Coming Q2: ELO Exchange
One of the steps taken by the Kubo team was the recent purchase of an exchange formerly known as CryptoHub Exchange. CryptoHub was a small exchange that grew in popularity among the micro-cap community and quickly grew to become a fan favorite. Nevertheless, a hacking event occurred, and in response, the CEO of Kubo and four other investing partners decided to buy the exchange and its servers from the previous owners.
Fernando and his partners currently have an outside cybersecurity expert running a security audit on the exchange. In addition, they also have a group of developers who are creating a new exchange application and designing a new user interface. All of these decisions serve the purpose of creating a secure and easy to use exchange for the traders of Kubo.
How does this benefit Kubo? Kubo will be used as the native exchange token for the ELO exchange, similar to what BNB token is to Binance. This will provide Kubo with a major additional use-case, extra transactions on the network, more buy/sell volume, and exposure to new investors and traders. Kubo will also be paired with all listed coins on the ELO exchange. This greatly serves the growth of the community and allows Kubo to show that it can become a valuable asset to potential business prospects. Because of the added security to the exchange, the ELO exchange team is installing the proper legal framework to ensure that operations are in accordance with the law and projects being selected in the first batch of approved coins/tokens are tradeable.