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TravelFlex

TravelFlex is a platform built to service the travel industry. TravelFlex will facilitate easy and convenient travelling. The platform can be linked to social media and also has a function that connects to other TravelFlex users. TRF Coins can also be used to make payments and execute other travelling transactions. The travelFlex cards also help travelers to withdraw money from an ATM worldwide whiles only charging fees lower than your traditional bank card.

Rating: 2.4

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

Detailed review

Stage of product development
As of 3rd of January 2018, limited Beta is available for testing in Google Play. Now, it only allows to create digital wallet and transfer TRF. All of the additional services, such as the Travelflex wallet, the Travelflex cheques, and Travelflex cards, not ready and are only expected to be developed in 1Q 2018 and will start to release only from 2Q 2018.


Token description
ICO date
14.12.2017 - 18.01.2018
Token price
1st - 7th day of ICO: +15% Bonus
7th day of ICO - Onwards: No Bonus
Platform
Ethereum
Blockchain
DAG
Token distribution date
12.01.2018
Consensus method
Proof-of-Work (POW)
Escrow
N/A
ICO currencies
ETH , BTC
Bounty camping
5% of Issued tokens will be reserved for Bounty Camping. Further details can be found here: https://bitcointalk.org/index.php?topic=2547636.0
Markets
N/A
Token functions
The TRF Token will primarily be used for international payments using TravelFlex platform. For instance, they can be used as a security deposit for an international hotel booking. The TRF Token can be acquired during the TravelFlex token sale using Ether (ETH), Bitcoin (XBT), Bitcoin Cash (BCH), LiteCoin, Dash and Fiat currencies.
Tokens distribution
Public Sale (95.0%)
Bounty (5.0%)
Risks
MARKET

As TravelFlex does not focus on any particular region, it might be hard for them to yield significant growth rates. Also, the industry of international payments is considered as highly competitive with low barriers to entry. There are players ranging from IT-Startups (TenX, CryptoPay, Monaco) to traditional banks and payment systems (PayPal, Visa, MasterCard). Moreover, there are already several competitors in the area of crypto international payments with existing products available for customers (TenX). The competitive advantages over digital banks (Monzo, Revolut) is not clear and thus cannot be proved. According to Gartner Report, replacing an existing near-real-time payment solution with a blockchain-based one will deliver little intrinsic benefit and it will not lead to significant shifts in the industry.

PRODUCT

The roadmap is not clearly given in WP. The provided product development description only highlights the stages and is not detailed. All of the additional services, such as the Travelflex wallet, the Travelflex cheques, and Travelflex cards, not ready and are only expected to be developed in 1Q 2018 and will start to release only from 2Q 2018. The switch to a new algorithm in 4Q 2018 should be carefully planned as it will cause all of the existing coins to be replaced by the new ones and might have negative outcomes for the clients. The rationale behind this switch is not given. The given product line seems complicated and the convenience of use-cases is arguable: printed cheque, plastic card. Currently, they do not have agreements with global payment systems therefore the expansion might not be feasible. The main product focus is not clear. Travelflex aims to create a tool for interntational travel payments with built-in social network and issuance of physical cards and cheques. The rationale behind this approach cannot be seen and might significantly affect the product growth. What is more, Travelflex aims to expand its services globally but does not focus on any particular markets.

BUSINESS MODEL

The exact fee level and calculation approach for travel cheques usage is not given in WP. Therefore, the commercial viability of the product is not clear. The team does not clarify the fee structure for the card. Again, the commercial viability of the product is not clear. Overall, the business model is not given in a structured way and cannot be understood from WP.

FINANCES

The Hard Cap valuation of Travelflex is $30M and is 4X larger than the median US software companies seed stage post-money valuation. Currently, there are no agreements with exchanges to list TRF coins. Travelflex does not provide any financial forecasts or assumptions for their growth.

TEAM

The CEO’s experience cannot be verified using Linkedin. According to his profile, he does not have any previous experience prior to Travelflex. Neither Head’s of Engineering nor VP’s of Finance pages - Bing Hayashi and Marcel Hoogslaf – do not exist on LinkedIn. Blockchain Developer’s experience cannot be verified using Linkedin because his page is not available there. What is more, it is not clear where each team member is located. That is why robust development of the project might be at risk.

