Inflow-Crypto hosts KubitX team!

Inflow-Crypto hosts KubitX team!

Following is the Q&A with KubitX team. Questions were submitted by members and the team of Inflow-Crypto Club through e-mail and Telegram Group.

Q: Could you make a short introduction to the project you are working on?

A: KubitX is a global hybrid digital asset exchange with focus on the emerging markets. It’s built to be a one stop platform for users. Many countries and citizens have been left behind in the blockchain revolution especially from Africa and hence we decided to make Africa as our first roll-out continent. We are hybrid as we plan to leverage on the technology behind the Blockchain to solve prevalent problems within Africa around payments (local and international), Trade Financing and Remittances. The KuBitX Ecosystem will support digital currency to fiat handshake to get transactions done using the TRANSPARENCY, SPEED, SECURITY AND IMMUTABILITY of the underlying technology.

Q: Your target market is Africa, but the buying power is very low there. Why do you believe this is a suitable market and a good opportunity to exploit this market?

A: Africa has a population of 1.2 billion, more than 60% of these people are unbanked. However more than 60% of this population has access to mobile telephony. We have also seen that African countries rank among the most traders of cryptocurrencies in other exchanges, so we believe that coming out with an exchange that will not only give more Africans the opportunity to trade cryptocurrencies, but also provide them with other financial services which address the peculiar issue we have in Africa will be a successful venture.

Foreign immigrant workers from developing countries send a lot of funds back to their home country with a view to help alleviate poverty conditions. As at 2016, US$ 442 billion was sent to developing countries through remittances alone. The buying power in Africa is heavily underestimated due to pre-conceived notions. If KuBitX can successfully capture even a small portion of the market (which will be easy through our strategic partnerships and the benefits the blockchain will have over existing options) then this will add significant revenue to our company. In addition, our exchange will be targeted not just at Africa but anyone around the globe will be able to trade cryptocurrency and we will also be earning from listings. We believe our simple, easy to use interface, advanced technology and security will attract a lot of current and future cryptotraders.

As for the notion that the buying power in Africa is low, it would interest people to know that the LocalBitcoins all time country volume leaderboard in USD has Nigeria at number 7, South Africa at number 10 and Kenya at number 23. Africa has the highest population of youth in the world with an avid interest in cryptocurrencies and Blockchain and the continent should undoubtedly not be underestimated.

Q: What benefits will your token bring on your exchange?

A: Our token is primarily used for reduced exchange fees (even more so than our already low fees), it is also important to note that all the other financial services we will provide will be transacted using our KBX token. The token will have various utility, therefore bringing value to not only to our exchange, but also to the people that will participate in our token generation event and acquire our token.

Q: You are saying that your technology is the best and you will be able to have 12 million transactions per second with a latency of 40 nanoseconds. This is hard to believe, how is this possible?

A: Ultra high performance software/hardware technologies and high frequency trading software have been developed by our partner Modulus Global for more than two decades, so it is not something that is hidden. Modulus has provided advanced technology products and services to clients including The NASDAQ Stock Market, J.P. Morgan Chase, Bank of America, Credit Suisse, Barclays Capital, Goldman Sachs, Merrill Lynch, Fidelity, TD Ameritrade, Devon Energy, IBM, Microsoft, Yahoo!, Google, Cisco, Adobe, Ford Motor Company, SAS Institute, Rutgers University, University of Chicago, MIT, Oak Ridge National Laboratory, NASA, and thousands of other corporate, educational, governmental, and non-profit institutions, throughout 94 countries. Our tech team worked hand in hand with Modulus to create an advanced exchange that addresses speed and security issues as want the exchange prepared for the future so that as the adoption of cryptocurrency grows we will be well positioned to accommodate the growth. We worked to address the common issues that other cryptocurrency users are affected by daily such as manipulation, security and so forth. Find the attached short video by Modulus explaining the technology behind this ambitious speed of the exchange:https://youtu.be/4_qRswmRPd4

We carefully selected our partners because we want to be the best, we also want to be different from other exchanges whose average transaction speed is 1.4 – 2 mil transactions per second.

