We are offering a 50% discount on the Corporate IBAN account opening fee until the end of November 2019. We are constantly monitoring the market situation and believe this is an important initiative to ensure our business community with outstanding payments services.

Visit https://globitex.com

I am remaining with the Globitex team and I also remain firmly committed to the company’s mission and to executing the product roadmap, including physically-settled futures and a GBX listing. Globitex had operated a functioning exchange even before the launch of the ICO. The funding received from the Globitex ICO remains under the strict control of the Globitex company and the new funding is being diligently deployed into areas for the company’s advancement. A 2018–2019 operating budget will be released soon and it will reveal very modest spending levels with sufficient capital reserve well into the future.

On Thursday, the CEO resigned voluntarily from Globitex. I would like to thank Liza for her dedication and energy during the last year and we wish her success in her future endeavors. The original board of directors and staff employees remain in place and Globitex is currently interviewing and hiring for the CEO position at Globitex. We will also be upgrading the trading platform, technical team, and customer support team for increased capacity and performance. Market-leading high standards and superior customer experience remain our top priority and it is the reason we founded Globitex in the first place. I will strive to make that vision a reality.

Uldis Teraudkalns will be taking over as interim CEO and he has my full and unmitigated support. I have known Uldis and the other board members for many years and they also adhere to the high standards concept and personal excellence. I am proud and honored to be associated with such an outstanding professional team.

Additionally, I would like to emphasize that through Globitex’s subsidiary company in Lithuania, NexPay, we became one of the few exchanges to be licensed and regulated within the EU. Maintaining adequate capital reserves in the jurisdiction is a mandate of that license.

Through an arrangement with the Bank of Lithuania, we are also able to issue our own IBANs meaning that there will exist a direct clearing connection with the central bank which removes the need for a banking partner or bank intermediary. As you know, this feature can be extremely valuable for a digital currency exchange. No other exchange currently has the potential for that level of functionality.

If you need to reach me, my email is [email protected] and I will strive to always be available and do my personal best to respond in a timely manner.

Thank you for your continued support,
Jon

Originally published at globitex.com.

Founding management could not reach an agreement with the majority shareholders regarding their vision for the future of the company and founder’s involvement.

In the future the company will be managed by a hired staff of choice as decided in the next shareholders meeting that will be held in May 2018. In the meantime, the operations of the company will be managed by board member Uldis Teraudkalns with the assistance of co-founder Jon Matonis who will remain part of the Globitex management team.

Originally published at globitex.com.

Interviewer: Welcome back. I’m joined by Jon and Liza from Globitex. So obviously you’re an exchange, tell us a little bit more about this?

Jon: Globitex is a Bitcoin exchange and also Bitcoin Cash. We make a liquid market in Bitcoin and Bitcoin Cash to Euros and we will be expanding that to other currencies. Right now, we are looking to build liquidity and to expand the exchange into other products, such as futures and options.

Interviewer: What is the competition like?

Liza: Well, I’d say the best competitor to Globitex is one of the established exchanges such as GDAX or Kraken. But we would like to think of ourselves as one-of-a-kind, fairly unique exchange. Although recently launched, we have been group regulated by the European regulator, so we’ve got an electronic money license in our pocket. We are quite set on the fiat payments and we are also very much advanced in the technology that we have built. Even though we do have strong competitors, we are set and very well positioned to compete with existing players.

Interviewer: What are your plans?

Jon: The first plan for expansion is to build liquidity in the trading pair of Bitcoin Cash and Bitcoin to Euro. The second plan after that is to start encompassing other products that are going to be natural for institutions and corporates to hedge in this market. This would include the futures market, that would have similar expirations to other currency futures market, as well as options, calls, and puts where you don’t have to liquidate your position in order to actually hedge and lock in certain prices that you would like on your balance sheet.

Beyond that, Globitex has plans to expand into commodities trading that are priced and denominated in Bitcoin. So we will be making a market in Bitcoin to gold, Bitcoin to silver, and Bitcoin to crude oil, as well any of the other industrial metals, even potentially grains. We are starting to see now the very first transactions for Bitcoin into wheat, and that just happened I believe two days ago. These things are starting to happen because the world economy will demand that transactions are also denominated in Bitcoin as a unit of account.

