Globitex

An institutional-grade cryptocurrency exchange allowing everyone to trade commodities and money market instruments for Bitcoin. 

About Globitex

In order to facilitate the use of Bitcoin as an industrial scale medium of exchange, Globitex proposes taking the existing Globitex exchange infrastructure and scaling it up to include global spot and derivatives exchange capabilities, where standardized financial instruments and major commodities are listed with cash settlement and later physical delivery, and where Bitcoin is used as the underlying currency and a unit of account.
To realize this goal, Globitex is issuing the ERC-20 GBX-Token, which will be used primarily for the settlement of trades on the Globitex exchange, serving as a commissions payment token. The GBX Token will also function within planned loyalty programs for Globitex clients and contributors. All registered clients of the Globitex exchange will be able to redeem GBX tokens as payment for commissions. Globitex will offer various success related member loyalty programs to reward its clients and token holders during the GBX Token’s expected 10-year life span, after which the company will review the GBX Token program and make adjustments with regard to its continuation.

Competitors: Evolve Markets, Whaleclub
Uniqueness/Advantages to competition: Directly caters to EU marketplace.

Token Sale Use of Blockchain

Product

3.4
Product
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

4.0
N/A
4 - Beta or initial rollout.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

4.0
N/A
4 - Captivating.
Target User Base

Is it mass market or niche?

4.0
N/A
4 - Large audience / wide market.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

3.0
N/A
3 - Some normal competition.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

2.0
N/A
2 - Some, but nothing outstanding.

Product

The Globitex Bitcoin exchange beta is operational and has been for some time, however Globitex services will be publicly launched only after the completion of the ICO. The main feature of a Bitcoin backed exchange for commodities and derivatives will not be available until 2019, and the ability to conduct trades providing for verifiable physically deliverable commodities will not be available until the end of 2019. There is appeal to the Globitex product, since a blockchain-based solution can provide advantages in trading over centralized databases. There is a large potential or target user-base, as commodities and deriviatives markets range in the trillions of dollars. The competition over time will greatly stiffen as blockchain technology adoption continues, given the tremendous amount of capital in the target marketplace.
Competitors: Evolve Markets, Whaleclub.

Product Whitepaper

Use of Blockchain

2.0
Use of Blockchain
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

2.0
N/A
2 - Some smart contract functionality.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

3.0
N/A
3 - Potentially disruptive.
Need for Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

2.0
N/A
2 - Some, mainly network effect.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

1.0
N/A
1 - Essentially centralized.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

2.0
N/A
2 - Meh, okay.

Use of Blockchain

There is only minor blockchain development and contribution to the blockchain ecosystem, as Globitex does nothing major to further enhance the capabilities and powers of the blockchain ecosystem, but merely seeks to use them in their present form. There is some potential for disruptive advantage as the commodities and derivatives markets are worth trillions of dollars, and conversion to a blockchain system could disrupt traditional or legacy systems. There is some need for a custom token as the platform intends to use the token for settlements and rewards, however it is possible to write smart contracts and offer this same functionality with ETH. The system will utilize blockchain record-keeping and transactions, but the platform will remain centralized and reserves the right to alter token functionality after ten-years.

Use of Blockchain Roadmap

Whitepaper

3.8
Whitepaper
Comprehensiveness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

4.0
N/A
4 - Satisfactory coverage, well written.
Readability

Is it easy enough to understand?

3.0
N/A
3 - Readable, takes some time.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

4.0
N/A
4 - Informative disclosure.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

4.0
N/A
4 - Clear, well thought out, realistic.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

4.0
N/A
4 - Clear, well thought out, realistic.

Whitepaper

The whitepaper is professional, clear, and provides a solid presentation of Globitex’s business and technology plans. The whitepaper is a little long at 46 pages, but is very thorough in the information it provides. The whitepaper covers in detail: an intro to Globitex, the GBX Token, project background, business development stages, money markets & currencies, commodities for Bitcoin, legal setup, technical implementation, and the Globitex team. It also provides an organized list of references to external sources of information.

Whitepaper Compliance

Roadmap

3.4
Roadmap
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

5.0
N/A
5 - Professional.
Feasiblity

Is the development plan realistic? Is it based on reasonable goals and timelines?

