Globitex, found online at Globitex.com, is a global bitcoin exchange currently in beta. Find out how it works today in our review.
What Is Globitex?
Globitex is a cryptocurrency exchange that promises to be “your link to institutional grade” bitcoin trading. The platform is currently in an invite-only beta, although the company was first established back in 2015. They developed the platform quietly for over two years before launching the beta in early 2017.
On October 17, Globitex announced an upcoming token sale. Funds from the token sale will be used to facilitate a step-change in trading volumes and liquidity. The token sale begins on November 8.
The overall goal of Globitex is, according to the website, “to advance the bitcoin industry globally, increase bitcoin trading liquidity and allow professional traders to participate via API (FIX & RESTful) interface for trading and payments.”
The Globitex Token Sale
The Globitex token (GBX) sale will start on November 8. The sale is scheduled to last for one month (until December 7), or until 72 hours after the soft cap of 500 million GBX tokens is reached.
Tokens will be sold for the equivalent of 0.10 EUR. You can contribute to the token sale with XBT, ETH, or BCH. Bonuses are available to early investors.
GBX tokens are ERC20 compliant tokens built on the Ethereum blockchain. There’s a soft cap of 500 million GBX tokens.
80% of the total supply of tokens will be distributed to users, with 20% going to the company.
You can participate in the token sale by visiting https://www.globitexico.com/
How Does Globitex Work?
The Globitex beta allows users to trade bitcoin and Euros. You can sign up online at Globitex.com, where you can login as a client, become a client (with an invitation), or sign up and get an invitation.
Globitex is fully compliant with EU AML standards.
Overall, Globitex is an institutional-grade bitcoin exchange that aims to offer unrivalled API capabilities for direct market access.
The GBX utility token is a key part of the Globitex ecosystem. The token is primarily used for the settlement of trades on the Globitex exchange. It also serves as a commission payment token.
The GBX token will also work with loyalty programs planned for Globitex’s clients and contributors.
The GBX token will be used to cover commission payments for trades made on the Globitex platform – similar to how tokens have worked with other exchanges before. Clients who use GBX tokens as payments for traders will be able to enjoy a 20% bonus (i.e. their token will be worth 20% more when paying for transaction fees, compared to if they paid using EUR).
In the future, Globitex plans to implement spot FX and REPO. If they achieve a higher funding target through their ICO, the company plans to develop bitcoin money markets (Bitcoin Inter-Broker Offered Rate, or BIBOR), cash settled commodity futures and options, and cryptocurrency futures, swaps, and options.
If they sell up to 500 million GBX tokens, Globitex will have a bitcoin-priced Globitex commodity index (called GCOM) and precious metals futures contracts that are physically deliverable.
Globitex Limited is a private limited company incorporated in Gibraltar. That company is fully owned by AS Globitex Holding, a Latvia-based organization.
The company was founded, according to the whitepaper, “by a team of traders to bring their expertise and vision to the bitcoin industry.” Before launching Globitex, that team worked together for many years in asset management, where they primarily traded spot commodities and derivatives on global futures and derivatives exchanges.
Key members of the Globitex executive team include Jon Matonis (Chairman), Liza Aizupiete (Managing Director), Arvis Ermins (Director and Head of Compliance), and Maris Kaneps (Director and Head of IT).
Globitex is a bitcoin exchange that’s been quietly developed over the past two years. Earlier this year, the company launched a beta version of its platform online. Today, the platform offers institutional-grade bitcoin trading to beta users. To advance the development of the platform, the company has scheduled a token sale for November. The tokens can be used to pay transaction fees on the exchange, among other benefits.
To learn more about Globitex, visit online today at Globitex.com.