Interviewer: This industry, the crypto world is fun. It’s exciting, it’s global and interesting, and everyone really wants to get involved. But there are a few problems, for example, just even opening an account sometimes, there are fees and so on. So what do you guys think about all this?

Liza: Well first of all, this industry is actually one of the most democratic developments in human history, so everyone can participate if there is a way to participate. Now what I think you are referring to is the recent hype in activity and popularity for opening an account for a Bitcoin exchange or a cryptocurrency exchange. In this case, Globitex is definitely one of those where you can still open accounts relatively easily. It takes only three minutes to open an account with us. The KYC is relatively simple and straightforward. We definitely welcome clients from retail, and especially institutional sectors.

Interviewer: And you mentioned expansion, what sort of job opportunities are out there and what sort of talent are you interested in?

Liza: Our development team is located in Riga, Latvia and we do actively look for star developers. Our most wanted ones would be C++ and Java specialists in one person, so if you are out there, get in touch with us. We would be happy to welcome someone from these industries: programming, web development, design; we are definitely looking for good people. Ideally, someone who is okay to travel to Latvia, but we would consider applicants from places globally.

If you have any questions or suggestions for the Globitex team, join our communities and conversations:

Globitex Exchange: https://www.globitex.com/
Telegram: https://t.me/globitex
Twitter: https://twitter.com/globitex_
Facebook: https://www.facebook.com/globitex/
Reddit: https://www.reddit.com/r/Globitex GBX/
Linkedin: https://www.linkedin.com/company/globitex/

LONDON, 11 February 2018 — Globitex, a Gibraltar based Globitex group company is proud to announce that it sold out its public offering of EUR 7 million equivalent in Globitex GBX tokens within 24 hours, hitting its overall pre and public sale hard cap of EUR 10 million.

The goal of the Globitex GBX token sale is to fund the scaling of its existing Globitex institutional grade exchange to an industrial level commodities and derivatives trading venue.

Liza Aizupiete, Globitex Managing Director and Cofounder said,

“We are proud and humbled to have had so much support from contributors from all around the globe who believe and see the need to help us create an industrial level commodities cryptocurrency exchange.

“We as a team at Globitex look forward to continuing to build a professional cryptocurrency exchange that will allow traders to buy and sell commodities such as gold, coffee and crude oil in large volumes around the world for cryptocurrencies.

“The GBX token will be an integral part of the Globitex trading infrastructure, allowing us to promote new listings and thus advance the global crypto economy as a whole.”

For more information, please visit the exchange at www.globitex.com where you can sign up for an account within minutes. The platform is especially geared towards institutional market participants, offering NAV reports and daily statements on trading, orders and payments.

About Globitex
Globitex is an institutional grade cryptocurrency exchange cofounded by former Bitcoin Foundation Executive Director Jon Matonis and a group of experienced traders. Globitex group company NexPay UAB was granted an Electronic Money Institution (EMI) license by the Bank of Lithuania at the end of last year, allowing it to carry out payment services, open IBAN accounts and issue e-money in the EU.

The Globitex exchange represents a significant step toward widespread adoption and accessibility of bitcoin and bitcoin protocol-based cryptocurrencies as a unit of account suitable for global trade, with no geographic, political, or monetary borders.

Media Contact
Ava Lawrence, Token Agency
ava@tokenagency.com
+447812238079

Globitex is a cryptocurrency exchange operated by Globitex group companies, which includes an EMI (Electronic Money Institution) licensed company, providing a technologically advanced API enabled trading platform for institutional and retail market participants.

Globitex will introduce a cryptocurrency exchange allowing everyone to trade commodities and money market instruments for cryptocurrencies. The existing institutional grade cryptocurrency exchange, with unrivalled API capabilities will scale into a global spot and derivatives trading venue.

