The entire team of KuBitX is so excited to announce that we have finally completed the phase 1 build for two of our products. We will be going live with the Version 1 of these products;
- The Digital Asset Exchange
2. The Hybrid OTC Wallet
This has come as a result of many months of committed and diligent work in ensuring that the highest quality is delivered to our esteemed community of supporters.
The Digital Asset Exchange
KuBitX Exchange is an easy to use digital asset marketplace where people from across the world will be able to buy, sell and exchange digital assets (crypto coins and tokens) with ease.
KuBitX Exchange is one of the first exchanges in the world to achieve a transaction speed of 10m+ transactions per second and has implemented several tools using machine learning such as anti-market manipulation and trade surveillance to ensure that the exchange is regulatory compliant.
The exchange is capable of listing all the cryptocurrencies in the market, however, at launch, we will have 22 digital assets listed on the exchange across 4 markets namely; BTC, ETH, USDT and KBX. These assets can be traded and we will continue to list other assets incrementally as we progress in operation, monitor and have good and satisfactory feedback on the exchange.
Go Live date for the digital asset exchange is 20th of December 2018.
As we go live, we open our exchange to our community and all users to start registration on the exchange, perform KYC, deposit the listed assets and start trading on the exchange.
The registration on the exchange is designed to be very easy and user friendly as we have made the exchange very uniquely simple for everyday people and people who do not have any experience with exchanges to easily learn the ropes, quickly come to terms with the functionalities we have on the platform and start trading digital assets.
Starting with Nigeria which boasts a huge volume of monthly traded Bitcoin, traders will be able to exchange their cryptocurrencies for fiat (NGN) and withdraw directly into their bank accounts using gateways of payments processing partners, however, we will announce to our community when this feature will be fully available for our users in Nigeria.
Registered users will be able to deposit funds, perform trading activities on the exchange and withdraw funds from the exchange, however, crypto withdrawals above the equivalent of $10,000 and withdrawal of fiat require KYC to be completed.
We will publish some videos on how to use the exchange on our YouTube channel for users to quickly start using the exchange, we will also continue to share the links to the videos on our our Telegram community
Share to Earn (Referral Program)
We will reward those who help us build our user base and grow our business by sharing part of the trading fees we charge our traders with our users who help us promote our services, therefore, one of the features we have incorporated in our exchange is the affiliate program. Every user who registers on our exchange will have an affiliate link which gives them the right to share in the exchange fee of their referrals with the company when he/she refers another user to the exchange.
There are 3 levels in the affiliate program which any users can take advantage of to make passive income from.
- Level 1: 5% of the trading fee of the referral is paid out to the referrer in KBX token
- Level 2: 3% of the trading fee of the referral is paid out to the referrer in KBX token
- Level 3: 2% of the trading fee of the referral is paid out to the referrer in KBX token
How the “Share to Earn” works?
John is a user of KuBitX exchange, John shared his affiliate link with Peter,
Peter signs up on KuBitX exchange using John’s link and shared his link with James,
James also signs up and shared his link with Don
When Peter, James and Don execute order on the exchange,
John gets 5%, 3% and 2% of the trading fees of Peter, James and Don respectively.
Peter gets 5% and 3% of trading fees of James and Don respectively
James gets 5% of Don’s trading fee etc.
Payout of the referral commission shall be in KBX token and is made every month. Payout dates will be communicated monthly to the beneficiaries via the communicated means. Other incentives will be announced for top referrers on a quarterly basis.
The Hybrid OTC Wallet
The OTC wallet will be launched for starters as a mobile application on Android. Wallet users will be able to:
- Buy, sell, send and receive cryptocurrencies.
- Pay bills securely using the digital currency option or debit/credit card
- Cross-border payments and remittances for specific offshore payments like school fees, selected merchants (roll out receiving countries will be announced via our blogs/news channels and communities)
This step is intended to facilitate financial inclusion in Africa using the Blockchain technology.
What can our users do with the Wallet app?
- Users will be able to make deposits using credit/debit cards and purchase coins and tokens at spot price on the platform.
- Users will be able sell their coins and tokens on the platform at spot price and withdraw the fiat directly to their bank accounts.
- Users will be able to send and receive funds to and from other customers using their federated wallet addresses or email addresses without incurring any transaction or miner fees.
- Users will be able to pay onboarded merchants and utility bills using any of the balances available in the wallet.
- Users will also be able to send monetary value across borders (remittance) including being able to pay international school fees with more ease.
The Wallet will be available on Google Play Store from 20th of December 2018. We shall share the download link in our community as soon as the release is done. (iOS version of the app will be available in Q1 2019).
We will also upload walkthrough videos of how to use the wallet on our YouTube channel for our users to see.
We thank you for your support and we look forward to having a great experience with us.