Globitex - A Digital Currency Excahnge

Bitcoin and cryptocurrencies based on the Bitcoin protocol are here to stay. At its core, the Bitcoin protocol has the right formulae for it to become the leading universally accepted currency. Bitcoin already functions as a store of value and medium of exchange. But, in order for it to gain significance as a unit of account in global trade, it needs to scale both technically and economically.

What is Globitex ?

Globitex introduces a digital currency exchange allowing everyone to trade commodities and money market instruments for Bitcoin. The existing institutional grade Bitcoin exchange, with unrivalled API capabilities will scale into a global spot and derivatives trading venue. It will allow producers to purchase exchange listed products for Bitcoin, and trading firms and speculators to hedge their risks in Bitcoin with derivatives trading. This will therefore increase the use cases for Bitcoin as a medium of exchange and ultimately establish Bitcoin as a unit of account suitable for global trade, with no geographic, political or monetary restrictions.

Application

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

GBX Tokens will be usable to cover commission payments for the trades made on the Globitex platform. All registered clients of the Globitex exchange will be able to redeem GBX tokens as payment for commissions. Initially the tokens will be subject to a significant premium of no less than 20%. For example, at a price of GBX 1 = EUR 0.10, the client opting to use GBX as payment for trades will be able to enjoy the following bonus: GBX 1 = EUR 0.10 + 20%. Over time, depending on overall Company’s success, the bonus will largely increase in order to stimulate widespread utilisation of GBX tokens for trade settlement.

GBX Token

To realise the business goals set forth in this paper, an Ethereum EIP-20 (previously known as ERC-20) smart contract protocol based token (the GBX Token) – will be issued by Globitex Limited, private limited company (the Company) incorporated in Gibraltar fully owned by AS Globitex Holding (Latvia). The Company will use the proceeds from the token sale to obtain various rights to use, exploit and licence the existing Globitex IT infrastructure and trading platform. The Company will also use the token sale proceeds to further develop the eco-system, infrastructure and trading platform according to the aims described in this White Paper in order to develop the services that the Token can be exchanged for.

Token Details

The GBX Token will be sold during the token sale in exchange for Ether (ETH), Bitcoin (XBT) and Bitcoin cash (BCH). Token distribution will be done after the end of token sales.

Token name: Globitex Token

Token symbol: GBX

Token lifetime: 10 years (subject to extension)

Token execution environment: Ethereum platform

Token standard: Ethereum EIP-20 (previously known as ERC-20) compliant smart contract

Token decimal units: 8

Token sales currencies: Ether (ETH), Bitcoin (XBT), Bitcoin Cash (BCH)

Token emission 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

Minimum purchase amount: equivalent of EUR 10

Maximum purchase amount per buyer: equivalent of EUR 3,000,000