Eric Annan, Co-Founder & CEO of KuBitX, was recently in Muscat to present a paper on the global cryptocurrency exchange market and share insights on KuBitX, his latest cryptocurrency platform, at New Age Banking Summit 2018, supported by Oman Banks Association. Akshay Bhatnagar spoke to him on the sidelines on what makes KuBitX the most robust eco-system where anyone can trade globally and exchange value seamlessly
Since it was your first visit to Oman, what are your first impressions about the country?
Oman is a surprise, a beautifully hidden treasure! The people of Oman are super welcoming and cheerful. I think I can credit the rest of my experience to that first encounter with the Omani people at the Muscat International Airport. I spent two very short days in Oman and by the end of it, I found myself wishing I could stay longer in this beautiful Arab paradise.
Tell us about your professional background.
I am the founder and CEO of Digitalkudi.com, an online cryptocurrency trading platform in Nigeria and Ghana. I am a Blockchain/Cryptocurrency Consultant, certified as a Bitcoin Expert from the India Blockchain Council. I have worked with multinationals from Ghana, Nigeria, Dubai, Oman, Macau and institutions such as Huawei Technologies.
My latest project is KuBitX Blockchain Project, a cutting-edge drive that offers the most robust eco-system where anyone can trade globally and exchange value seamlessly. I am a co-founder and CEO of the project which is been incorporated in Valletta, Republic of Malta.
The creation of digitalkudi.com and KuBitX platforms stems from a desire to enable people across emerging economies to have a stake in this ever-growing new economy of financial independence, freedom and liberation from the classic few.
Strongest values are that, money is a byproduct of satisfaction obtained as a result of giving meaningful service to people.
What are the key trends in the global cryptocurrencies trading market?
Cryptocurrency has been around for a long time. It is gradually gaining global recognition as a dynamic force in business and economics.
First of all, you have to understand that cryptocurrency is quite recent in a long line of groundbreaking technological advancements. The human race is such an ever evolving one that constantly demands the creation of newer, better ways of doing things. If you think back to the quality of life available in the world 10 years ago, you will see a definite improvement in every area of the society. The sole purpose of these advancements is to improve the ease of living for every human.
The term “Cryptocurrency” refers to the newest form of alternative money, a step up from hand held currencies from the beginning of the human race (think trade-by-barter, coins and paper monies). Cryptocurrency is a step up from the cashless drive that has made business transactions instant, convenient and irrespective of geographical boundaries.
The cryptocurrency revolution started with the most popular Bitcoin, which still remains the most popular currency on the market. In the years since its debut on the market, over 1,000 other cryptocurrencies have come on board. The beauty of cryptocurrency is that it typically exists outside the control of politics and governments.
While this “freedom” has raised concerns over the legality, usage and control of cryptocurrency, it cannot invalidate the relative ease of transactions as well as the growing popularity of cryptocurrency amongst big business owners. Now this, is a clear sign that cryptocurrency is here to stay.
A major trend in global cryptocurrencies trading market is the continued refinement of trading platforms to educate beginners to cryptocurrency and ease their transition into global trading. The innovation that newer platforms bring on board means that existing cryptocurrency platforms must evolve or become extinct.
Countries like Germany, Venezuela, Mexico and Japan amongst others have recognized the importance of cryptocurrencies and encouraged their use. Companies like Microsoft, CheapAir and American jewelry giant Reed Jewelers have opened up platforms to allow customers buy goods and services using cryptocurrency.
In your opinion, what is the future of cryptocurrencies?
Cryptocurrency has changed our idea of money. Yes, it is still a means of exchange. Yes, it is still a standard of value and so on. But, today, we live in a new era where money is no longer a piece of paper, it is no longer a credit card, it no longer has to be centralized or controlled by a government or attached to a national flag. You could say that cryptocurrencies are the future of money. There is a growing shift in the perception of all things human and with the daily advancements in mobile technology, it is not inconceivable to say that we will soon step into a time where the power and value of money shifts from the hands of the government to rest firmly in the hands of the people.
I call it the Blockchain Era!
Tell us in detail about KuBitX Exchange. What makes it distinct from the competition?
KuBitX is a robust cryptocurrency exchange that is concentrated on offering the most advanced and robust trade engines, as well as one of the fastest, most secure, platforms today. KuBitX is founded by a team of result driven professionals working in the top Fortune 500 companies who are currently laying all the foundations and linkages to focus the KuBitX exchange as a vehicle to open up adoption and economic inclusion for the emerging markets.
We strongly believe that blockchain based businesses are here to stay and will drive the world economy. Unfortunately, many countries and regions have been left behind in embracing blockchain.
This is where KuBitX comes in – to reach emerging regions and educate citizens with little or no access to blockchain based services and adoption.
Our core features include:
Ease-Of-Use – Our platform helps even the most novice crypto trader enjoy trading. We are basic enough for a beginner and technical enough for
Simple Payment Process – With KuBitX, you don’t need to worry about converting your cryptocurrency into fiat. Our token will also be used to request direct withdrawals to bank accounts without the need of converting to another cryptocurrency or visiting a bank.
Minimized Risk and Security – Our multi-signature wallet and cold storage strategy will minimize the exposure of our users’ funds. We have combined various strategies to secure the funds traded on our platform.
Low Transaction Fees – Our platform will adopt competitive trading fees which will be cheaper and more convenient using our tokens.
Responsive Customer Support – Our support team will be working 24/7 using the current online communication channels and cutting-edge technology to ensure continued enjoyment of our platform. To this end, our offices are strategically and deliberately located in Europe, Asia and Africa to service all regions.
We have many unique propositions that gives us a distinguished advantage over the competition. We are the first Crypto Exchange with an in-built Financial Services Platform (FSP). Secondly, we are first the Crypto Exchange with a unique product to drive education and adoption for the emerging markets. Thirdly, the Trade Exchange will be ready before the crowdsale ICO. And very importantly, with the Utility Token each user stands a chance to have access to one of the first crypto-fiat “bank” initiatives.
What are the milestones planned for KuBitX Exchange? And what are the incentives for the early stage investors?
We are already on our way towards eclipsing every other trading platform currently on the market. We have achieved the ‘Company Initiation’ and ‘KuBitX Initiation’. Our next target is to have the prototype ready shortly and do the ‘First Exchange Launch’ by 9 August this year. We plan to have the ‘Final Exchange Go-Live’ by 6 September this year. For next year, we are looking at bank integrations by second quarter and achieve KuBitChain Build by the third quarter.
The early stage contributors will enjoy a massive token discount, as well as a priority trading experience. We will have a private sale which is limited to few investors and will offer more attractive bonuses than the offer for the later sale for public contributors.