Barter transactions globally account for about 23% of the total value of global business transactions. The harsh economic environment led to 45% business owners looking for trading goods or services with other merchants or customers and nearly 23% have increased their barter activities. However, the traditional barter model harbors a set of barriers and demerits for merchants. Consequently, business merchants did not actively participate in the barter economy. Factors discouraging their participants were 13% cash fee payable, high joining fee, other fees related to account, advertising and trade show, lack of adequate technology, platforms limited to B2B transactions, inability to convert trade dollar to fiat currency and much more.
These inherent problems in the traditional barter platforms placed an opportunity for Ube Ltd. to contemplate and develop a platform that would overcome the flaws. Ube Ltd. developed Ubecoin as a medium of exchange between merchants and consumers on its platform. The platform provides several benefits to merchants from zero cash transaction fees, instant transactions, a complete control over the account and balance of Ubecoin to a directory of merchants that trade using Ubecoin and accepting payments in a combination of Ubecoin and cash.
The business model of Ube Ltd is based on 3 phase approach execution, being Free Trade Barter, Online Entertainment and Fintech & Telco.
The Subscription Based Advertising Model of Ubecoin
- Under the subscription model, merchants that have registered their business on FTB and been verified can trade on the platform.
- FTB issues a digital wallet to the business and charges an annual subscription fee equivalent to 150 Pounds per year for advertising. SImultaneously, 300 Ube coins are transferred to the digital wallet of the business creating liquidity.
- Thereafter, there is no ongoing fee payable to FTB or Ube Ltd.
- The business is then registered on the online directory of FTB that contains the names of other businesses that accept Ubecoin.
- Merchants on the platform have the choice to accept payments in a combination of cash and Ubecoin. The platform accepts ETH, BTC and Fiat currency.
Through the subscription model, FTB as an advertising business directory links various merchants with other merchants or consumers on the platform without acting as an intermediary.
Ube Ltd has extended its ICO until May 31 and is conducting dual IEO’s with two notable top 20 exchanges. With established partnerships and a large network of merchants, Ube Ltd plans on kick-starting Ubecoin and catalyzing the formation of a new barter world backed by the robust blockchain technology. Driven by the motive of bringing the power back in the hands of business merchants and eliminating mediators, Ube Ltd has established a decentralized trading platform.