It will allow producers to buy or sell exchange-listed products for cryptocurrencies, and trading firms and speculators to hedge their risks with derivatives trading. This will therefore increase the use cases for cryptocurrencies, such as Bitcoin, as a medium of exchange and ultimately establish these as units of account suitable for global trade, with no geographic, political or monetary restrictions.

All trading is currently free of charge, and typical exchange fee is 0.2% per trade. When Globitex enables trading fees, it is expected to be in line with typical exchange fee levels as per market maker/taker model.

Read the Globitex white paper in English. The summary white paper is available in 11 languages: www.globitexico.com

Achievements To Date

Globitex is an institutional grade cryptocurrency exchange, with unrivalled API capabilities for direct market access. The project has received venture capital funding with the aim of building an exchange that reflected the team’s vision of how an exchange should work in terms of connectivity, matching, settlement and reporting. Today, you can trade bitcoin core and bitcoin cash against euros on the Globitex exchange.

Become a client to start trading on the Globitex exchange: www.globitex.com

The Globitex GBX Token

The Globitex GBX token is a deflationary and limited supply utility token. It will be an integral part of the Globitex exchange platform as a means to support and pay for the services on the platform. All redeemed tokens will be burned. The key functions of the Globitex GBX token are:

• Settlement of trades, or redeemable as a payment for commissions on the Globitex exchange (commission payment token)
• Participation in loyalty programs incentivising trading, liquidity and market making activities on Globitex at a preferential commission (rebate) rate

The Globitex GBX token will be offered for trading and revaluation on the secondary market on Globitex.

An example of using the GBX token for settling trades on Globitex
The Globitex GBX token primarily serves as a trade settlement instrument. All registered clients of the Globitex exchange will be able to redeem the Globitex GBX tokens as payment for commission. The GBX token floor value is set at EUR 0.10 + 20% discount.

For example, if a certain number of trades cost EUR 6, then the client will have the option to settle the cost of their trades with GBX 50 at a price of 1 GBX = EUR 0.10+ 20%.

Over time, in-line with the roadmap and increased exchange platform adoption, the bonus amount can increase to stimulate widespread utilization of the Globitex GBX tokens for trade settlement.

Further details on success-related rewards
As the company grows, Globitex will be listing more instruments for trading that will need to be promoted. Therefore, to incentivise the liquidity and market making activities, an additional 10% bonus (liquidity and market making) budget will be allocated on a regular basis. This means that the trade settlement instrument — the GBX token will appreciate in value depending on the company success. The bonus structure will correlate with the growth and success of the company.

The Globitex GBX token will have an imputed value allocated for liquidity purposes. Redemption will be preferred by serious traders with large and frequent orders, while holders who are not interested in the using the token or are not trade specialists will have the ability to change ownership on the secondary market on Globitex.

Going Forward

Globitex GBX token sale was organised in order to scale the existing Globitex exchange infrastructure to the necessary industrial trading level, with a capacity to accommodate standardised money markets and commodities derivatives listings. The token sale is intended for the business development goals divided into three parts, enabling the team to use the proceeds in order to achieve the goals set forth:

Stage 1 — Spot FX and REPO

• Scale spot FX, where Bitcoin can be traded vs. major fiat and other cryptocurrencies
• Implement FX margin trading ability — REPO
• List precious metals spot contracts

Stage 2 — Money Markets and Derivatives

• Develop Bitcoin money markets — Bitcoin Inter-Broker Offered Rate (BIBOR)
• List cash settled commodity futures and options
• List cryptocurrency futures, swaps and options

Stage 3 — Deliverable Commodity Derivatives

• List Bitcoin-priced Globitex commodity index, or GCOM
• Enable precious metals futures contracts to be physically deliverable
• Further develop warehousing infrastructure and expand spot commodities

The Globitex GBX tokens will be distributed to KYC approved contributors, who have registered at Globitex and have been approved at Advanced, Unlimited or Corporate account level.

