LG: Mobile payment app for cryptocurrency payments

Technology giant LG signs a contract with Ubcoin. In the future, the mobile payment app Ubank will be preinstalled on smartphones of the South Korean device manufacturer.

As announced, LG Electronics has signed a contract with Ubcoin. As a result, the mobile payment app Ubank will already be preinstalled on the new smartphones of the LG brand. In addition, users of the new phones can access Bockchain platform Ubcoin Market.

Ubcoin Market is like eBay a sales portal. Here real goods are offered for exchange against cryptocoins. The portal allows users who have not invested in cryptocurrencies to easily get coins. For this they offer their goods for sale on the portal. Users who already have cryptocurrency can then simply buy them without converting to fiat money.

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Gradually, the smartphones with the preinstalled App Ubank will be available in the global market. The sale of the first devices is scheduled for September 2018.

For Felix Khachatryan, founder and CEO of Ubcoin, the partnership with LG is another logical step after the successful and long-term cooperation with Samsung. Samsung has already preinstalled the Ubank app in ten different countries on its devices. Khachatryan hopes to gain a better insight into Asia’s national markets by working with LG. With the knowledge gained, the company expects easier establishment of developments in these regions.

With LG Electronics, Ubcoin has partnered with another of the world’s largest consumer electronics and smartphone manufacturers. With more than 100 offices worldwide, the reach of the electronics manufacturer is an important building block for a digital economy. The preinstalled Ubank app allows LG smartphone users to easily own cryptocoins and conduct transactions without the involvement of third parties. The company thus supports Ubcoin’s goal of further establishing cryptocurrency as a common means of payment.

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