U.CASH is a worldwide teller network, which will allow anyone to convert local cash, into digital currencies and back, in the easiest and the fastest way possible. Instead of the usual ICO, the peer-to-peer financial service platform opted for IBO (Initial Bounty Offerings), which was received well by investors. The price of U.Cash (UCASH), which started trading on BTC-Alpha exchange on February 9, gained 1000% to trade at $0.09 in the weekend to become one of the top 30 coins with a market capitalization of $1.1 billion. UCASH is not traded in any other exchange.
What is an IBO? IBO’s (Initial Bounty Offerings) are a method for block chain ecosystems to crowd source whatever resources, services or requirements are needed in the process of developing their products. Bounty offerings are claimed by IBO contributors, or “Bounty Hunters” who are rewarded network tokens in exchange for their participation. There is no absolute requirement to invest money or own digital currency such as Bitcoin. Out of the total supply of 21 billion UCASH coins, 8.63 billion was distributed through bounty offerings.
How U.Cash works: It is a simple retail currency converter, which allows any person to exchange digital currency for their domestic currency quickly. The company claims to offer traditional financial services using the UCASH token.
U.Cash can be used to
• Send and receive funds
• Lock digital currency asset in wallet to a local fiat currency for easy value storage without volatility.
• Convert between many popular cryptocurrencies and other digital assets through the website and apps.
• Pay bills using your U.CASH app easily for a one-time payment or set up recurring payments.
• Refill mobile minutes or data using U.CASH app simply by providing phone number and payment amounts.
• Access loans from our MSB network or interact with individual converters and manage loans on the U.CASH platform.
• Verify and “notarize” the existence of document on the Bitcoin and Ethereum block chains with time-stamping.
• Link a prepaid debit card to the account and fill using your U.CASH app. Use it anywhere a debit is accepted.
• A virtual credit card using the U.CASH apps. Pay anywhere NFC-Tap is accepted or for online purchases.
• Interact directly with merchants offering e-commerce or traditional services including payments, escrow and logistics.
• Convert easily between foreign currencies on the U.CASH platform and transact using that currency wherever required.
• Buy/Sell or manage gift cards provided by the partners through the U.CASH network, externally through APIs or added manually.
• Manage people on the U.CASH platform with chat capabilities, quick transactions and order management.
• Accept payments in many popular crypto currencies, local currencies or even virtual assets using the U.CASH platform.
The strong rally may encourage short sellers and investors to book profit in the next few days.