If you have any questions or suggestions for the Globitex team, join our communities and conversations:

Globitex Exchange: https://www.globitex.com/
Globitex GBX ICO: https://www.globitexico.com/
Telegram: https://t.me/globitex
Reddit: https://www.reddit.com/r/Globitex GBX/
Twitter: https://twitter.com/globitex_?lang=en
Facebook: https://www.facebook.com/globitex/
Linkedin: https://www.linkedin.com/company/globitex/

Jon: I want to start off by saying something about the three functions of money.

If anyone takes an Economics 101 class, the first thing you learn in monetary economics are the three functions of money. You have a store of value, a medium of exchange and unit of account. Those three functions are required for what economists refer to as a functionary monetary unit.

Now the confusion around it though is that they don’t all start at the same time. They don’t start with unit of account and go backwards, there is a specific sequence to these functions of money for it to evolve into a successful currency.

An example with Bitcoin was the first transaction, the famous pizza transaction which would be about a $79 to $80 million pizza right now. Actually it was two pepperoni pizzas. But that’s the current value of the Bitcoin that was exchanged for that transaction. It was a transaction from Florida to London.

The reason people take something in exchange as a medium of exchange is because they believe that it has value for them after they accept it. They may not want to hold it but they may want to exchange it obviously for something else. It starts with store of value which is the first state that you have to have for anything to evolve as money. Then it moves to a medium of exchange. It can’t happen the other way around because it doesn’t make any sense for people to accept it if they don’t think that it will have at least enough value for them to hold it and get rid of it.

Then the last function is a unit of account this is the final stage of money. This is when you see goods and services priced in the dominant fiat. So you go shopping in the store in the UK or Europe and on the shelves it will say pounds or euros, this is the unit of account. Bitcoin is not there, no cryptocurrency is there yet. This stage takes a long time to get to unit of account because the government with legal tender has such an advantage in this area through the requirement of paying taxes and so forth that it’s very difficult for a newcomer to break into the unit of account phase. When it happens though it will be a massive disruption.

People are already starting to price their services in Bitcoin, but because it is so volatile they usually price it in another currency and then through that currency they receive Bitcoin. So that’s not really a unit of account. But one of the things that will be required to achieve a unit of account is to have raw basic commodities priced and traded in the digital currency which is Bitcoin. This is one of the things that Globitex strives to achieve in this phase of its rollout, the trading pairs of Bitcoin and raw commodities. So gold, silver, industrial metals, crude oil, agricultural commodities, for example. This will start to set, at least at a wholesale level, set the framework and the basis for using cryptocurrencies as a unit of account which will complete the three functions of money.

I’m not just making this stuff up, you can go to a Bank of England report and they have the same diagram where you have the nested functions of money.

People always ask me what do I fear most about the Bitcoin economy? What keeps me up at night? If I’m such a believer I must have something that I fear. What do I think will kill Bitcoin? Something like regulation, do I fear regulations? OK none of those are things that I fear about Bitcoin. What I fear the most is what is actually happening in the gold market right now. And I fear that we will get to a point where the exchanges themselves are successful but we will have government-sponsored, state-sponsored trading where they will be able to suppress the price artificially because they have an unlimited supply of fiat.

There are a lot of people that believe the gold market today is suppressed — prices don’t reflect what would really be happening if it were a true check on central banking. This is possible because unlimited fiat can be used to do naked short selling on exchanges. The paper market for Bitcoin in the futures exchange can be manipulated through price suppression by making naked short selling. Naked short selling is where you sell the commodity without actually owning it. Exchanges allow this and it’s legal, you just have to have a certain amount of margin, the exchanges have to manage contract limits and they have to warehouse a certain amount for physical delivery.

Now what is the remedy for this though? This is what keeps me up at night. Eventually, I think the Bitcoin market will be manipulated in the same way that gold and silver markets are. The remedy to this is to have enough global exchanges, enough exchanges worldwide in different jurisdictions, and even some that may be jurisdictionless. It doesn’t matter if they are centralized or decentralized, what we need as a defense is to have enough of these so that a single country or a few leading governments can’t control a certain exchange. It’s very easy with gold because most of the gold, paper gold, is traded in New York so it’s very easy to suppress the price through one exchange that has the majority of the supply. With Bitcoin we don’t have the mature exchange market yet, but to the extent that we can get this globally we will be able to apply the remedy before the attack that I fear.

