the agreement have been fully executed.
The use of LG smartphones with Ubank’s Ubcoin Market empowers consumers to own their own money and make their own trades without intermediaries or banks.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin or cryptocurrency. Your transfers and trades are at your own risk. Any losses you may incur are your responsibility. Please note that The Daily Hodl participates in affiliate marketing.
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