Goods-to-Crypto Marketplace to Eliminate Fiat From Process of Buying Cryptocurrencies

An established company in the mobile finance sector is developing a platform which eliminates fiat money from the process of acquiring and spending cryptocurrency - with a peer-to-peer marketplace where physical goods can be bought and sold in an instant.

Ubcoin Market has the ambition of becoming "The world's first truly efficient alternative to crypto exchanges" - harnessing the familiarity of marketplaces, such as eBay and Amazon, while removing the technical and legal hurdles associated with using and investing in cryptocurrencies.

Through Ubcoin Market, a person would be able to sell something they own - such as a second-hand iPhone or a homemade ring - in exchange for UBC, the platform's native utility token.

These tokens can then either be converted into Bitcoin or Ethereum, or be used to make other purchases in the marketplace.

According to Ubcoin Market, this is a compelling alternative to unregulated crypto exchanges, where a person's capital can be in grave danger if the company is hacked.

Its team told Cointelegraph: "Everything is legal and secure: the most thorough due diligence executed by Ubcoin's legal team has identified in target countries no direct discrepancies with and violations of the laws of the countries that regulate exchange of owned goods for digital tokens."

While goods are in transit, the platform holds users' tokens in escrow, and they are not released to the seller if the buyer is not happy with the goods.

Partnerships with tech giantsThe blockchain-based Ubcoin Market is being developed by Ubank, a company which was established in 2009.

Ubank has a long-running and exclusive partnership with Samsung, which involves its app being pre-installed on the tech giant's smartphones - including the flagship Galaxy S9. The company says this relationship is set to continue and flourish when Ubcoin Market is released, with the platform initially being made available to 2.5 mln active users once it has been integrated into Ubank.

The platform is scheduled to launch in the Middle East, South Asia and Western Europe in the second and third quarters of 2019, followed by expansion into Latin America and North America by 2020.Ubcoin Market is currently in the fourth stage of its public token generation event, with a 13 percent discount being offered to contributors.