3.0
N/A
3 - Optimistic.
Vision

Is there a larger, long-term vision?

3.0
N/A
3 - A trend with potential.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

4.0
N/A
4 - Available and trusted.
Current Position

Where is the project now, relative to its vision and plans?

2.0
N/A
2 - Critical obstacles ahead.

Roadmap

Concrete vision is set with progress and release of public platform, however many critical obstacles lie ahead. Detailed roadmap with major milestones given on a quarterly basis.
STAGE I: SPOT FX AND REPO
– Implement FX margin trading ability – REPO
– List precious metals spot contracts
STAGE II: BIBOR, MONEY MARKETS AND COMMODITY DERIVATIVES
– Develop Bitcoin money markets – BIBOR
– List cash settled commodity futures and options
– List cryptocurrency futures, swaps and options
– Create cryptocurrency-to-fiat and cryptocurrency-to-cryptocurrency based futures, swaps and options
STAGE III: GCOM COMMODITY INDEX AND PHYSICAL COMMODITIES
– List Bitcoin priced Globitex commodity index – GCOM
– Aggregate various groups of commodities, listed in the previous stage, as cash settled futures, such as energy, grains, industrial metals, precious metals, softs, livestock, into a Bitcoin priced index.
– Name the index Globitex Commodity index “GCOM” and prepare to offer GCOM futures trading.
– Enable precious metals futures contracts to be physically deliverable
– Further develop warehousing infrastructure and expand spot commodities

Roadmap Company and Team

Compliance

2.4
Compliance
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

2.0
N/A
2 - Minimal or contrived.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

2.0
N/A
2 - Primarily, with few additional rights.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

1.0
N/A
1 - Nothing yet, just an idea.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

4.0
N/A
4 - Specific, detailed.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

3.0
N/A
3 - Semi-professional (e.g. Howey Test)

Compliance

The GBX-token has intrinsic value through its planned usage on the Globitex platform to settle transactions and reward network participation. The token’s main utility is as a tradable financial instrument, as it is used specifically in commodity and derivative trading. The token smart-contract infrastructure is not yet ready but is to be publicly released shortly after the ICO in Q1 2018. A beta platform is currently publicly available. The Globitex team pays attention to compliance with a direct statement of “AML & Due Diligence: The Globitex platform meets high standards of European anti-money laundering requirements in respect of client due diligence, suspicious transaction monitoring and reporting and the avoidance of crime and terrorist financing. Token holders will therefore be subject to Globitex exchange KYC to be able to redeem Tokens as commission payment”, and enforces this due dillegence with a manual screening of all platform registrants. The legal review aims to absolve the company of any liability regarding the ICO sale and any problems that may occur, and provides a general statment that the token is not to be deemed a security, however it is questionable how this will hold legally as the main purpose of the token is to be backed by actual deliverable commodities.

Compliance Token Sale

Company and Team

2.2
Company and Team
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

3.0
N/A
3 - Company structure in place.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

3.0
N/A
3 - Minimally sufficient.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

2.0
N/A
2 - Lacking in key areas.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

2.0
N/A
2 - Lacking or inconsistent.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

1.0
N/A
1 - Severely skewed.

Company and Team

Globitex has an established team with 4 employees, 3 board supervisors, and 5 advisors. The core team has experience in asset/capital management, compliance, tax planning, and IT architecture/development. The board superviors have experience in economics, holding companies, venture captial, and fund management. The advisors have backgrounds in gold trading/delivery, analytical modeling/forecasting, cyberspace communications, crypto-currency, blockchain, smart-contracts, and blockchain exchange development. All but one team member have verifiable work experience credentials via LinkedIn profiles. The core team is fully dedicated to the project.
Positives: The core team members have large amounts of experience in trading sectors and asset/capital management, and are fully dedicated to the Globitex project.
Negatives: There are no blockchain developers on the team and no shown interest in adding any. No member of the core team has previous experience with cryptocurrency, blockchain, or smart-contracts projects.

