Q&A Summary 1
  • How many market makers now? Can we get any projections on exchange growth over next 6 to 9 months?
    The number of market makers is variable as anyone can be a market maker and offer their quotes. We have 2 to 4 market makers quoting larger amounts plus a variable number of smaller traders. Exchange growth projection is a very speculative measure as it also depends on overall crypto market activity. We expect to grow 10-15% per month at current market conditions and double to triple that pace once we have launched payment products with our E-money company.
  • Do we have TRON, KIN or WAN in the next future on Globitex? Uldis, are there any plans to list new coins in the near future? Maybe like some huge platforms like tron, kin etc. I think KIN would be cool, its ether based and will be a huge success.
    Our positioning is in the mainstream monetary crypto to fiat space. We are constantly evaluating adding additional coins and will announce new listings shortly before launching.
  • Is Globitex attending any partnerships in the future?
    If I understand the question correctly, Globitex is already working with and will make new partnerships in the future. Partnerships will also be announced at launch due to commercial reasons.
  • So what events have Globitex actually presented at since the new ownership of Globitex? I haven’t seen one. You guys have been on twitter saying your attending events but have you presented Gobitex?
    Our Co-Founder Jon Matonis is regularly presenting at various conferences on different topics. If you mean events where Globitex would have paid promotion, we are in the selection process of such events.
  • Any plans changing your ticker symbol to avoid those irritations?
    No. We are very content with the GBX symbol as it is a perfect reflection of our brand.
  • A friend of mine is interested, approximately, how long does it take to open an account and get verified on Globitex to be able to deposit fiat?
    You must register which takes a couple of minutes and afterwards apply for Advanced account and submit ID. Altogether it will not take longer than 30 minutes for the account to be opened, verified and ready for business.
  • When will IBAN for clients?
    We will announce a specific date one week prior to the launch. It is planned for Q4.
  • How much of the Ico funds are being spent on market making?
    We do not disclose specific financials. On the community report market making is under the marketing expense.
  • Hi, why is Volume in EUR and not in XBT on your charts?
    The volumes on the exchange are quoted in the price currency, e.g. volume in XBT/EUR is quoted in EUR while volume in ETH/XBT is quoted in XBT.
  • What you do to increase popularity? Exchange need volumes. How do you plan to increase it?
    The most successful way of increasing popularity for the exchange is offering unique value to the customer. This is what we have been doing by developing the GBX token, improving the platform user experience and developing unique functionality that other exchanges do not provide, i.e. our own EUR accounts. On top of that there is of course digital marketing, b2b sales, conference attendances and others.
  • Can you find out how many shareholders and what %tage they own Please ? If you don’t want to share info, then can you tell me the registered name of company?
    We do not publish detailed information on the shareholders of the company.
  • Hi Team, any future plans on giving GBX holders incentives (like profit sharing)?
    GBX is a utility token which does not offer profit sharing (future cash flow is one of the main features of a security). Instead, the tokens are and will be used to incentivize activity on the platform.
  • Hi, question for team. Can you buy a database of customers who trade securities and cold call, or my preferred option, try partner with some brokerage house’s in Europe and get access to their clients? Some of them are bound to want to get into crypto and with our easy registration it could prove fruitful.
    Such partnerships are within our B2B target list, thank you for a good comment.
  • Can you do referral programs for invite friends?
    This is in the near pipeline for GBX loyalty programs, we will notify the community before launching.
  • Is Globitex allowed for Google ads?
    There is a lot of uncertainty going on with Google’s stance on advertising Crypto related services at the moment. They have lifted the ban for certain types of crypto exchanges in US and Japan, but the regulations for EU future is still unknown. We also find Google ads and on-site SEO expensive, inefficient and with very questionable ROI and negative budget for the minimum of 6 months, which is why we do not consider it as a good marketing investment.
  • When new front design and trading-view charts?
    As you can see, we have implemented our new visual identity on the platform. As regards to changes in the interface, this is a major project which we are doing in parallel to other projects. I cannot give you precise estimation right now.
  • How does a issue in the banking sector influence your business, will it hurt you and will our funds be safe if a bank collapses? Which bank will hold our funds and are our funds separated from Globitex funds?
    I assume that the question is about Globitex customer EUR funds. The customer funds are held at LHV Bank, which is a reputable bank in the EU (also serves Coinbase for EUR payments). The funds are separated from Globitex funds and the account is only used for customer deposits and withdrawals.
  • How much did the ICO contribute to your budget? How long can you operate without profit?
    The ICO proceeds were around 10mEUR at subscription prices. Companies can operate a long time without profit (take Twitter), but they will die without revenues and cash flow. We have started generating the first revenues in September when we turned on trading fees, thus starting the path towards break-even. As mentioned before, we maintain financial policy of keeping 12-24month runway and will maintain a significant portion of our holdings in crypto.
  • When price GBX token is low, marketing distribution and payments GBX tokens for marketing is not good for Globitex.
    All GBX payments we make are priced at ICO price. Otherwise we would be giving out free money that can be returned to us for a loss.
  • Where can we see the gbx ranking for exchanges?
    We have also been recently added to coinpaprika.com For now it does not show the GBX pairs, but they will shortly after the token itself has been registered there.
  • What is progress on getting commodity derivatives implemented on the exchange?
