Developements

LG Electronics signs a deal with a crypto-focused firm

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.

Major mobile phone manufacturers are betting on the cryptocurrencies with others like Huawei and HTC also making some strides towards the digital money space.

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?

Let us know your thoughts in the comments section below.

coinmag

Philip is an experienced blogger keen on staying updated with trends and news surrounding the blockchain and Bitcoin space. With several years of freelance experience in various industries, Philip brings his knowledge and experience into the crypto space.

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