Soon, the Ubank mobile payments application will be among the inbuilt apps in new LG smartphones. The process, however, is expected to start in LG’s native South Korean market, with other countries receive the update on a gradual basis. Besides the ability to make payments, the Ubank app will also feature the Ubcoin Market. Essentially, this is a blockchain platform that operates similarly to the eBay online market, but also permits the exchange of goods for digital currencies. Currently, Samsung users in ten nations enjoy the benefits of the Ubank app.
The two companies (LG and Ubank), both giants in their respective sectors, announced that they had reached an agreement that allows the electronics manufacturer to install the payments app on its new smartphone devices. By doing this, LG becomes the third major smartphone maker to feature the Ubank app, following after Fly and Samsung. Moreover, LG announced that it intends to launch the pioneering batch on smartphones with the Ubank app as from September this year.
As mentioned earlier, this deal is also inclusive of access to the Ubcoin Market. On his platform, individuals can exchange real goods for virtual currencies. Notably, the Ubcoin market leverages blockchain technology to establish a user-friendly tool that eases the process of delving into cryptocurrency investments even for beginners. The market is equally beneficial to experienced blockchain investors who are seeking for an expedient means to use their digital assets. Before the end of the year, the Ubcoin Market will be an essential component of the Ubank app.
Presently, the market is conducting its token crowdsale and has managed to raise significant amounts of money, mainly from private investors and venture capital firms, such as the Amereus fund from Singapore and the Inventure Fund.
The marketing manager of LG, Anastasia Solovyova, was particularly enthused by the completion of the deal between her firm and Ubank. Precisely, she said that the company as excited at the prospect of working with the Ubank team, noting that it was both gifted as well as proficient. Anastasia further added that the inclusion of the app will please their users, regardless of whether they desire a convenient mechanism of making mobile transactions or is they simply wish to delve into cryptocurrency trading.
On the other hand, Felix Khachatryan, the CEO of Ubank, also expressed happiness over the new partnership with LG. specifically, Felix was gratified with working with a company as reputable as LG. Additionally, the CEO stated that LG’s extensive knowledge of the Asian market will be substantially useful in Ubank’s bid to gain popularity in the region. Felix concluded by saying that it was the appropriate time to initiate a deal with LG after working successfully with another electronics giant, Samsung.
If all goes according to plan, Ubank intends to launch the Ubcoin Market into the Asian continent as from April 2019. During this period, the partnership with LG will be invaluable. To this end, the smartphone maker will gradually avail the Ubank app via its devices on a global scale, with the Asian countries included. At the beginning of 2018, the Ubcoin Market expansion project received substantial financial backing form the Amereus Group which is based in Singapore. Before the year ends, the project aims to have offices in various cities across Asia, including Seoul, Hong King and Singapore.
Since its inception in 2009, the Ubank mobile payments app has undergone a meteoric rise. Currently, it is the most prominent mobile payments service in Eastern Europe, with an approximated 3 million users and multiple downloads in online app stores. Also, it is among the apps that are pre-installed in Samsung and Fly devices. Over the years, the company has received funding from various financiers, both private and corporate, for the development of the Ubcoin Market.