This happens to be one the feature of Globitex as well, I mean obviously we’re going to be one of those exchanges in that ecosystem, but we’re not going to be the only ones. We’re going to need several thousand exchanges in different jurisdictions. Leading to the other point that I wanted to make is, what is the next stage in all of this? So we have a functioning currency which is a store of value and a medium of exchange. We have exchanges that are spread out globally in various jurisdictions, what is the next part of the evolution? Well, this is what I hear from a lot of my client companies, is that they have no way to hedge the balance sheet risk that they’re currently holding.

There are a lot of companies that have Bitcoin and other cryptocurrencies on their balance sheets, the only way to hedge that is to sell it, sell it in the physical market, and remove the risk. They can sell it in the futures market now for the last month, but that’s the cash settlement market, not a physical settlement market. So it’s a little bit like the tail wagging the dog when you have cash settled market without the actual underlying thing being delivered. This allows them to at least reduce some of that balance sheet risk without having to sell the commodity. So it’s very helpful but still not 100% effective.

What I think is going to happen in this space is futures will lead to an options market where you have call option and put option, you’ll be able to pay a premium for a call option and a put option. And you’ll be able to protect the assets on your balance sheet for a known price. This happens all the time in other multicurrency corporations, they’re using derivatives to hedge that risk. At Globitex, the futures and options market is one of the planned phased rollouts, but physically settled. So they’re physically settled on the futures side.

The other thing is that when we get to that stage, and we’re already starting to see it, we start to see an interest rate market develop for Bitcoin, and Ethereum. The Bitcoin interest rate, does anyone want to take a guess at what the annual interest rate is for Bitcoin? It’s about 28–35% annually right now. It’s been as high as 350%.

The reason we know what the interest rate is because the short sellers have to borrow a Bitcoin in order to sell it. There’s an active two-way interest rate market for Bitcoin. You only borrow it for a day or a week, and the rates fluctuate between 28–35%. It’s very volatile so sometimes it goes over 35%. Now I have named that index Bibor, so it’s like Libor but it’s Libor for Bitcoin. So it’s a Bitcoin interbroker offered rate. That is going to be a product one day, and that product and that forwards curve, that interest-rate and the maturities schedules that come out of that are going to be used in capital finance for the crypto-economy. That’s why I love the name of this conference here because we’re building the early capital markets for a new currency. It can’t function any other way, it needs to have an interest rate.

So Globitex will also be market maker in that interest rate curve. So just like we have interest-rate futures now for the dollar, for the Euro, you’re looking at overnight, one week, 30 days those will be the maturities also for cryptocurrencies that are traded on crypto exchanges. And to give you more color around that and more details around that I want to introduce my co-founder at Globitex. She will do a close-up look at what Globitex is planning. We’ve just completed a successful private pre sale, so we are currently closed for any sales. So this won’t be a sales pitch, I want to welcome my co-founder Liza.

Liza: Thank you, my name is Liza Aizupiete. First I’m going to tell you a little more about what Globitex is, second, I’m going to present a case for and against a very popular notion of centralized versus decentralized exchanges. Then I’m going to talk about why we are here, and what actually got us started. And finally I’ll conclude with our actual token sale, which is basically looking into the future of what Globitex is planning to do.

So first of all Globitex is actually an institutional grade crypto-fiat exchange. Globitex was recently awarded an EU EMI license which is an unprecedented license in this space for cryptocurrency businesses, because it gives us the ability to actually act as our own bank for Euro payments across the SEPA payment system. Which means for Euro payments we actually don’t need to integrate with an intermediary bank, we will be able to issue our own IBAN accounts.

Next, we have the features of what actually makes Globitex special. Obviously we’re not the first-comers, we are quite the latecomers to the industry. But what actually makes us special is that we have a completely functional API which actually, to date it would be fair to say that none of exchanges have up to the level that we have developed. The FIX API gives you a direct market access. Obviously, we also support Rest API and web sockets. We are running a superior matching engine with over 1 million transactions per second capacity. If you are a market maker or a high-frequency trader, you will absolutely enjoy working on our exchange.