Our tech team is currently carrying out tests on these parameters and our beta will be opened to the selected members of our community for testing. Results of all tests will be made public.

Q: Where are you based and how do you intend to tackle the regulatory environment in Africa. How is the regulatory environment in Africa anyway?

A: The regulatory environment in Africa is not yet ready for blockchain businesses like ours to be domiciled in the region for now, however we cannot just sit and do nothing, we have to start participating in the space. Namibia has outright blocked crypto trading, with South Africa and Swaziland being the only countries cautiously allowing the movement. African giants such as Nigeria and Kenya seem to be unsure of their decisions, first going against the idea, then openly investigating the potential. With that said, as a pan African team we have been very strategic in our partnerships and have leveraged on our networks to ensure that we are open with governments for collaboration and to show them the potential of blockchain. Our partnerships with the likes of Interswitch have been strategically considered to leverage off of existing good relationships between financial institutions and the government.

KuBitX is registered in Malta because Malta provides a friendly regulatory environment for blockchain companies to thrive, however our focus is on Africa and emerging markets to use our services to solve peculiar transactional problems in these markets, hence our model to become present in many of the African countries where we use education of the grassroot people through our ambassadors initiative to drive adoption of blockchain and cryptocurrency and bring about inclusion.
Our business model is also to have KuBitX register subsidiaries in many African countries. It is also important to note that some of the exchanges that are in Malta today did not start there, they moved there because the government of Malta made the environment good for blockchain companies to thrive so if African governments make the regulatory environment in Africa conducive for blockchain companies, KuBitX can operate from anywhere. Cryptocurrency adoption is new and governments around the globe do have some fear of the unknown but this is why KuBitX will be trying to work with governments to quell any fears. However any cryptocurrency investor should always consider regulatory risk as a factor. However we at KuBitX believe that this will not be an issue as we are following the correct procedures in each region. Every business contains an element of risk but we cannot stand back and wait whilst there are such extreme potential gains to be made but more importantly whilst there are so many people we could be helping.

Q: So you will be a regular bank and crypto exchange? How are you going to incorporate all those functions?

A: KuBitX is a cryptocurrency exchange which has the capability to list all cryptocurrencies in the market, our exchange is also built to be able to trade other assets and derivatives and so on in the future.
We have also inbuilt in our OTC platform the features to be able to provide the other financial service such as Intra African Payments, Remittances, payment of merchant services and so on.
We have the skills to incorporate all these in our platform which will make us different from other exchanges.

The KuBitX Ecosystem will support digital currency to fiat handshake to get transactions done using the TRANSPARENCY, SPEED, SECURITY AND IMMUTABILITY of the underlying technology.

Q: Are you aware that Binance is also coming to Africa? They are opening an office in Uganda. Is this a concern to you? How do you look at such a competition and what is your plan to better them?

A: It is not a concern to us that Binance is coming to Africa, the space is very big to accommodate many players, however we believe that the problem of Africa can be solved better by Africans and we know and love ourselves better than every other party coming to Africa, so we believe that we will be able to provide the very solution required by our people and we trust that our people in Africa will embrace and work with us to provide this needed solution.

Note that KuBitX is a global exchange which can be accessed by anybody from anywhere in the world, so we are also free to take KuBitX additional features such as fiat deposits and additional services to Asia, Europe and America as they are coming to Africa. Binance coming to Africa only further serves to reinforce our point that Africa is the next big market in this space. As previously mentioned the African population is majority youth and there is a movement all over Africa to rather support an inactive brought to you by your own people. Our Global Channel Ambassador initiative will further aid in this as we will be growing cryptocurrency adoption across Africa with our people talking to their people in their own dialects and understanding their own way of operating. We are a truly pan African team and believe this gives us a competitive edge over anyone else in our market but welcome the competition nonetheless.

Q: I haven’t heard about anyone from your team and I am very suspicious of the projects coming from 3rd world countries. I am always doubtful and being aware of the scam potential. I would like some reassurance that the team will do the job and how will the funds be secured, and how transparent will be the deployment of funds?

