Globitex (GBX) Review – Globitex ICO Rating and Details.

Global Bitcoin Exchange.

Ticker:
GBX

Token type:
ERC20

ICO Token Price:
1 GBX = 0.12 USD (0.10000 EURO)

Fundraising Goal:
12,300,000 USD (10,000,000 EURO)

Sold on pre-sale:
3,680,000 USD

Available for Token Sale:
65%

What is Globitex?

Globitex is an advanced cryptocurrency exchange that is designed to help continue to develop Bitcoin as a widely accepted and utilized method of payment for large scale global trading. The goal of the ICO is to increase the scale of the Bitcoin exchange that they currently offer so that they are equipped to handle global exchanges of other forms of currency or products like cash, gold, or consumables via Bitcoin.

The ICO believes that bitcoin has enormous room to grow as the underlying currency for a majority of global transactions, and Globitex seeks to offer their services as a medium for the exchange of bitcoins. This can potentially cut out the numerous middle men involved in high priced, global trading.

In order for bitcoin to take the next step in becoming the standard for global trading currency it needs an established exchange platform, and Globitex aims to be just that. A road map is provided through the Globitex website, and it states project the first quarter of 2018 to be the open public launch of its services.

How Does Globitex Work?

The ICO is currently in stage one of its three stage plan of business development. The fist stage is researching and identifying areas in which Bitcoin can be traded and how it compares to other available cryptocurrencies. The stage will also be used to fundraise and create business relationships with partners from all over the world.

In the second stage will primarily focus on the development of BIBOR – Bitcoin Inter-Broker Offered Rate. This will be the result of researching existing bitcoin markets to create interest rates for lending and a tradable interest rate product. During this time Globitex will also be further establishing infrastructure and accommodating different trading options in commodities, future, and money markets, raising awareness of its usability on a global level.

The third and final stage will be to amass assorted commodities in the form of metals, energy, consumables, livestock, and more into the Globitex index. The index will be known as the Globitex Commodity Index or GCOM. Additionally, the ICO will seek to increase warehousing capacity to expand into other commodities.

Features and Benefits of Globitex

Some of the potential benefits of using Globitex revolve around the expansion from just cryptocurrency trading into things such as repo, futures, swaps, tools that are valuable to investors. This distinguishes it from a variety of other cryptocurrency exchanges on the market now. It also can accept fiat deposit, which is not common among cryptocurrency exchanges. Furthermore, because of a burning mechanism used with the token supply, the price can gain interest or appreciate over time even if the value of the tokens stays the same.

In theory the ICO will allow investors and speculators to avoid risk when getting into Bitcoin by using derivatives trading. By using Bitcoin there will be no restrictions in terms of geography, price, or politics to get in the user’s way.

The tokens used within the exchange will also serve as a commission to clients for their trades and will also be used as part of loyalty programs that are designed for clients and contributors. A bonus is attached to the purchase of tokens, starting at 10%, but reducing to 5% after the first 5 million tokens are sold.

The Globitex Token Sale

The token sale for Globitex was performed from February 10th to the 11th and is concluded. The sale was not open to United States residents, unfortunately. The tokens themselves will be referred to as GBX for Global Bitcoin Exchange and distributed as ERC20. A total amount of tokens created is not provided, but it is stated that there will be no unsold tokens.

The goal for fundraising was set at $12.3 million or 10 million Euros. In pre-sale they raised $3,680,000, and state that their one-day token sale was successful in raising $12,270,000, which is essentially the $12.3 million they were looking for. The minimum contribution that was accepted was 10 Euros with the maximum amount accepted being set at 3,000,000 Euros. ETH, BTC, and BCH were all accepted as part of the sale. 1 GBX token is equivalent to about $0.12 or 0.10 Euro.

A breakdown of the token distribution is offered by the company website. 65% will be distributed to the users, while 35% will be maintained by the company. Of that 35%, 5% will be available during the ICO, 10% will be available after the ICO, 10% will be available one year after the ICO, and the final 10% will become available two years after the ICO.

Who’s Behind Globitex?

The Globitex website details those who are assigned to key positions within the company and their experience. To start, Jon Matonis is listed as the board director and chairman of the company since March of 2015. Matonis has also served as the founding director and executive director of the Bitcoin Foundation. The director and head of compliance is Arvis Ermins. He has previously worked as the director of MTG China Fund in Shanghai.

Liza Aizupiete is a co-founder and managing director for the company. Previously she has worked as a trading strategist and fund manager after being educated at the University of Geneva. Uldis Teraudkalns is the chairman of the supervisory board and has previously been a board member at two other companies. His most recent education was a MSc in Corporate Finance received from the Stockholm School of Economics.

Also listed on the site are some members of the board, though aside from their names not much information is shared about them. They are identified as Andris Kaneps and Viestrus Tamuzs.

Conclusion

The long-term prospects of the Globitex ICO appear to be pretty lucrative. There is no doubt that Bitcoin is in the midst of establishing itself as the leading global cryptocurrency, and it is only beginning to establish itself in the bigger markets and being utilized to all of its potential. Attempting to capitalize on Bitcoin’s potential within the global exchange market is based on a practically sound idea and is forward thinking.

Getting established in the exchange market is ambitious as well as a bit of a concern, as getting listed and becoming established can be a significant difficulty in such an area, but the potential money it can save the users or companies by simplifying global exchanges would go a long way in convincing consumers to use it. Additionally, the other services Globitex intends on providing to users, such as repo, futures, swaps, and more, can help to make it stand out against other cryptocurrency exchanges.

The website for Globitex could be better designed and easier to engage with, but that does not mean the idea behind the ICO is not sound. It is something to keep an eye on going forward.

Peter Lehmann

Peter is a blockchain investor and cryptocurrency writer at Vkool.com. Since 2014 Peter has advised blockchain startups and ICOs on content marketing, strategy and business development.

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