KuBitX: A Unique Cryptocurrency Marketplace ICO Review

KuBitX: A Unique Cryptocurrency Marketplace

Early this year, Bloomberg News reported the largest cryptocurrency exchanges based on the volume and estimated revenues data collected by CoinMarket cap. Similar statistics was reported on statista in a survey by Encrybit to understand cryptocurrency exchange problems. According to the survey, the top three cryptocurrency exchanges are Binance, Huobi, and OKEX. Other data points in the survey included the problems that cryptocurrency traders experience with cryptocurrency exchanges and the expectation of traders. Security and high trading fees are the top concerns. The exchanges are all fairly new and privately owned. A cryptocurrency exchange refers to a business that allows customers to trade cryptocurrencies or digital currencies for other assets, such as conventional fiat money or other digital currencies. They can be market makers that typically take the bid-ask spreads as transaction commissions for their services or simply charge fees as a matching platform.

Gaps in the market

The founders of the KuBitX platform being experienced players in the industry, have rightly identified a number of challenges plaguing the market, considering that the crypto ecosystem has more to offer. The first among the challenges is lack of liquidity which in turn, makes it hard for traders and investors to leave the market at profitable prices. Lack of regulation – cryptocurrency exchanges currently function in uncharted territory; hence regulations guiding their operations are practically non-existent. The lack of regulation that could ensure fund security, verifiability, and fairness has, in turn, kept institutional investors out of the market. The lack of institutional investors, in turn, makes it hard for cryptocurrencies to break the liquidity barrier. Friction in dealing with fiat currencies, lack of good customer support, lack of awareness and education among the generality of the public resulting in a low adoption rate and security issues, are among the gaps identified.

The uniqueness of KuBitX

This is a platform that is beyond being just a trade engine but an engine with potentials for expansion and development of the evolving market. The idea is to make provision for financial inclusion, financial education and Blockchain adoption by the masses. A widespread adoption is crucial and so, it is about educating the citizens who may not know or have little understanding of blockchain based services and so engender mass adoption and offer a number of crypto to fiat exchange and paring. The plan is set out this way: to partner with banks and other financial institutions to have a complete financial ecosystem with cryptocurrency integration. Made possible by this arrangement will be transfer of funds, payment processing, merchant servicing, remittances, bill payment and financing trade. To achieve the agenda of creating awareness, the team has come up with what is known as KUBITX AMBASSADORS which is all about engaging with people locally in each region by running traditional adverts, social media or digital marketing techniques but beyond that, to educate and create awareness by regional people to simplify the technology behind blockchain, cryptocurrencies and the services of KuBitX and its uniqueness.

Liquidity advancement which will be achieved by involving market makers to build sustainable volume on the exchange, slicing down the cost of transactions and simplifying the complete process. To do away with any malpractice, a Market Manipulation tool has been developed and deployed on the platform. A robust security arrangement has also been crafted into the arrangement like storing the password hashes rather than the original passwords in their servers. Every user data is encrypted using the AES -256 before being inserted into the database, secure offline multi-signature cold wallets/vault system. Very interesting is the fact that their system is completely GDPR compliant. This indeed is a complete departure from the limitations of the existing exchanges.

Author Detail:
Profile Link:      OrangeSeller
ETH Address:   0x1461C3727dC461EfF7B32751dFf56c51c2218d5E

Useful Link:           Website | Whitepaper | ANN Thread

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