Company and Team Product

Token Sale

3.8
Token Sale
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

4.0
N/A
4 - Well suited to needs and plans.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

4.0
N/A
4 - Reasonable, sensible.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

3.0
N/A
3 - Rough estimates, but sensible.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

4.0
N/A
4 - Most tokens sold, vesting periods on kept tokens.
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

4.0
N/A
4 - Solid exposure and interest, good impression.

Token Sale

Token name: Globitex Token
– Token symbol: GBX
– Token lifetime: 10 years (subject to extension)
– Token standard price: GBX 1 = EUR 0.10
– Minimum sales target incl. pre sale: equivalent of EUR 1,000,000
– Sales cap: equivalent of EUR 10,000,000
Early Participation Discounts During Public Token Sales
– 10% discount for the first 5,000,000 GBX Tokens sold
– 5% discount for the next 10,000,000 GBX Tokens sold
Additional Company Success-related Rewards
– 10% success rewards for the lifetime of GBX Token
Token Distribution and Lock up Periods
– 65% of GBX token pool are sold to contributors
– 35% are allocated to the Company for future use:
– 5% for bounty and referral programs
– 10% for business development (e.g. team expansion, marketing, security rewards, conferences etc.)
– 10% released 12-months following the end of the Token Sale for further business promotion
– 10% released 24-months following the end of the Token Sale for further business promotion

Social Media Presence & Following
Minor exposure and interst with little community engagment.

Product

The Globitex Bitcoin exchange beta is operational and has been for some time, however Globitex services will be publicly launched only after the completion of the ICO. The main feature of a Bitcoin backed exchange for commodities and derivatives will not be available until 2019, and the ability to conduct trades providing for verifiable physically deliverable commodities will not be available until the end of 2019. There is appeal to the Globitex product, since a blockchain-based solution can provide advantages in trading over centralized databases. There is a large potential or target user-base, as commodities and deriviatives markets range in the trillions of dollars. The competition over time will greatly stiffen as blockchain technology adoption continues, given the tremendous amount of capital in the target marketplace.
Competitors: Evolve Markets, Whaleclub.

Category Breakdown
Readiness

Is the product ready for use? Is there a working prototype or MVP? How long until it is operational?

4.0
N/A
4 - Beta or initial rollout.
Appeal

How appealing is the product? How good or necessary is it? Does it have a distinct edge?

4.0
N/A
4 - Captivating.
Target User Base

Is it mass market or niche?

4.0
N/A
4 - Large audience / wide market.
Competition

Are there many other similar solutions or is this one of just a few, or even one of a kind?

3.0
N/A
3 - Some normal competition.
Innovation

How innovative or inventive is the product, either conceptually or technologically?

2.0
N/A
2 - Some, but nothing outstanding.
Product Score:
3.4

Use of Blockchain

There is only minor blockchain development and contribution to the blockchain ecosystem, as Globitex does nothing major to further enhance the capabilities and powers of the blockchain ecosystem, but merely seeks to use them in their present form. There is some potential for disruptive advantage as the commodities and derivatives markets are worth trillions of dollars, and conversion to a blockchain system could disrupt traditional or legacy systems. There is some need for a custom token as the platform intends to use the token for settlements and rewards, however it is possible to write smart contracts and offer this same functionality with ETH. The system will utilize blockchain record-keeping and transactions, but the platform will remain centralized and reserves the right to alter token functionality after ten-years.

Category Breakdown
Blockchain Development

Is blockchain technology essential? Does it make the solution significantly different and better?

2.0
N/A
2 - Some smart contract functionality.
Disruptive Blockchain Advantage

How disruptive is the introduction of blockchain technology into the product's market space?

3.0
N/A
3 - Potentially disruptive.
Need for Custom Token (vs. BTC or ETH)

Is the token essential or could it be done just as well or better with fiat or Bitcoin?

2.0
N/A
2 - Some, mainly network effect.
System Decentralization (besides token)

How decentralized is the system architecture other than the token (e.g., data collection, storage, access, and use, or decision making processes, etc.)?

1.0
N/A
1 - Essentially centralized.
Contribution to Blockchain Ecosystem

How compelling is the solution's contribution to the evolution of blockchain infrastructure and economy?