    The first step is to launch spot trading of commodities, for which we are talking to multiple partners who can support the infrastructure of offering commodity trading on Globitex in Gold, Silver, other precious metals, Oil, etc.
  • Do the latest actions from bafin against crypto-capitals com, Finatex Ltd have a negative implication for your plans to extend your services?
    According to media info we assume that regulatory actions against were enforced due to "cryptocurrency-focused trading products, including CFDs, in Germany without complying with its financial legislation". This reflects our previous assumption that license is mandatory for CFD trading and that we offer no such products.
    As a general approach we are following announcements of regulators from all markets where we operate and design our products and terms no to breach any regulations, alternatively seeking license for products that are regulated and we are convinced that providing them will increase customer value.
  • When IBAN?
    This currently is our number one focus. This entails not only upgrades to Globitex.com interface, but also a significant amount of legal work and procedure implementation to start EUR wallet operations. The target is to be ready for launch at the end of Q4.
  • In your roadmap gold trading/settlement in btc is a stage, but is spot gold a cfd? Is a cfd more restricted than options, futures settlement /trading for btc?
    The way we are designing the product, spot gold is not a CFD as one of the key components we strive to offer is legal ownership and the chance of physical delivery on demand. CFD is a leveraged financial derivative, which uses gold as the underlying, but no gold actually changes hands. Offering CFD’s is a licensed activity similar to futures and options.
  • What are your plans for introducing more customers to Globitex? As I can see now, most pairs are only traded by robots. Do you have any advertisement campaigns in mind?
    We have been working for several months on creating an infrastructure to do efficient marketing as it is very easy to waste tons of money on marketing without good results. This includes, brand refresh, content creation, website upgrade, channel testing, etc. We believe that we will soon be ready to launch large scale campaigns, like launching of the EUR wallet.
  • I’ve read a lot about BAKKT and that it provides a custody solution for BTC for institutions. Does GBX provide custody solutions for institutions?
    We have not yet developed a designated custody product, but are constantly evaluating customer demand and competition to offer our clients the best possible value, so this is in the future pipeline.
  • I have a question regarding roadmap. Fiat pairings (read: USD pairings) scheduled for q3 2018. What's happening with this? Would be useful with china/emerging markets looking shaky I'm sure.
    Regarding USD we are currently pausing its implementation due to unfavorable climate in working with USD. We are looking at the growing number of USD stablecoins to offer our clients the opportunity to have USD exposure without the problems associated with USD operations.
  • Is gold spot a cfd?
    The way we are designing the product, spot gold is not a CFD as one of the key components we strive to offer is legal ownership and the chance of physical delivery on demand. CFD is a leveraged financial derivative, which uses gold as the underlying, but no gold actually changes hands. Offering CFD’s is a licenced activity similar to futures and options.
  • As long as eurs and xbt trading is active we will have a good trading volume, so when cmc?
    We are continuing to approach them and am sure that will get listed sooner rather than later. IN the meantime, see us at coinpaprika, coingecko, cryptocompare and another site.
  • What about GBX with Securities and Exchange Commission (SEC)? I want to know if Globitex declared to SEC?
    The Globitex ICO terms restricted participation from the US, thus there has been no need to declare the ICO to the SEC. The GBX token is a utility token and does not have any security-like features.
  • Why you don't Give link for referral?
    Refferal program will be implemented shortly.
  • Do you have any plans to add other coins this year, and which ones?
    We are constantly evaluating coins to add; however, we work in a volatile and fast-paced industry where a lot can change overnight so we will only announce coins at launch.
  • Next milestone?
    Major one without a doubt is the individual EUR accounts for Globitex customers.
  • Im from spain, can I use the iban, how work the taxes in this case?
    Taxes are your own responsibility and does not have direct connection to the account.
  • There is a regulation to inform to the country costumer? What is the regulation applicable to globitex?
    There is general regulation from the EU which has not been converted into any national law as to our knowledge. The regulation assumes exchange of information between tax offices in different EU countries. This will also be applicable to our accounts as our payment provider is an EU based EMI company. But I cannot give you more details at this point.
  • We can migrate gbx token to another platform if ethereum fail?
    In the unlikely event ETH fails, we are able to move to a different chain. It would be a tedious process and would require community action, but it’s possible.
  • Number of employees at Globitex?
    Currently we are a team of 16 people.
  • Do you have a 24/7 support? Why is there a delay when we send our first coins to the exchange, do you need to deposit it manually to our accounts?
    Currently we do not have 24/7 support, we do not cover night time in the European timezone, so expect delays in support reaction if you approach us during these hours.
    As to the other question, if your account has been approved and declared ready for business, there will be no delays in depositing your crypto. Delays can occur if the networks are overloaded or if there are some technical hiccups on our side, otherwise the process is fully automatic.
  • When will new interface Globitex? When will chats trading view?
    It's in the pipeline after the EURO Wallet.
  • When BSV ? When USDC ?
    As regards to BSV we are monitoring the situation. As regards to USDC, we are currently vetting the project to evaluate if it is in line with our requirements, strategy and values.
  • Good morning, do we have a problem with the new Estonian aml/kyc laws?
    Although we haven't observed the particular bill yet, we clearly realize the origins - EU 4th (namely, the 5th since it amends the 4th one) AML directive which we comply with in other jurisdictions (UK). In fact it introduces KYC as mandatory measure for exchanges - however that we have already practiced since the beginning, even before the mentioned changes in Estonia.

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