Singapore based P2P trading platform Oobit has released an incentive gateway solution, which compares the service to a crypto industry like Skyscanner and Expedia to the air travel industry. Motivated by huge differences in cryptocurrencies price across cryptocurrencies exchanges and P2P marketplaces, makers of Oobit want to help users compare prices and deals from various platforms at a glance.
Oobit was created in 2017 by Amran Adar and Aharon Miller as a peer-to-peer (P2P) trading network, enabling users to exchange bitcoin among themselves. After then the service has grown with the introduction of a new bitcoin “Skyscanner.”
As per Forbes, the app uses AI to compare the best prices for buying bitcoin to analyze the info, much like the same way Skyscanner does for flights. In turn, crypto traders can save money on purchasing, selling, or exchanging bitcoin by finding better offers.
Oobit’s main features include: Oobit Hunter, Oobit Pass, Oobit Direct, Lastly, Oobit Wallet.
Oobit Hunter is made of two segments. According to Yahoo finance, It offers a peer-to-peer trading service close to that provided by LocalBitcoins, using the trusted, highly secure network of Coinbase for the custody of escrow and digital assets. It also serves as a search engine for trade opportunities through exchange channels across the globe.
Tie-up with Coinbase
Oobit is driven by Coinbase, which brings legitimacy to the site, with users assured that their funds are secured using tried and tested technology. The company has been busy lately, with first-time transactions for its Commerce site approaching $200 million.
As per Yahoo finance, Oobit is associated with Coinbase to provide wallet, escrow, and custodial services, which means users are guaranteed a high degree of protection.
According to Forbes, Adar says “Many of our users reached out to us with difficulties going through the KYC (know your customer) process with several exchanges. I believe that a lot of exchanges have failed the identification process, and as a result, this led to longer approval times and lost profits. This led us to develop Oobit Pass, which acts as a unified KYC passport gateway to exchanges.”
“Through Oobit Pass, crypto traders only have to do KYC once to access any exchange that’s associated with us. This means that crypto traders can access multiple exchanges instantly and own their KYC data using Oobit’s unique technology,” says Adar.
As per Forbes, Adar says that “When it comes to fiat-based withdrawals, it’s a very regulated and regional feature that governments want to closely monitor. We are focussed on becoming a merchant gateway to crypto exchanges, not a competitor.”
Oobit currently does not have a fiat withdrawal option, and is planning to implement it in the future. Meanwhile users collect funds from the buyer through various payment methods including bank transfers.
Moshe Schlisser, the Chairman of Oobit and founder and managing partner at Shefa Capital says
“The data showed us that the number 1 reason people don’t buy digital assets (still until today) is complexity. All the elements of engaging in cryptocurrency are very confusing. People prefer simplification. Traders need a one-stop-shop to go to, where the best opportunities are shown to them—and they needed it yesterday”.
In its infancy stage, Oobit seems to host little more than a set of affiliate links and a P2P exchange listing which facilitates user-to-user trading. Oobit stated that the new Oobit App is an incentivised gateway solution. With millions of trades posted on Oobit annually, traders are earning money by selling or buying Bitcoins across more than 70 locations worldwide. It will take some time to see how the markets will respond to the concept of Oobit.
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