2.0
N/A
2 - Meh, okay.
Use of Blockchain Score:
2.0

Whitepaper

The whitepaper is professional, clear, and provides a solid presentation of Globitex’s business and technology plans. The whitepaper is a little long at 46 pages, but is very thorough in the information it provides. The whitepaper covers in detail: an intro to Globitex, the GBX Token, project background, business development stages, money markets & currencies, commodities for Bitcoin, legal setup, technical implementation, and the Globitex team. It also provides an organized list of references to external sources of information.

Category Breakdown
Comprehensiveness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

4.0
N/A
4 - Satisfactory coverage, well written.
Readability

Is it easy enough to understand?

3.0
N/A
3 - Readable, takes some time.
Transparency

Does it candidly describe and disclose where the project now stands, how much exists and how much still needs to be done, etc.?

4.0
N/A
4 - Informative disclosure.
Business Plan Presentation

Does it contain a viable, comprehensive business plan?

4.0
N/A
4 - Clear, well thought out, realistic.
Technology Presentation

Does it present a well thought out technological architecture? Does it address implementational challenges?

4.0
N/A
4 - Clear, well thought out, realistic.
Whitepaper Score:
3.8

Roadmap

Concrete vision is set with progress and release of public platform, however many critical obstacles lie ahead. Detailed roadmap with major milestones given on a quarterly basis.
STAGE I: SPOT FX AND REPO
– Implement FX margin trading ability – REPO
– List precious metals spot contracts
STAGE II: BIBOR, MONEY MARKETS AND COMMODITY DERIVATIVES
– Develop Bitcoin money markets – BIBOR
– List cash settled commodity futures and options
– List cryptocurrency futures, swaps and options
– Create cryptocurrency-to-fiat and cryptocurrency-to-cryptocurrency based futures, swaps and options
STAGE III: GCOM COMMODITY INDEX AND PHYSICAL COMMODITIES
– List Bitcoin priced Globitex commodity index – GCOM
– Aggregate various groups of commodities, listed in the previous stage, as cash settled futures, such as energy, grains, industrial metals, precious metals, softs, livestock, into a Bitcoin priced index.
– Name the index Globitex Commodity index “GCOM” and prepare to offer GCOM futures trading.
– Enable precious metals futures contracts to be physically deliverable
– Further develop warehousing infrastructure and expand spot commodities

Category Breakdown
Concreteness

Is there a concrete and practical development plan (vs. just a conceptual vision)?

5.0
N/A
5 - Professional.
Feasiblity

Is the development plan realistic? Is it based on reasonable goals and timelines?

3.0
N/A
3 - Optimistic.
Vision

Is there a larger, long-term vision?

3.0
N/A
3 - A trend with potential.
Dependencies (services or capabilities)

How available, operational, or trusted are the other systems or capabilities on which the project relies?

4.0
N/A
4 - Available and trusted.
Current Position

Where is the project now, relative to its vision and plans?

2.0
N/A
2 - Critical obstacles ahead.
Roadmap Score:
3.4

Compliance

The GBX-token has intrinsic value through its planned usage on the Globitex platform to settle transactions and reward network participation. The token’s main utility is as a tradable financial instrument, as it is used specifically in commodity and derivative trading. The token smart-contract infrastructure is not yet ready but is to be publicly released shortly after the ICO in Q1 2018. A beta platform is currently publicly available. The Globitex team pays attention to compliance with a direct statement of “AML & Due Diligence: The Globitex platform meets high standards of European anti-money laundering requirements in respect of client due diligence, suspicious transaction monitoring and reporting and the avoidance of crime and terrorist financing. Token holders will therefore be subject to Globitex exchange KYC to be able to redeem Tokens as commission payment”, and enforces this due dillegence with a manual screening of all platform registrants. The legal review aims to absolve the company of any liability regarding the ICO sale and any problems that may occur, and provides a general statment that the token is not to be deemed a security, however it is questionable how this will hold legally as the main purpose of the token is to be backed by actual deliverable commodities.

Category Breakdown
Token Utility (value through usage)

How much use is there for the token itself (regardless of its value as an investment vehicle)?

2.0
N/A
2 - Minimal or contrived.
Token as Security (tradable instrument)

How valuable is the token as an investment vehicle or financial instrument?

2.0
N/A
2 - Primarily, with few additional rights.
Token/Smart-Contract Readiness

Is the blockchain infrastructure of the project ready for use? Is there a working prototype or MVP? How long until it is operational?

