HomeCryptoA new exchange Rare Bits , a competitor to ebay

A new exchange Rare Bits , a competitor to ebay

A new exchange Rare Bits with online sales takes off. It is based on the Ethereum blockchain and aims to eliminate the barriers between crypto and consumers.

A new exchange Rare Bits , a competitor to Ebay: Leggi qui l’articolo in Italiano

A trading platform with cryptocurrencies and digital assets challenges e-commerce giants like eBay.

The startup is called Rare Bits and has received funding from Spark Capital and Twitch founder and CEO Emmett Shear and Justin Jan, just to name a few.

Amitt Mahajan, co-founder of Rare Bits, a project running on the Ethereum blockchain, argues that the aim is to break down barriers between the digital coin industry and traditional consumers by removing the words “Ethereum” and “blockchain” and promoting the sale of products of all kinds.

In the final version of our product,” he explained, “we may not even mention the fact that we’re using Ethereum or using the blockchain. In an ideal world, you come to the site, you buy something you want, you exchange it, trade it [or] use it, but you don’t care or even need to know that the underlying technology is crypto-based.”

For now, the project launched in February, which could later assume the format of online auctions similarly to eBay, is proving a success: Amitt Mahajan is also famous for having participated in the creation of the popular video game on social media FarmVille (which at its peak reached 80 million registered players per month), he has revealed that his company has obtained 6 million dollars in funding.

The risk of abandoning a niche market such as cryptocurrencies to aim to steal market shares from giants such as eBay is there.

And to ensure that the strategy is successful, Rare Bits’ management and staff must ensure that the exchange platform can operate efficiently and quickly, even in a centralized manner.

Why did Twitch invest in Rare Bits

The startup has gained some popularity in the crypto community since users of CryptoKitties, the most popular decentralized game of its kind according to DappRadar’s ranking, were able to start selling and buying virtual kittens on its platform.

CryptoKitties, one of the first online video games to be based on Ethereum’s distributed and unchangeable network, allows the exchange of digital assets similar to Tamagotchi through the use of smart contracts, which can be transferred and sold to other users and investors on platforms outside the game, such as Rare Bits.

But Mahajan’s idea is to go beyond the exchange of digital kittens that are created, fed and customized, and Twitch – a company focused on streaming and video on demand – believes in the potential that Rare Bits has to offer, it can become the reference platform for online auctions that utilizes the blockchain.

In the long term, the Rare Bits marketplace aims to become a platform for the exchange of real products, not just digital and related to the crypto universe, such as tickets to access the backstage of concerts or second-hand and used products.

Daniele Chicca
Daniele Chicca
Graduated in foreign languages and literature at the University of Bologna, with a year of undergraduate at the UCL in London. A professional journalist since 2007, in time he specialized in finance, economics, and politics. After three years with Reuters in Milan, he worked for several newspapers, contributing among other things to an increase in progressive traffic on the website Wall Street Italy and offering services of various kinds for Radio Rai and press agencies AGI and TMNews (formerly Apcom). At the moment he is responsible for the drafting, the editorial line and the coordination of an important economic and financial information website.