Now added to that, we are proudly touting our reporting tool. Something so basic that every broker and every exchange should have. And we have taken our time to actually develop it to a detail where you can pull something called the net asset value. Something not everybody understands or everybody needs, but if you’re an institutional broker, or accountant, you would definitely appreciate the ability to have a net asset value report on all trading activities. Our professional trading platform features a well designed GUI interface for day and night traders, and you can switch between night and day modes. You can also choose to move around the modules of the trading platform, so it’s very customizable.

Finally, obviously there’s a lot of security that has been worked into Globitex as a central custodian for cryptocurrencies. We have Bitcoin, Bitcoin cash, soon Ethereum and Litecoin wallets. And as I already mentioned we are EMI licensed, so it’s an amazing development, completely unprecedented in this space and we’ll be very proud to deliver on that and soon upon full integration with SEPA-MMS system.

Now here’s the case for and against centralized and decentralized exchanges. I totally agree with a decentralized monetary system because this is a thing. As for an exchange there is actually a difference. So here are the differences. For a decentralized exchange you still need to do a KYC/AML, in fact in Europe following the banking directive you will actually be forced or compelled to register and actually disclose your personal details. By disclosing your KYC you are submitting these details to a centralized service provider. Therefore by definition, even if the transactions take place off chain, identification is already a central point. Obviously for a centralized exchange, identification is disclosed and centralized, it’s a standard adhering to AML laws.

For volume, for decentralized exchanges you’re absolutely limited by the on-chain transaction capacity, which is around seven transactions per a second for Bitcoin. For Ethereum, in theory, maybe 15 to 30 per second on a good day but that’s it. So on-chain transactions on a decentralized exchange are very limited. Whereas for centralized exchanges it is unlimited, and as mentioned, Globitex supports over one million transactions per a second. Now, of course you are still able to exchange on a decentralized exchange, in a limited way, whereas on a centralized you can list so many things.

Globitex will be listing futures, options, all the various types of securities which cannot actually function on a decentralized exchange, it just doesn’t work, due to transaction speed limitations, impairing price discovery and liquidity. You need one centralized point of reference, one point where all of this is clearly listed, quickly executed and settled. And of course, you need several exchanges to do that, but these must be centralized.

As for use cases, obviously decentralized exchanges are going to be exclusively peer-to-peer, whereas for centralized exchanges enable global trade, hedgings, speculating, various types of investment. All of that is enabled by centralized exchanges. It is very biased of course because I am with a centralized exchange, Globitex is a centralized exchange and it cannot really be a decentralized exchange unless we solve the transaction speed per second issue. Maybe once we have streaming prices I think we can revisit that. And if the regulator is also on board with it perhaps one day it’s going to be all decentralized.

So this is just a very quick reminder of why we are all here, having listened to the presentations of this wonderful conference. I just thought that we need to take a look back and see why we’re all here. Obviously it’s because of Bitcoin, Bitcoin came about and basically changed pretty much everything. So just a couple of points, Bitcoin is a distributed completely decentralized network of payments. It doesn’t sleep on Saturdays or Sundays, like SWIFT or SEPA. The most important however is that in 2015 on October 22nd here in Europe, Bitcoin was actually defined as a currency. So on that date the European Court of Justice pronounced that Bitcoin should be exempt of VAT. Which means that it is effectively a means of payment and currency.

Now speaking of exchanges, which diversified further our development into becoming not only a spot cryptocurrency exchange, but actually go after the next license, which will enable us not only peer-to-peer lending, enabling interest rate futures, enabling commodity futures and token indices futures. We are going after a regulatory approval and system revamp in order to be able to actually become an exchange for securities trading, that’s huge.

