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Globitex

Globitex aims to scale existing infrastructure up into an exchange that has global spot and derivatives exchange capabilities, where standardized instruments in money markets and major commodities are listed with cash settlement and later physical delivery, and where Bitcoin is used as the underlying currency - a unit of account.

Rating: 3.4

Official contacts
Location: N/A
Web-resources:   Whitepaper Website
Social networks: N/A
Product source tracking: N/A
Details Description Risks Full analysis Team

Detailed review

Stage of product development
As of 29th of December 2017 limited Beta is available for testing. The current version of the platform allows to trade Bitcoin and Bitcoin Cash against Euros on the Globitex exchange. The Public version of the platform is expected to begin its operations by the beginning of the year 2018.


Token description
ICO date
10.02.2018 - 12.03.2018
Token price
For the first 5,000,000 GBX Tokens: 10% Bonus
For the next 10,000,000 GBX Tokens: 5% Bonus
Platform
Etherum
Blockchain
Ethereum
Token distribution date
N/A
Consensus method
Escrow
N/A
ICO currencies
ETH , BTC
Bounty camping
Bounty campaign is described on BitCoinTalk Forum: https://bitcointalk.org/index.php?topic=2257529
Markets
N/A
Token functions
The GBX Token will primarily be used for the settlement of trades on the Globitex exchange, serving as a commission payment token. The GBX Token will also function within loyalty programs planned for Globitex clients and contributors, whereby the contributors will be participating in the company's overall success.
Tokens distribution
Token Sale (65.0%)
Bounty & Referral Programs (5.0%)
Business Development (10.0%)
Business Promotion Year 1 (10.0%)
Business Promotion Year 2 (10.0%)
Risks
MARKET

Digital currency operators and Bitcoin exchanges are the most common targets of distributed denial of service (DDoS) attacks according to a report titled “Q3 2017 Global DDoS Threat Landscape.” The highest risk factor for small exchanges is security breach that could result in a loss of funds.

PRODUCT

The main risk for the product in the EU is that virtual currency exchange platforms and custodian wallet providers will be added to the list of obliged entities within the scope of the EU money laundering or terrorist financing directives. Also, Globitex product should comply with the upcoming MIFID II regulations in EU which obliges OTF operators to provide pre-trade and post-trade transparency. The roadmap is not clearly given in WP. The provided product development description only highlights the stages is not detailed.

BUSINESS MODEL

The team does not explain how the exact fee level will be calculated. Therefore, the commercial viability of the platform is not clear. The business model relies on the assumption of high demand and large amount of transactions that might not held due to significant number of already operating cryptocurrency exchanges.

FINANCES

The Hard Cap valuation of Globitex is $15M and is 2X larger than the median US software companies seed stage post-money valuation. Globitex does not provide any financial forecasts or assumptions for their growth. Globitex team does not provide the split of anticipated expenditures.

TEAM

CTO of Globitex – Maris Kaneps – has 10+ years’ experience in managing IT development. However, the field of specialization cannot be verified and thus might not be relevant. As the company will operate in the area of financial transactions, it is strongly recommended for the project to have experts in the area of IT security. The IT Security expert of Globitex – Pierre Roberge – is not employed at the company and develops EdTech Stratup for kids, according to linkedin. What is more, the whole team is spread around the globe according to Linkedin. That is why robust development of the project might be at risk.

Full analysis
Market

Globitex is entering the market of cryptocurrency exchanges. The market cap of cryptocurrencies went up to over $600B during 2017 and received attention from the global central banks. The exchange sector is the first to have emerged in the cryptocurrency industry and remains the largest sector both in terms of the number of companies and employees. The exchange sector remains the most populated in terms of the number of active entities. However, the market share in terms of bitcoin trading volume is substantially different: although there are a hundreds of companies providing cryptocurrency exchange services, fewer than a dozen order-book exchanges dominate bitcoin trading. The majority of small exchanges specialize in a single type of exchange activity while large exchanges are generally engaged in more than one activity. Digital currency operators and Bitcoin exchanges are the most common targets of distributed denial of service (DDoS) attacks according to a report titled “Q3 2017 Global DDoS Threat Landscape.” The highest risk factor for small exchanges is security breach that could result in a loss of funds.

Product

Globitex aims to create a digital currency exchange to trade commodities and money market instruments for Bitcoin. The product development will consist of three main stages. First of all, Spot FX and REPO will be introduced. Secondly, Bitcoin Money Markets and Derivatives will be developed. Finally, the market of deliverable commodity derivatives will be enabled. As of 29th of December 2017 limited Beta is available for testing. The current version of the platform allows to trade Bitcoin and Bitcoin Cash against Euros on the Globitex exchange. The Public version of the platform is expected to begin its operations by the beginning of the year 2018. The main risk for the product in the EU is that virtual currency exchange platforms and custodian wallet providers will be added to the list of obliged entities within the scope of the EU money laundering or terrorist financing directives. Also, Globitex product should comply with the upcoming MIFID II regulations in EU which obliges OTF operators to provide pre-trade and post-trade transparency. The roadmap is not clearly given in WP. The provided product development description only highlights the stages and is not detailed.

Business model

Globitex main costs will be associated with the exchange maintenance and further development of it. Globitex users will have to pay in GBX tokens for the settlement of trades on the Globitex exchange. However, the team does not explain how the exact fee level will be calculated. Therefore, the commercial viability of the platform is not clear. The business model relies on the assumption of high demand and large amount of transactions that might not held due to significant number of already operating cryptocurrency exchanges.

Finances

Globitex will issue 10M tokens in total. The public Sale will be held from 10th Feb 2018 to 12th March 2018. The minimum contribution in pre-ICO is equivalent of 10EUR The price for public sale will be 1GBX=0.1EUR. There will be bonuses for early contributors: for the first 5,000,000 GBX tokens buyers will get 10% bonus, the next 10,000,000 GBX tokens buyers will get 5% bonus. The Hard Cap of Globitex is $10M, the Soft Cap is $5M. As Globitex will sell 65% of tokens during private pre-sale and ICO, the company valuation will be around $8M in Soft Cap scenario and $15M in Hard Cap scenario. The soft cap valuation is equivalent to the median US software companies seed stage post-money valuations, while hard cap is 2X times above this figure. Globitex will not reserve tokens as a bonus for the core team. Globitex does not provide any financial forecasts or assumptions for their growth. Globitex team does not provide the split of anticipated expenditures.

Team

The CEO of globitex – Jon Matonis– has previous executive experience in capital markets and cryptocurrencies. Jon also used to Serve as non-executive Board Director of a bitcoin trading exchange from 2012 to 2013. CTO of Globitex – Maris Kaneps – has 10+ years’ experience in managing IT development. However, the field of specialization cannot be verified and thus might not be relevant. As the company will operate in the area of financial transcations, it is strongly recommended for the project to have experts in the area of IT security. The IT Security expert of Globitex – Pierre Roberge – is not employed at the company and develops EdTech Stratup for kids, according to linkedin. What is more, the whole team is spread around the globe according to Linkedin. That is why robust development of the project might be at risk.

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