The Big Picture

The Big Picture

Ceybit is on a mission to create an exchange to help grow the use and adoption of cryptocurrency digital assets.

Our efforts will begin in Sri Lanka since it has yet to participate in the space. We believe our platforms will have the highest adoption rate and utility in countries where cryptocurrency has yet to make an impact. As such, we are designing our products to promote maximum effect, adoption and use in developing economies alike.

To better understand the needs of our users, we are implementing a ‘go-to- market’ (GTM) approach, which involves engaging with our users personally to obtain a competitive advantage. Research suggest that in developing economies, having a physical presence is important to educate, demonstrate and connect with people since blockchain is still a difficult concept to understand. By placing ourselves in the shoes of our users and engaging with them in a grassroot level; we are able to design user friendly and effective platforms consistent with our vision & mission.

Ceybit understands that the purchase of certain digital assets such as Bitcoin and Ethereum might be too expensive for many people in emerging economies. With this in mind, we are looking to initiate a token economy and model embedded in our platforms which makes it possible for anyone to earn by participating in the exchange.

The Market is Just Starting

The Market is Just Starting

The number of Bitcoin and digital asset users globally have been projected to grow exponentially to reach a staggering 200 million by 2024. With that being said, the number of active Bitcoin wallets are sitting at an estimate of 6 million. Cryptocurrency is also predicted to make the biggest impact on the middle income and developing countries. Issues such as inflation, currency volatility, high transaction costs, limited access to secure banking, capital controls, corruption, and government instability has lead the people in developing nations to turn towards cryptocurrency as an alternative safe asset.

We are beginning to see these effects in countries such as Nigeria, Zimbabwe, Venezuela, Mexico, Argentina, Philippines and India as the people have been quick to accept and utilize Bitcoin and other digital assets. The blockchain is allowing these countries to skip a few financial steps ahead, limit financial fraud and get access to safe and modern banking solutions.

Sri Lanka being a middle income developing country is experiencing similar challenges and the residents have started to show eagerness to learn and utilise cryptocurrency. However, it is desperately lacking the tools to understand, acquire and use digital assets. Essential services and applications such as fiat exchanges and mobile wallets are acting as the gatekeepers to access and adoption.

Challenges Around Corners

Challenges Around Corners

Cash is still the dominant medium of exchange in many developing countries and Sri Lanka is no exception (roughly 50% of all transactions are conducted in cash). The lack of banking and the existence of ‘banking desserts’ in many rural areas makes it particularly difficult to access a fiat cryptocurrency exchange which are reliant on bank transfers.

Surprisingly, lacking access to banking has not prevented people adopting cryptocurrency. This has largely been made possible through mobile applications (with limited functionality), which have been specifically catered for local users and currency. The growth and adoption of smartphones will continue to facilitate people in acquiring digital assets provided they have access to a mobile broadband connection.

A majority of people are yet to discover the existence of digital assets and cryptocurrencies. Even so, grasping the concept of a blockchain is not an easy one due to its highly technical nature. This, becomes especially challenging in developing countries where a large proportion of the population is not ‘tech savvy’ which could leave them confused, uncertain and doubtful.

Bitcoin and cryptocurrencies are highly volatile making it rather unstable as a safe asset in the short term. People are generally more comfortable with assets whose value grow consistently overtime (an important factor for consideration in developing economies). Furthermore, sentiment is still present in the market about Bitcoin and other cryptocurrency being a ‘untrustworthy’ adding to the challenge of introducing people to its uses and benefits.

Vision

Ceybit’s vision is to be a trusted, easy-to-use and reliable digital asset solutions provider. We envision the exchange becoming a leading platform of its kind allowing people to enter a new era of financial possibilities, innovation and efficiency.

Ceybit is a strong advocate for the public permission-less use of blockchains and will be actively working towards promoting an open financial network for the greater social good.

End Objective

‘ Providing accessibility to digital assets. ’

Ceybit is working to help people overcome the challenges faced with existing financial systems and infrastructure. The project is aiming to provide greater financial inclusivity and opportunity through blockchain technology to people who will stand to benefit highly by using our platforms and services.

Providing superior quality products that users can trust, easily use & recommend will be key areas Ceybit will focus on.

Key Focuses

Progressive

Technology is always evolving and staying at the forefront of the latest tools with ongoing improvements will be a priority.

Reliable & Trustworthy

Ceybit believe that in a financial environment it is imperative to act ethically to establish trust and confidence , as such the project is building mechanisms to safeguard all its users.

Simple

Ceybit is constantly looking at making simple yet effective applications for the end-user. In trying to introduce this new technology being able to easily navigate, understand and use are aspects that will be looked at progressively.

Ceybit is still under construction. Expected launch date is September 2019.

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