The Ubcoin market is a blockchain ecosystem which allows its users to become cryptocurrency investor by letting them trade goods in exchange for cryptocurrency.
Ubank, one of the leading mobile payment app in Eastern Europe, declared that it attained funding from the Singapore-based VC fund Amereus Group so it could develop its existing peer-to-peer blockchain platform Ubcoin Market.
Amereus Group is a venture capitalist which invests in tech-enabled businesses which are based on fintech, blockchain, IoT, e-commerce, cloud services, biomedicine, mobile Internet, EdTech, VR, and AR. It has already invested in companies like Cleabridge Health, Liquidia, Capbridge and various other projects.
The Director of Amereus Group, Rim Hosup said, “ We are excited to announce our decision to support the development of Ubcoin Market and its expansion into the Asian market. Ubcoin Market will become an integral part of Ubank, an app that has been successfully operating in Eastern Europe for more than 5 years now and that is pre-installed on all Fly and Samsung smartphones, which is particularly impressive considering that only 9% of all ICO projects have a working business and/or product prior to the start of their crowdfunding campaign.”
He further added that Ubank will ensure that their blockchain product will meet all the KYC and AML requirements.
Ubcoin is a very easy-to-use platform, especially for people wishing to enter the cryptocurrency world. The project is expected to start its expansion into the Asian market in 2019.
Felix Khachatryan, the CEO, and co-founder of Ubank and Ubcoin Market stated that Asia is the most promising market for the development of their business. He also believes that their product will be popular in Asian countries.
This is the third major investment from the Amereus Group. Previously Ubank received an $8 million investment from Runa Capital in 2013 and an unknown funding from Inventure Partners in April 2018.