Yubo Launches ‘YuBucks’, A New Virtual Online Currency

Yubo has announced the launch of YuBucks, a virtual online currency.

This new paid feature, similar to in-app gifts between users, is part of the development of the social network’s unique business model that monetises through sustainable social commerce rather than profiting through advertising or selling its users data.

Since the rollout of YuBucks Beta, the app has experienced an increased turnover of more than 20 per cent and the number of users who have made at least one purchase has increased over 10 per cent. In mid-July, Yubo will also be launching another new paid-for feature: Pixels. Yubo has collaborated with the pixel artist Banfan to create collectible digital art representing qualities, moods and personalities.

Yubo users will be able to purchase these in-app and can start their own collection, send it to their friends and send to people they admire on the app, for example their favorite streamers. Founded in 2015, Yubo’s mission is to enable Gen Z to make genuine friendships online and is completely ad-free, influencer free and like-free. By moving away from the traditional social network business model, Yubo’s users are able to more easily connect with each other without the pressure of likes or being distracted by constant advertisements.

Since December 2020, the app has had a 476.31 per cent increase in new users in Australia, with 50 million users across 40 countries.

Sacha Lazimi, Co-founder and CEO of Yubo, said: “The launch of YuBucks and upcoming launch of Pixels, is another step forward in strengthening our unique business model that monetises through social commerce as well as enhances the in-app experience for our users. Our freemium business models allow us to keep our users’ data safe and protected, which is a top priority for us and our users. We are carving a new path in social media – at Yubo, we believe you shouldn’t have to sell your personal data in order to enjoy and experience a platform.”

The addition of YuBucks creates a more seamless experience for users as they can purchase any paid-for feature in-app without having to repeat the payment process. As a result, users waste less time on microtransactions and can fully enjoy their experience on Yubo. Yubucks will also facilitate the prize or reward system at events organised in the application. U

sers will be able to win prizes in YuBucks and be free to choose which paid feature they prefer and wish to obtain. YuBucks are now available via the app store and can be purchased in packages or as part of an ongoing monthly subscription. There are currently five different packs available in the store, starting from as little as $7.99 AUD.

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