Globitex: Commission-free Bitcoin Cash Trading and Token Sale

The institutional-grade Bitcoin exchange, co-founded by an early Bitcoin adopter Jon Matonis, has announced their token sale project to facilitate a step-change in trading volumes and liquidity.

Globitex, a Bitcoin exchange with advanced API functionality, is scaling to accelerate Bitcoin development into a truly global currency, and will accept Bitcoin (XBT), Ethereum (ETH) and Bitcoin Cash (BCH) for its forthcoming token sale.

Free trade for BCH and XBT

Following the hardfork of the Bitcoin Blockchain at 12:20:00 UTC on 1 August 2017, a new Bitcoin-based Blockchain known as Bitcoin Cash (BCH) was created. Balances on the existing Bitcoin (XBT) Blockchain were duplicated on the BCH chain. In the following weeks, Bitcoin Cash has gained significant miner support and user interest, and is therefore also being supported by cryptocurrency exchanges.

All Globitex clients who held XBT in their Globitex wallets before the time of the fork, now have been credited with an equal amount of BCH. Now, the new currency can be deposited, withdrawn and traded against EUR on the Globitex exchange.

Since the platform is currently in open beta, no commission fees will be charged on BCH trading for the foreseeable future. XBT trading will also be commission-fre.

Globitex is holding a token sale with the aim of accessing new markets and upgrading its infrastructure, providing powerful APIs and direct market access for algorithmic traders. The GBX token, which will take the form of a smart contract on the Ethereum platform, will be used to settle trades on the exchange and within loyalty programmes for Globitex clients.

Tokensale

The GBX token public sale will start on 8 November and last for one month, or until 72 hours after the soft cap of GBX 500 million tokens is reached. Tokens will be sold for the equivalent of EUR 0.10 in XBT, ETH and BCH, with early investors receiving discounts.

How Globitex Works

To attain this objective, Globitex is offering the GBX utility Token. This token shall be provided as an EIP-20, (earlier referred to as ERC-20) conforming Ethereum smart contract.

Mainly, the GBX contract shall be utilized for trades settlement on the Globitex exchange, working as a commission payment token. The GBX Token shall also work within loyalty programs intended for Globitex contributors and clients, where contributors shall be taking part in the general success of the firm.

The project, whose founder is former Bitcoin Foundation Executive Director & Founding Board Member, Jon Matonis aims to economically scale Bitcoin to turn it to a very helpful currency of worldwide trade and settlement.

Features of Globitex

Globitex, an Institutional Bitcoin exchange that is presently in limited beta, is hosting a token sale for scaling up operations to make Bitcoin a real worldwide currency.

Already, the exchange provides FIX API of institutional level for access to direct market for algorithmic traders, making it possible for the virtual currency to turn into a global medium of exchange across the total breadth of the global financial & commodity markets.

Liquidity is Bitcoin’s Hugest Issue

The protocol of Bitcoin has been going through steady steps for the technical scaling of Bitcoin. However, the founders of Globitex acknowledge that the main problem restricting its maximum use is liquidity.

Bitcoin remains fairly thin traded, with low capacities by established market standards. In spite of being the best currency for global settlement across the financial & commodities spectrum markets, it is not able to cater to this need without a step-variation in trading volumes and market dept.

‘For Bitcoin to become conventional, it should be utilized as a medium of exchange and unit of account as well, for huge international trades for services and goods which constitute our reality,’ stated Liza Aizupiete, Globitex Managing Director.

When the capacity of the exchange is scaled and new markets developed, Globitex intends to raise the liquidity of Bitcoin by orders of magnitude.

The objective of Globitex is to enable Bitcoin cost stability by facilitating its use as a commodities direct currency of settlement, money markets as well as other financial tools. In the end, this would enable traders to set costs for products in Bitcoin, utilizing it as a currency for reference.

‘Interest rates refer to the cost of money and are the lifeline of a current economy. As Bitcoin capital markets develop around the globe, Globitex shall be offering a collective reference rate, the same as LIBOR,’ said Jon Matonis, Globitex Chairman and Bitcoin Foundation former Executive Director & Founding Board Member.

Meet the Team