LG, the world famous South Korean conglomerate has partnered with Ubank, a mobile payment app to expand its established crypto platform marketplace, Ubcoin Market. The Ubank app will be pre-installed in LG phones from September 2018 as soon as a new batch of phone sets hit the market.
Ubcoin market which is an innovative feature of Ubank is a marketplace app similar to eBay. Ubcoin marketplace is an Ethereum-based blockchain. The users will be able to collect and store crypto funds and not necessarily be cryptocurrency experts. It is designed in mind for beginner users who are not interested in buying and selling crypto funds but can buy and exchange real items with virtual currency. Another great benefit of the feature will be to carry out transactions with no fiat currency. This marketplace also makes use of peer-to-peer smart contracts in order to carry out transactions of items on the platform.
This partnership seems quite interesting and will be beneficial for both parties. The use of LG’s phones with Ubcoin Market will empower consumers to own their very own money and buy goods/items at their convenience. There will be no hassle and involvement of third parties and banks. Not only will LG phone consumers enjoy the mobile app along with its marketplace features but Ubank will benefit and prosper on the popularity and far reach of LG in the Asian market.
The plans right now are to put the deal into effect starting with LG’s native South Korean market. The expansion towards a global market in other countries will follow soon after. If all goes according to plan, Ubcoin Market will be launched in Asia (the whole continent) by April 2019, and LG phones with pre-installed Ubank app will be available by Fall of this year.