Globitex: Interface between digital currencies and global trade

Bitcoin has changed the global exchange market to a great extent but there is rarely any platform that allows exchange of commodities in Bitcoin. Why not buy gold in exchange for bitcoin? Why not allow farmers and industrial setups to sell their products in exchange for bitcoin? That is what Globitex strives to achieve. A global market of commodities where users can pay in Bitcoin.

Globitex is a cryptocurrency exchange that promises to provide an unparalleled API service for a better and direct access to the market. The platform is somewhat in its development stage but has a simple beta version for testing. The ready product as of now allows its users to trade bitcoin for Euros. The platform is accepting clients and is a ready exchange platform. The uniqueness of the platform is yet to come. Globitex promises to be your link to an institutional grade bitcoin trading platform.

Globitex token and ICO (http://globitexico.com)

Globitex was established two years back in 2015 and has been working to become a successful trading platform. With around two years of development, Globitex plans to hold an ICO to realize their ultimate business goals. The company announced the ICO in October to start on 8th of November 2017 and last till December 7th or until 72 hours after the cap of 500 million tokens has been reached.

GBX token (Globitex token) is am EIP-20 (formerly known as an ERC-20 token) token based on the Ethereum blockchain. Each GBX token will be worth 0.1 EUR and there will be special prices for early buyers. 80% of the total tokens will be sold in the ICO and the rest will be going to the company. GBX token will be primary means of payment on the platform as well as means to pay any platform fees or commission. The collected tokens will be burnt from the system.

Globitex Business development stages:

Globitex has its own development stages. The stage 1 starts when the sale reaches approximately 10,000,000 - 50,000,000 GBX tokens. Similarly, stage 2 at 50,000,000 - 150,000,000 and finally stage 3 at 150,000,000 - 500,000,000 GBC token sold.

Stage 1- As a first objective the platform will extend its support as an exchange. Where bitcoin can be traded for other cryptocurrencies and to support major world fiat currencies on the exchange platform itself. As the second objective, the platform plans to allow its clients to borrow/loan cryptocurrencies and use them outside the exchange using REPO or other equivalent protocols.

Stage 2- The stage 2 includes aggregating the best bitcoin lending interest rates across the globe. Globitex calls it BIBOR (Bitcoin Inter-Broker Offered Rate). Some other upgrades during this stage are listing cash settled commodity futures and options and listing cryptocurrency exchange and swap options.

Stage 3- During the Stage 3, platform plans to index global communities in terms of bitcoin rates such as energy, grains, industrial metals, precious metals, softs, livestock etc. Other goals during stage 3 include allowing secure delivery of precious commodities through physical means and to develop warehouses for the storage of these commodities.

Why Globitex?

What if a bitcoin holder has to buy a tonne of farming commodity? The user will have to convert his bitcoin into fiat currencies through exchanges, undergo the exchange fees and then use the fiat currency for shipment of the commodities, which further may have exchange rates from one currency to other during international shipments. Globitex aims to build a platform that will allow users to sell their commodities in Bitcoin. No need to convert Bitcoin to other currency and pay high exchange rates the platform will support payments in a global currency, Bitcoin.

International trade market is further dominated by USD 98.28% of global trade occurs in USD. Which in itself is a massive amount of money being traded. Introduction of a new market that supports one currency globally is bound to decrease the USD domination.

The ultimate goal of Globitex is to achieve a bitcoin trading platform where bitcoin can be exchanged not just for other currencies but other products as well, Thus providing liquidity to the Bitcoin. Bitcoin as of now is not a stable currency. It can rarely be exchanged for commodities. All the bitcoin holder have to convert their bitcoins to fiat currencies in order to liquefy their Bitcoins. Bitcoin is potentially the most favourable currency for a global trade it is secure and international. Once into mainstream trading, Bitcoin will be further used by more and more users and thus defining the actual worth of the currency.

For more information visit:

Website: https://www.globitexico.com/

Whitepaper: https://www.globitexico.com/wp.pdf

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