An institutional-grade cryptocurrency exchange allowing everyone to trade commodities and money market instruments for Bitcoin.
See the full ratings & review here: https://cryptorated.com/ico-rating/globitex/
Rating Insights
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.
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.
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.