So for our Globitex GBX ICO, the fact that cryptocurrencies are here to stay, this is our basic premise. Bitcoin or bitcoin protocol based crypto-economy scaling can be achieved by providing better market access and more diversified product offering. The liquidity issue can also be solved by developing cryptocurrency money markets to find an equilibrium between supply and demand. Because money, if you think about it, is also a thing with an inherent demand and supply. And only when and if there is enough of a possibility for that demand and supply to meet, only then would we truly see the relative value of that thing which in our case is cryptocurrency.

We believe that Globitex can be instrumental in scaling the cryptocurrency economy by listing standardised derivatives instruments in money markets and commodities with both cash settlement and physical delivery, with bitcoin or Bitcoin protocol-based cryptocurrencies as the unit of account.

Now we have seen various types of tokens and ours is going to be a utility token. Here’s the thing, you will be able to settle trades with the Globitex GBX token. And if you’re an owner of our token you’ll also participate in loyalty programs, which we envisage as market making activities. We would incentivize you to actually help us make market or provide liquidity by making that trade extremely profitable for you. When we list futures, from gold to crude oil futures and we need market makers to participate, we will be incentivizing you to use your tokens to provide market on these new listings. So it’s a utility token not only for you, but also for us, as an exchange. The token supply is limited, or calculated at a €10 million market hard cap. The redeemed tokens will be burned, and taken out of the circulation, therefore the Globitex GBX token is deflationary, limited in supply and therefore should be appreciating in value.

If you have any questions or suggestions for the Globitex team, join our communities and conversations:

Globitex Exchange: https://www.globitex.com/
Globitex GBX ICO: https://www.globitexico.com/
Telegram: https://t.me/globitex
Reddit: https://www.reddit.com/r/Globitex GBX/
Twitter: https://twitter.com/globitex_?lang=en
Facebook: https://www.facebook.com/globitex/
Linkedin: https://www.linkedin.com/company/globitex/
Medium: https://medium.com/@globitex

The Globitex GBX Token Sale officially launches on February 10, 2018 at 17:00 UTC.

Participation: Sign up at www.globitexico.com on February 10 at 17:00 UTC and follow the step-by-step guide under the “How To Contribute to the Globitex GBX Token Sale” section below. There is no whitelist or KYC in advance.

Wallets: You will need a wallet service or an application where you and only you hold the private keys. Private keys are needed to correctly interact with smart contract functions, such as transferring tokens. Your Wallet must support the Ethereum EIP20 (formerly known as ERC-20) token standard in order to receive Globitex GBX Tokens. It must be a non-exchange wallet. Suggested compatible wallets:

• https://www.myetherwallet.com/
• https://metamask.io/
• https://github.com/ethereum/mist/releases/tag/v0.8.8
• https://parity.io/
• https://token.im/

A full list of compatible wallets are available here: https://tokenmarket.net/what-is/how-to-participate-ethereum-token-crowdsale/

Browsers: There are no restrictions on browsers during the token sale.

Distribution: All Globitex GBX tokens sold during the private pre-sale and public sale will be created and distributed up to one month after the official end of the main token sale on March 19, 2018 at 17:00 UTC or when the hard cap of EUR 10,000,000 is reached, whichever event comes first. There will be no unsold tokens. Tokens will be sent to the address where payment was made from or address provided as Globitex GBX token receiving address (i.e. the participant’s ERC-20, non-exchange wallet).

How To Contribute to the Globitex GBX Token Sale

Below is step by step guide on how to participate and contribute to the Globitex GBX main sale.

Step 1: On February 10, 2018 at 17:00 UTC, you will be able to access the Globitex GBX token sale portal at www.globitexico.com. The portal will prompt you to select the currency you wish to contribute in. Contributions to the public sale can be made in Bitcoin (XBT), Bitcoin Cash (BCH), or Ether (ETH).

Step 2: Carefully read through the Terms and Conditions. If you agree, select “I accept these terms and conditions” and click Next.

Step 3: Select your desired Ethereum wallet. We recommend using MetaMask since it can accept Globitex GBX tokens and provide a single-click checkout. For all other wallets and coins, you will need to go through additional steps. After selecting your desired Ethereum wallet click Next.

