Tuesday, January 18

Now you can exchange your UBI tokens in this exchange in Argentina

Key facts:
  • UBI is the token received by those who registered their identity in Proof of Humanity.

  • With the current UBI quote, those who receive it have a monthly income of 23 thousand pesos.

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Those who completed the registration process on the Proof of Humanity (PoH) platform and receive, every hour, a unit of the Universal Basic Income (UBI) token, can now exchange it for Argentine pesos on the Ripio exchange. Also, those who consider that this token is a good investment, can use that platform to acquire it.

Sebastián Serrano, founder and CEO of Gravel made the announcement yesterday, December 23, through a message on his Twitter account. The businessman explained that they do it as a “contribution to the entire Argentine Ethereum community and the revolution that the genius of Santi Siri generated this week.”

Serrano refers to the developer Santiago Siri, creator of the token and the UBI project, who is one of those responsible for the conferences and meetings that Vitalik Buterin, founder of Ethereum, is holding these days in Argentina.

Explains the CEO of Gravel that “Proof of Humanity – the project behind UBI – aims to be the first global registry of human beings on a blockchain and is one of Vitalik Buterin’s favorites.”

As CriptoNoticias has detailed on several occasions, Those people who validate their identity in PoH become creditors of a basic income, which is paid in the UBI token. For this, they must be filmed on a video in which they say, in English: “I certify that I am a real human being and that I am not registered in this registry.” In addition, they need to provide an Ethereum address, which will be linked with their identity.

Personalities such as the basketball player Manu Ginobili; the founder of MercadoLibre, Marcos Galperín; the Argentine deputy Martín Tetaz; and Vitalik Buterin himself, have signed up for Proof of Humanity. They all receive 1 UBI every hour to their Ethereum address. In total, there are 11,571 registered people.

Upon entering the Ripio platform, CriptoNoticias could observe that the UBI price is 35.81 Argentine pesos for the purchase and 32.06 pesos for the sale, at the time of writing this article (amounts equivalent to approximately USD 0.17).

Ripio shows the price of UBI in Argentine pesos. Source: Ripio.

This means that a person who receives UBI for one month, might change them in gravel for around 23 thousand pesos (taking into account the current price).

UBI in Ripio, a solution for the high fees of Ethereum

The incorporation of UBI to a centralized exchange it can be an advantage for those who receive this token. The high fees charged for trading on decentralized Ethereum exchanges (for example, Uniswap), make it not always profitable to switch to ether (ETH) or stablecoins in this way. The businesses that accept UBI as a form of payment are scarce, so this bridge with fiat money is very useful.

Anyway, the users who receive the token must send it to Ripio from your Ethereum wallets and, for that, pay network fees. Although the amount to send ERC-20 tokens can be a few tens of dollars, it is always much less than the one charged for interacting with smart contracts (which is what happens when exchanging tokens on a decentralized exchange).

To use gravel, It is first necessary to have a registered account with the broker. CriptoNoticias prepared a review of this platform that can help those interested to evaluate its operation before starting to operate on it.


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