Urubit (URUB) is a blockchain-based project developed by the Urubit Group. As the website describes, the project aims to introduce the perks of blockchain technology to Latin America. Problems like inflation, less utilization of banking facilities, and deteriorating payment system are common in Latin America. Urubit seeks to resolve the issues by launching an innovative cryptocurrency developed in Uruguay. The Urubit Group is dedicated to creating crypto-financial products that are legal, secure, and easy to use.
Urubit intends to assist people to start exploring the world of decentralized finance (DeFi). The project allows users to put their funds in a trustable space while making passive earnings.
According to its whitepaper, the project features the U-Wallet, a simple and intuitive cryptocurrency wallet. U-wallet operates seamlessly on both BEP-20 and ERC-20 networks. BEP-20 signifies the Binance token standard, allowing users to utilize the tokens on the Binance Smart Chain (BSC). The wallet comprises various financial products, enabling users to secure their funds in the right products. U-wallet is not profit-driven. Hence, users enjoy low transaction fees when using the wallet.
The U-wallet has several other features. For example, the wallet integrates with Web3 to support the functioning of decentralized applications (DApps). The U-wallet is available as an application on both Android and iOS. The application implements additional biometric features to ensure optimum security. The app encourages users to add and store custom tokens in the wallet. Besides crypto-tokens, users can continue creating unlimited wallets without any hassle.
U-Teller deploys a network of cryptocurrency ATMs, or UTM, to simplify trading and reduce fraudulent activities. U-Teller is a company created by the Urubit Group. The company intends to be the preferred choice among people when trading crypto-assets. As the whitepaper mentions, UTM is exclusively supported by Binance.
URUB or URUBIT is the native token of the Urubit project. Urubit is also the native digital currency of the U-wallet. The token is deflationary, meaning that the count of tokens reduces in circulation with time. The scarcity of tokens ensures that the value of URUB increases. URUBIT benefits users with passive revenues by distributing static rewards for holding the crypto-tokens. The network charges a 4 percent transaction fee when trading URUBIT. Two percent of the charges are distributed among URUB holders. However, the remaining 2 percent of the tokens are burned or eliminated from the supply. Burning of the Urubit coins implies that the coins are removed and sent to unknown wallet addresses. In short, once burned, the URUB tokens are lost forever.
