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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...
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