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Ceybit is the first cryptocurrency exchange in Sri Lanka that buys back its native token (CYBTs) in real time. Ceybit is aiming to introduce cryptocurrency and the blockchain to the people of Sri Lanka, where the blockchain and cryptocurrency market has yet to be tapped.
Ceybit’s mission of developing a user friendly exchange with a mobile wallet and a payment gateway solution are aimed to drive a token economy in the country. Ceybit strives to establish itself in Sri Lanka as a major cryptocurrency provider and influencer and expand to other developing nations.
With prominent cryptocurrencies like Bitcoin, Ethereum and Litecoin being too expensive for most people in the developing world to afford, Ceybit is hoping to create a token economy that is more accessible to people. At the same time, Ceybit also understands the importance of educating those in the developing world to help them understand the blockchain so that they too can benefit from emerging technologies.
Ceybit plans to be the first cryptocurrency exchange in the world to buy their token in real time. The bought back tokens will be partially burned and partially distributed to the token holders (on the Ceybit Exchange) and CYBT traders as a form of rebates.
The mobile wallet will contain a map which will help CYBT holders to find the nearest merchant that will allow people to locate, spend and trade CYBTs and Ethereum for fiat. This will jumpstart the Ceybit token economy and organically increase the CYBT value for the token holders.
After the successful deployment of the solutions in Sri Lanka, Ceybit plans to expand to Malaysia, Philippines and Indonesia to truly become the cryptocurrency solution to the developing nations. With a mission of providing financial inclusivity to developing countries Ceybit aims to become a household name is the cryptocurrency industry.
Registration for the private sale will begin on June 12, 2018 where the tokens will be on sale till all tokens are sold out. Ceybit will be revealing their alpha product to the public in the next two months, giving people the option to test run the exchange.
All participants must pass the KYC verification process to be eligible for the token sale.
You can visit their official Telegram or website for further information.