It is the era of digitization, where from conversations to cuisine, everything is decided and done online. The developed countries of our world have far progressed up on the ladder of cyber net. Fortunately, Pakistan is not far behind as each day is a day of innovation. One such new edition to Pakistan’s technology is Urdubit, the country’s first and only Bitcoin and crypto currency trading platform. It was founded by Danyal Manzar and Zain Tariq, in 2015. Danyal and Zain are both technology enthusiasts. A cryptocurrency (or crypto currency) is a digital currency created as a medium of exchange using cryptography to secure the transactions. In simpler terms, it’s the alternative currency.
The cognizance of Bitcoin gradually increased in the recent years, therefore the team had trouble as they faced challenges at technological, regulatory and financial levels when it was first introduced. In spite of all the obstacles, Urdubit was able to emerge successful as the team managed to set up a crytocurrency based platform. Alongside this, the team also manages NewsBTC Pakistan where an arena is provided for the people who are interested in Bitcoin and the growth of crytocurrency with its impact on Pakistan.
The concept behind Urdubit is to eliminate the middle man hence providing more efficient exchanges. Urdubit lets the user deal with his/her Bitcoin in the way the user deems best. This includes selling their Bitcoins at prices they deserve as well purchasing them on their own terms. Through a community of traders, freelancers, investors, and entrepreneurs, everyone is able to benefit from Bitcoin. The webpage of Urdubit is comprehensive which makes convenient for a new user to navigate. The team effectively completed incubation program at The NEST I/O technology incubator in 2015, which led them to make inroads with technology gurus and refining their approach for a more commercial and investor friendly side of the cryptocurrency trading platform. This resulted in winning of P@SHA ICT Award for Financial Technology in 2016, sponsored by UBL Bank, and made cryptocurrency an increasingly accepted mode of trade.
Seeing the progress this startup was making, Planet N Group of Companies, founded by former CEO of Tameer Microfinance Bank Mr. Nadeem Hussain, invested in Urdubit, making it part of the group. A new name was born from this partnership; Blockchain Tech. UrduBit and NewsBTC Pakistan came under this brand. Danyal and Zain worked tirelessly to expand their empire in crytocurrency market in Pakistan. They brought new products and services using Blockchain technology, which promised to benefit all.
Blockchain Tech has signed MoU with IBM according to which new products will be introduced based on hyper-ledgers. Apart from this, different newer features will be introduced by Blockchain Tech to address various market needs by the usage of fresh technologies.
Soon Bitcoin will be the currency of Pakistan’s cyber world. This technology is to make transaction easier, faster and more reliable. With Blockchain Tech, now these services are accessible to people of Pakistan.