A: Our team are living people and we are always interacting with our community, please join our telegram community https://t.me/kubitx_official where all our founding team members and supporters are and you will interact with the team, you can also see out youtube channel https://www.youtube.com/channel/UCm6o0xRXXlrPR0-OqcBwXOA where you will see our team members participating in various blockchain conferences where we meet with other players in the industry.

You are also welcome to scrutinize our LinkedIn profiles where you will see that we have worked for major international companies such as Dell, Amazon, Standard Bank, PwC, British Petroleum and more. We are also very transparent on social media and are all active speakers and educators in the blockchain space. Our social media will highlight all the visits we make to the different countries, where our different team members will be speaking etc.

Our attorney in America is a respected gentleman who can also vouch for our legitimacy as well as CEO of Modulus Richard Gardner who actually sits on our team as an advisor. The SEC after their due diligence approved us for soliciting Institutional investment in the US. (vic x2 please check my wording last sentence and also the second part of the question was not answered as to how funds will be secure and transparency in spending?)

Q: Does the team have experience in the industry? What and how long?

A: We have diverse experiences from various industries, our team has been assembled from from world class organizations, fortune 500 companies (Google, Amazon, Dell, PwC, BP, Huawei, ABB, MTN etc), We also have advisors that are well experienced in the industry as well and additionally, our partner has more than 2 decades of experience in the exchange industry.
You can find the link to the linkedin profile of all our team members on our website, https://kubitx.io and you can also find information about Modulus on https://www.modulusglobal.com we are also partnering with other parties who have many years of experience in various parts of the financial industry, because we believe in synergies and partnerships. Two of these partners include Interswitch and also NEM.

Q: What is your marketing plan? How are you going to dominate Africa?

A: Apart from the traditional marketing, running ads and digital marketing some of which we are already running, We have various marketing strategies for acquiring users on our exchange, we will adopt the affiliate marketing strategy which is a sound marketing strategy especially in Africa and we are also going to use our well thought out Global Channel Ambassadors initiative to reach a lot of people, even at the grassroots.

Q: I see you have a working prototype. When will you launch the exchange publicly and open to users?

A: We have already selected from our community the users that will carry out test on our beta exchange and all the test procedure has been defined, we are just waiting for some fixes to be made on the engine and the front end integration finalized to give our users a good interface for a better experience. We hope to have this done before the end of the month.

Q: I see only 25% discount with KBX token compared to Binance 50%. Why only 25%?

Our trading fee of 0.05% is already the lowest in the market, so 25% off of this fee is also a very good offer that is able to attract users to our exchange. We will always aim to ensure that we provide the best offer in the market to keep our users attracted to our exchange.

Q: You have a reasonable Hard cap but on the website it when you calculate ETH the private stage investors received a much bigger bonus. How come or was the ETH so much higher at the private sale stage?

A: During the pre-public round, the price of 1 ETH was pegged at $500 and KBX was priced in ETH such that 1ETH was 8909.09 KBX. However because of the fluctuation in the price of ETH we have decided to price KBX in USD so 1KBX = $0.056, so if you say that the Pre-Public round participants had much bigger bonus, we can also say that the Pre-Public round participants took a much bigger risk than others.

Q: Is your token going to be listed on other exchanges as well or will we have to wait for your exchange to open?

A: We will list our token primarily on our exchange, however it may be possible to list on other selected exchanges, however, the choice of exchange we are going to be listing on will have to factor in potential partnership benefits and proven sustained liquidity. This information will be made known to our community if such action will be taken by the team.

Q: Will you accept users from all over the world?

A: We accept users from all over the world except USA and China. We can however accept Institutional investors from the US through brokers

Q: Any closing thoughts that you would like to communicate to investors?

A: Please join our community on telegram and our different social media pages. We are very active on social media and we are very transparent. We will keep the community updated and will continue to address all investors concerns.

TO BE ABLE TO PARTICIPATE IN THE KUBITX PRE-SALE JOIN OUR TELEGRAM GROUP OR CLICK HERE. IF YOU HAVE ANY ADDITIONAL QUESTIONS, YOU CAN CONTACT US AT INFO@INFLOW-CRYPTO.CLUB.

Inflow-Crypto hosts KubitX team!

by Peter ICC time to read: 12 min
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