Ubcoin Market

Ubcoin Market was conceptualized as a peer-to-peer marketplace leveraging blockchain technology to facilitate the exchange of real-world goods for cryptocurrency. The project was developed by the team behind Ubank, a mobile payments application established in 2009 and prominent in the Eastern European market. The founding team includes Felix Khachatryan, who served as CEO, along with co-founders Mazhar Jan and Andrew Lee. Khachatryan's experience with Ubank was central to the new venture, aiming to build upon its existing user base and infrastructure. The Ubank application had already secured significant partnerships, including pre-installation agreements with major smartphone manufacturers like Samsung and Fly, giving the new marketplace a potential strategic advantage.

The firm's core offering was a platform designed to operate similarly to eBay, but for the crypto economy. It enabled users to list tangible items for sale and receive payment in the platform's native ERC-20 token, UBC. This model was intended to address two primary market gaps: providing a simplified entry point for individuals new to cryptocurrency investing, and offering a practical way for existing crypto holders to spend their digital assets. By selling a physical item, a user could become a cryptocurrency holder without navigating the complexities of traditional exchanges. The platform utilized Ethereum-based smart contracts to govern transactions, including holding funds in escrow to enhance security and user trust during the exchange process. Operations were supported by an AI-driven system designed to screen listings and a know-your-customer (KYC) process to ensure regulatory compliance.

Ubcoin Market conducted its Initial Coin Offering (ICO) in 2018, with the public sale running from April 2nd to August 27th. The project's roadmap outlined a phased global expansion, initially targeting Eastern Europe, followed by markets in the Middle East, Asia, and Latin America. The business model was structured to eliminate intermediaries, theoretically reducing transaction fees and making direct exchanges more attractive. While initially focused on individual peer-to-peer transactions, the company planned to eventually incorporate small and medium-sized businesses into its ecosystem. The project received venture capital backing from funds including Amereus Group, Runa Capital, and Inventure Partners to support its development and expansion efforts.

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