If you are reading this, chances are you have heard about bitcoin already. Though the purpose of this article is not to explain what bitcoin is but to introduce Pakistan’s first bitcoin trading platform but let’s have a cursory look at it. Bitcoin is a digital currency without any moderation or regulation from any financial institution. The currency is not backed by gold or any precious resource but works on supply demand model with no geographical boundaries. So, a person sitting in Pakistan can exchange bitcoin or pay for some products via bitcoin with someone in US without involvement of any bank or financial institution unlike conventional methods of money transfer and payments.
Urdubit is a true pioneer to make people in Pakistan able to buy and sell this digital currency without any middleman. Co founded by bright and dynamic Danyal Manzar and Zain Tariq, the venture is backed by respected ex-banker Nadeem Hussain whose name is enough to give credibility to this fintech.
Talking to Clarity, Danyal said:
“ We wanted to make it easy for people in pakistan to make use of this great disruptive technology by providing an easy to use platform. The potential of this technology is immense and it will revolutionize how people will make payments and transfer money in future.”
The Company was officially formed in Aug 2016, with a user base of 3000+ verified users to exchange bitcoins with PKR and vice versa. Bitcoin trading volumes at Urdubit is rising exponentially as the awareness and demand is increasing. The team is focused on reaching out to masses by creating awareness through digital channels. NEWSBTC (http://pk.newsbtc.com/) managed by the same team is aimed at helping people understand this technology through content written in Urdu language with easy to understand terminologies.
How does Urdubit Help you?
Anyone can create an account(wallet) on Urdubit by simple registration process and get verified. Once verified, you can transfer money in Urdubit wallet account through IBFT or deposit. The rupees amount will be reflected in your wallet that can be used to purchase bitcoin.
Does Urdubit charge customers?
Yes. A small fee of 0.75% is charged on selling and buying of bitcoins. The fee is not fixed and can be changed based on trading dynamics.
Who can avail Urdubit services?
Anyone, who has valid CNIC can use Urdubit services by creating an account on the website. Though successful verification is necessary.
Urdubit does not create and sell bitcoin
Often confused as seller of bitcoin by customers, Danyal told us that Urdubit is a marketplace where anyone can sell and buy bitcoins. Urdubit does not create bitcoins. Neither does it sell any bitcoins. It enables people to trade this currency in a convenient manner.
Talking about future plans, Danyal exuberantly sparked up mentioning that there are many initiatives he and his team is working on. The team is passionate about blockchain technology Learn How Blockchain Works! and is working on many initiatives that will work on this technology. Certify.pk is one such project that makes use of smart contracts which is co founded by the same team.
While bitcoin is picking up fast in Pakistan but it is still an unregulated currency and is not officially recognized by State Bank of Pakistan. Yet, there is a hope that this will ultimately become part of monetary framework by Government of Pakistan and thus will provide a conducive environment for fintechs to build their services around it.