Step 4: Enter your email address.

Step 5: You will be sent a 6-digit confirmation code. Return to the Globitex GBX portal and enter your unique code. If you do not see an email, check your Spam folder, promotions tab if you are using Gmail, or try searching “Globitex”.

Step 6: Fill out the buyer information.

Step 7: Enter your contribution amount and select “Pay now with MetaMask” (or whichever wallet you selected at the Ethereum Wallet step).

Below is an example of the payment form if you selected MyEtherWallet as your desired Ethereum wallet.

FAQ

When does the main token sale officially end?
March 19, 2018 at 17:00 UTC or when the hard cap of EUR 10,000,000 is reached, whichever event comes first.

Which cryptocurrencies will be accepted in during the token sale?
Ether (ETH), Bitcoin (XBT), and Bitcoin Cash (BCH).

What is the price of one Globitex GBX token?
One Globitex GBX token has a standard price of EUR 0.10.

What is the hard cap?
The project has a hard cap of EUR 10,000,000, which means the token supply will also be limited and deflationary as all redeemed tokens will be burned.

What is the total supply of Globitex GBX tokens?
Globitex GBX ~107,000,000 will be offered to the public of total Globitex GBX ~164,615,384, in case the total hard cap is reached.

What is the initial distribution of Globitex GBX tokens?
65% of the Globitex GBX token pool is sold to contributors. The remaining 35% is allocated to the company for future use, including: 5% for bounty and referral programs, 10% for business development (e.g. team expansion, marketing, security rewards, conferences etc.), and two portions of 10% released every consecutive year, following the end of the Globitex GBX token sale for further business promotion.

What is the minimum purchase amount?
The equivalent of EUR 10.

What is the maximum purchase amount per buyer?
The equivalent of EUR 3,000,000.

Who can participate in the main token sale?
Globitex GBX accepts global citizens. Restricted to U.S citizens and international sanctions, such as North Korea.

What is the bonus structure for the token sale?
10% for the first 5,000,000 Globitex GBX tokens with a maximum EUR 500,000 in value and 5% for 10,000,000 Globitex GBX tokens with a maximum EUR 1,000,000 in value.

What will the Globitex GBX token be used for?
The Globitex GBX token will serve the primary purpose of a means of settlement of trades on the Globitex GBX exchange as a commission payment token, as well as used within loyalty programs. Redeemed Globitex GBX tokens are intended to be burned, and therefore permanently removed from circulation.

What are the lock up periods for the Globitex GBX tokens?
5% during the ICO, 10% after the ICO, 10% available after 1 year from the ICO, and 10% available after 2 years from the ICO.

Can I mine the tokens?
For now, the Globitex GBX token can only be acquired during the Globitex GBX token sale.

When can the tokens be used?
The Globitex GBX tokens can be used after they are enabled on the Globitex GBX exchange.

If you have any questions or suggestions for the Globitex team, join our communities and conversations:

Globitex Exchange: https://www.globitex.com/
Globitex GBX ICO: https://www.globitexico.com/
Telegram: https://t.me/globitex
Reddit: https://www.reddit.com/r/Globitex GBX/
Twitter: https://twitter.com/globitex_?lang=en
Facebook: https://www.facebook.com/globitex/
Linkedin: https://www.linkedin.com/company/globitex/
Medium: https://medium.com/@globitex

Due to the impending Bitcoin fork event scheduled around 16 November 2017, which is a significant event for the community, Globitex have taken the decision to postpone the public token sale event of GBX tokens, originally planned for 8 November 2017.

The revised date for the public token sale will be announced shortly, so please check back for further updates or join the Telegram channel to hear the news first. Meanwhile GBX tokens will continue to be available via an ongoing pre sale for contributors of EUR 10,000 equivalent or more.

The Globitex exchange is already operating real euro, bitcoin and bitcoin cash exchange platform albeit in limited Beta mode. It is therefore important to ensure that the project has the best possible start. Postponing the public sale of GBX until after the fork will ensure a safe, secure and transparent token sale process for all.

Source: TokenMarket