1.0
N/A
1 - Nothing yet, just an idea.
Attention to Compliance Issues

How much attention is given to compliance (via token and ecosystem design, token sale participation, etc.)? Is this issue addressed directly and coherently?

4.0
N/A
4 - Specific, detailed.
Legal Review/Risk Assessment

What kind of legal documentation (reviews or agreements) and risk assessment are provided?

3.0
N/A
3 - Semi-professional (e.g. Howey Test)
Compliance Score:
2.4

Company and Team

Globitex has an established team with 4 employees, 3 board supervisors, and 5 advisors. The core team has experience in asset/capital management, compliance, tax planning, and IT architecture/development. The board superviors have experience in economics, holding companies, venture captial, and fund management. The advisors have backgrounds in gold trading/delivery, analytical modeling/forecasting, cyberspace communications, crypto-currency, blockchain, smart-contracts, and blockchain exchange development. All but one team member have verifiable work experience credentials via LinkedIn profiles. The core team is fully dedicated to the project.
Positives: The core team members have large amounts of experience in trading sectors and asset/capital management, and are fully dedicated to the Globitex project.
Negatives: There are no blockchain developers on the team and no shown interest in adding any. No member of the core team has previous experience with cryptocurrency, blockchain, or smart-contracts projects.

Category Breakdown
Company Stage and Foundation

Is the company already established? Has it raised funds before? Is it mature?

3.0
N/A
3 - Company structure in place.
Background of Lead Team Members

Do we know who they are? Do they have LinkedIn profiles? Do they have solid, relevant backgrounds?

3.0
N/A
3 - Minimally sufficient.
Team Assembly and Commitment

Is a solid, fully committed core team in place? Do they have online (e.g. LinkedIn) profiles showing sufficient relevant experience? Is their participation transparent?

2.0
N/A
2 - Lacking in key areas.
Team Skill Set Relevance

Does the amount of talent and skill in each area seem to fit the project requirements?

2.0
N/A
2 - Lacking or inconsistent.
Team Skill Set Balance

Is the team well-rounded (biz/tech/blockchain)? Is there sufficient talent and skill in all areas of required development?

1.0
N/A
1 - Severely skewed.
Company and Team Score:
2.2

Token Sale

Token name: Globitex Token
– Token symbol: GBX
– Token lifetime: 10 years (subject to extension)
– Token standard price: GBX 1 = EUR 0.10
– Minimum sales target incl. pre sale: equivalent of EUR 1,000,000
– Sales cap: equivalent of EUR 10,000,000
Early Participation Discounts During Public Token Sales
– 10% discount for the first 5,000,000 GBX Tokens sold
– 5% discount for the next 10,000,000 GBX Tokens sold
Additional Company Success-related Rewards
– 10% success rewards for the lifetime of GBX Token
Token Distribution and Lock up Periods
– 65% of GBX token pool are sold to contributors
– 35% are allocated to the Company for future use:
– 5% for bounty and referral programs
– 10% for business development (e.g. team expansion, marketing, security rewards, conferences etc.)
– 10% released 12-months following the end of the Token Sale for further business promotion
– 10% released 24-months following the end of the Token Sale for further business promotion

Social Media Presence & Following
Minor exposure and interst with little community engagment.

Category Breakdown
Raise Amount Max

Is there a clear cap? Is the maximum raise amount modestly sufficient (as opposed to either greedy or insufficient)?

4.0
N/A
4 - Well suited to needs and plans.
Raise Amount Min

Is the minimum raise reasonable considering the development plan? Are there raise-amount dependent milestones?

4.0
N/A
4 - Reasonable, sensible.
Fund Allocation

Is fund distribution and allocation reasonable and justified?

3.0
N/A
3 - Rough estimates, but sensible.
Token Allocation

Is the ratio of tokens sold to those kept reasonable? Does it prevent the company from having too much control?

4.0
N/A
4 - Most tokens sold, vesting periods on kept tokens.
Media Presence and Following

Is the sale being talked about in Reddit, Bitcointalk, Social Media, Medium, etc.? Is information available and accessible? Is there interest?

4.0
N/A
4 - Solid exposure and interest, good impression.
Token Sale Score:
3.8

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