LG Electronics signs a deal with a crypto-focused firm, Ubank. Ubank runs the Ubcoin market which is an ethereum based blockchain market. The market has the same foundation as eBay with the only exception that it only allows trades by using virtual currencies.
The deal between LG and Ubank will see Ubank’s mobile payment app pre-installed on newer LG smartphones which will start by being available in the south Korean market Although Ubank’s intends to roll out the application, through LG, to the global market with the first lot of phones having the pre-installed Ubcoin app being released by September this year.
According to LG’s marketing manager, Anastasia Solovyova,
“We are excited to become partners with such a successful project led by a talented and experienced team as Ubank. We are sure our users will be excited, too, — be it those who merely want to have a convenient mobile tool for checking the balance on all of their cards and quickly conducting any of their day-to-day financial transactions or those who want to be on the cutting edge and enter the world of cryptocurrencies.”
The Ubcoin market intends to bring crypto experience even to those who don’t want to invest in crypto but want to use it to purchase goods and services. It aims to achieve this by allowing users to acquire cryptos by selling goods instead of using crypto exchanges to purchase them.
Ubank is expanding its reach using mobile phone manufacturers seeing that it also has a partnership with Samsung in ten other countries.
As LG Electronics signs a deal with a crypto-focused firm, do you think more mobile manufacturers will join the crypto space in one way or the other?
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