KuBitX - First Truly Global Exchange
WHO
WE ARE
The KuBitX team is
composed of an extremely talented and experienced bunch of professionals with
significant work experience from Fortune 500 companies and “Big Four”
consultancy firms. Having gained substantial insights and expertise in our
respective domains, it was natural for us to work in the development of the
emerging markets from where we actually belong. The team has this innate
quality of not only motivating each other constantly but to complement each
other’s work. The go-getter attitude of the team has thus led to overcome all
the obstacles that we have faced till date.
ISSUES
REVOLVING AROUND INCLUSION IN THE EMERGING MARKETS
Traditional banks are
still struggling to reach the unbanked across Africa. In 2014, a staggering 66%
of Sub-Saharan Africans did not have bank accounts. The small size of national
markets, a lack of financial literacy, low-income levels, political instability
and weak judicial systems have created a constrained African banking system.
And banks continue to rely on traditional banking models of branch networks,
expensive technology, inadequate systems and a limited talent pool. As per the
latest reports issued by the World Bank in August 2017, around 2 billion people
were unbanked across the world.
Cryptocurrency can bridge
the gap and play a vital role in the financial inclusion of people who are
still unbanked. The global adoption rate of cryptocurrency is still below 3%
implying that there is still a lot more room for growth and as more tokens are
created, they will need to be listed in Exchanges. So there is still a demand
vs. supply gap of cryptocurrency exchanges.
The market is ripe for
Cryptocurrency as witnessed this past year. Exchanges such as Binance, Bittrex,
and many others had to halt registration of new users because they could not
handle the ever-increasing traffic with their current infrastructure.
More education still
needs to be imparted to educate more people. KuBitX is committed to doing so by
having structures in place such as having Country Ambassadors in various
African countries who will create awareness as well as educate, they will
conduct meet up’s for those activities.
The current population of
Africa as a whole stands at 1.28 Billion1which has a growth rate of 2.52%
yearly. This huge market serves as the target market for the Vision and Mission
of KuBitX.
The traditionally
unbanked of Africa are devoid of a strong financial footprint but the optimism
shown towards cryptocurrency by these people promises a better future
financially.
The cryptocurrency market
currently has a market capitalization of $342 billion which is expected to rise
up to $1 trillion2 by the end of 2018 as per market experts.
This not only shows the
overall growth potential that the cryptocurrency market has, but also the role
emerging African markets would play in contributing to this growth.
We aim to begin our
journey by reaching out to people in the flagship countries of South Africa,
Nigeria, Zimbabwe, Kenya, Ghana, Angola and Uganda aiming to reach a market
share of 1-10 million users in the first three years of operation.
Achieving such levels of
mass adoption, we aim to provide access to financial services to a large
section of the African population thus promoting the overall economic growth of
the Continent which would thus lead to a better quality of life.
HOW
THE IDEA OF KuBitX CAME TO LIFE
The idea to create a new
cryptocurrency exchange came up when the founders identified some crucial
shortcomings in the present Cryptocurrency exchange ecosystem. The founders had
a strong belief that the cryptocurrency exchange ecosystem has more to offer.
Following are the biggest
gaps which caught our attention:
1. Lack of a mature
ecosystem -lack of regulations on the way trades operate on the exchange often
allows “whales” to manipulate the prices of certain currencies which is against
the interests of other traders. Despite the cryptocurrency space growing rapidly
and currently having a market cap of about $300 billion the trading ecosystem
is still premature. There are several exchanges which suffer from serious
liquidity concerns and many charge high trade fees which are very expensive to many
people around the globe.
2. Friction in dealing
with fiat currencies – Often getting liquidity in fiat currencies against
crypto assets is a hassle and leaves currency holders at the mercy of market
volatility which often can lead to people losing out on money due to delayed
processing either by the exchange or the banks.
3. Lack of good customer
support –Traders often complain of bad user experience due to the
non-responsive customer support provided by many exchanges. Often it is either
the lack of management staff to handle the requests or a lack of will which
leads to a poor customer support. We identified that most of the exchanges do
not spend enough on customer support.
4. Security issues – the
cryptocurrency space is often being bombarded by hackers who try to use the
vulnerabilities present in the exchanges to their benefit. Many exchanges in
the past have suffered cyber-attacks which has led to losses in the order of
billions of dollars. Often, not following the industry standards and neglecting
the basic rules of cyber security allow for such attacks to happen. Thus,
exchanges do have a huge responsibility on their shoulders to protect the hard
earned money of their customers.
5. Lack of awareness and
education among the masses leading to a low adoption rate – Due to a lack of
education and knowledge about the Blockchain and cryptocurrency space, people
are reluctant to be a part of the cryptocurrency ecosystem which has led to the
market being dominated by a select group of traders who are able to manipulate
the market at will. This fluctuation and volatility further lowers the rate of
adoption of cryptocurrency trading.
Thus, we got motivated by
the idea that we can provide sustainable and progressive solutions to the
above-stated problems through comprehensive planning and diligent work.
Moreover, though Africa has the smallest share of the number of cryptocurrency
exchanges when compared to the world (4% of the total exchanges) according to a
study conducted by Cambridge University1 on cryptocurrency exchanges, the
adoption rate is on the rise. This not only acts as a source of motivation but
also puts a great deal of responsibility on our shoulders to deliver the best
services to people belonging to developing and LDCs (Least Developed
Countries). Website : http://www.kubitx.io/
Website : http://www.kubitx.io/
Whitepaper : https://kubitx.io/KuBitX_Whitepaper_v1.1_En.pdf
Twitter : https://twitter.com/kubitx
Facebook : https://www.facebook.com/kubitx/
Telegram : https://t.me/kubitx_official
Ann Thread : https://bitcointalk.org/index.php?topic=4628365
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