Full analysis
Market

TravelFlex enters the market of international currency conversion & payments. The growth rate for the market for 2015-2020 is expected to be 6% for developed markets and around 20% for the emerging markets, according to Capgemini. As TravelFlex does not focus on any particular market, it might be hard for them to yield significant growth rates. Also, the industry of international payments is considered as highly competitive with low barriers to entry. There are players ranging from IT-Startups (TenX, CryptoPay, Monaco) to traditional banks and payment systems (PayPal, Visa, MasterCard) Moreover, there are already several competitors in the area of crypto international payments with existing products available for customers (TenX), and the competitive advantages over digital banks (Monzo, Revolut) is not clear and thus cannot be proved. According to Gartner Report, replacing an existing near-real-time payment solution with a blockchain-based one will deliver little intrinsic benefit and it will not lead to significant shifts in the industry. To sum up, the market for international payments does not have large growth potential for TravelFlex.

Product

TravelFlex aims to create a currency for international payments which is mainly focused on travelers. The created coin – TRF coin – will be used as a currency for settlement of international payments using digital wallets, physical cheques and credit cards - all issued by TravelFlex. As of 3rd of January 2018, limited Beta is available for testing in Google Play. Now, it only allows to create digital wallet and transfer TRF coins. The roadmap is not clearly given in WP. The provided product development description only highlights the stages and is not detailed. All of the additional services, such as the Travelflex wallet, the Travelflex cheques, and Travelflex cards, not ready and are only expected to be developed in 1Q 2018 and will start to release only from 2Q 2018. The switch to a new algorithm in 4Q 2018 should be carefully planned as it will cause all of the existing coins to be replaced by the new ones and might have negative outcomes for the clients. The rationale behind this switch is not given. The given product line seems complicated and the use cases are not convenient: printed cheques, plastic card. Currently, they do not have agreements with global payment systems therefore the expansion might not be feasible. The main product focus is not clear. Travelflex aims to create a tool for interntational travel payments with built-in social network and issuance of physical cards and cheques. The rationale behind this approach cannot be seen and might significantly affect the product growth. What is more, Travelflex aims to expand its services globally but does not focus on any particular markets.

Business model

TravelFlex will create a set of products that should simplify international currency exchange for travelers. Travelflex will create travel cheques that will allow to pay in local currencies without high fees. However, the exact fee level and calculation approach is not given in WP. Therefore, the commercial viability of the product is not clear. Travelflex will also issue physical travel cards. The team does not clarify the fee structure for the card. Again, the commercial viability of the product is not clear. Overall, the business model is not given in a structured way and cannot be understood from WP.

Finances

Travelflex will issue 163M coins in total. The ICO is held from 14th Dec 2017 to 12th Jan 2018, and 100M will be sold during the public sale. The remaining 63M tokens will be available for minining when the ICO ends. There is no minimum level of contribution during ICO. The price for public sale will be 1TRF = 0.28USD. There will be bonuses for early contributors: 15% coins will be given to those purchased tokens during the first week of ICO (ended on 21st Dec 2017) The Hard Cap of TravelFlex is $28M, the Soft Cap is $6M. As Travelflex will sell 95% of tokens during private pre-sale and ICO, the company valuation will be around $6.3M in Soft Cap scenario and $30M 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 4X times above this figure. Currently, there are no agreements with exchanges to list TRF coins. Travelflex will not reserve tokens as a bonus for the core team. Travelflex does not provide any financial forecasts or assumptions for their growth. The given split of anticipated expenditures only gives percentage terms, not the real figures. After the ICO ends, the mining will start. 90% of the newly mined coins will go to the miners, 8% to the founders and 2% to charity. At fi rst, there will be 1 block of 0.5 TRF per second mined.

Team

The CEO’s experience cannot be verified using Linkedin. According to his profile, he does not have any previous experience prior to Travelflex. Neither Head’s of Engineering nor VP’s of Finance pages - Bing Hayashi and Marcel Hoogslaf – do not exist on LinkedIn. Blockchain Developer’s experience cannot be verified using Linkedin because his page is not available there. What is more, it is not clear where each team member is located. That is why robust development of the project might be at risk.

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