Globitex is an institutional grade Bitcoin exchange, with unrivalled API capabilities for direct market access.
In order to facilitate the use of Bitcoin as an industrial scale medium of exchange, we propose taking the existing Globitex exchange infrastructure and scaling it up into an exchange that has global spot and derivatives exchange capabilities, where standardised instruments in money markets and major commodities are listed with cash settlement and later physical delivery, and where Bitcoin is used as the underlying currency - a unit of account.
To realise this goal, Globitex is issuing the GBX utility Token. The Token will be issued as an EIP-20 (previously known as ERC-20) compliant Ethereum smart contract. The GBX Token will primarily be used for the settlement of trades on the Globitex exchange, serving as a commission payment token. The GBX Token will also function within loyalty programs planned for Globitex clients and contributors, whereby the contributors will be participating in the company's overall success. The GBX Token can be acquired during the Globitex token sale (www.globitexico.com) using Ether (ETH), Bitcoin (XBT) and Bitcoin Cash (BCH). The GBX token sale will be conducted in stages, each representing the team’s commitment to deliver specific business milestones.
Feb. 10, 2018 – Mar. 12, 2018
EIP-20 (ERC 20)
10,000,000 EUR equivalent in XBT, ETH or BCH
1 GBX = 0.1 EUR
XBT, ETH, BCH
|Min/Max Transaction Amount:
10/3,000,000 EUR equivalent in XBT, ETH or BCH
|Date on Exchanges:
Mar. 12, 2018
Stage I: Spot FX and REPO
Scale spot FX, where Bitcoin can be traded vs. major fiat and other cryptocurrencies
This will involve business development efforts for establishing additional banking relationships with bank partners around the globe and across the currency spectrum. This will also involve the undertaking of a thorough security and business evaluation, including development of extensions for the payment system based on the highest security standards before adding other cryptocurrencies as trading instruments on Globitex.
Implement FX margin trading ability - REPO
By allowing Globitex clients to lend to each other with REPO, or standardised maturities repurchase agreement based instruments, Globitex clients will be able to use the borrowed funds for leveraging their trading; the loans will be made available as collateralised debt instruments, which can also be used for purposes outside of the exchange. This, in turn, will create a money market for Bitcoin and other cryptocurrencies, and thereby establish market based interest rates. Globitex will expand its core system level functionality to implement FX margin trading based on the peer-to-peer lending principle. Furthermore, to allow currency REPO instruments, a new risk module will also need to be implemented.
List precious metals spot contracts
Globitex will introduce commodities trading in bitcoin, starting with deliverable spot gold. Gold is an obvious choice to begin with, as Bitcoin itself is dubbed “digi- tal gold”. Globitex will develop order book and distribution channels for gold bought on Globitex against bitcoin.
Stage II: BIBOR, Money Markets and Commodity Derivatives
Develop Bitcoin money markets - BIBOR
Aggregate the leading interest rate markets for Bitcoin margin lending, including the one developed by Globitex at stage I, in order to form a tradable interest rate product. Name it “BIBOR” (Bitcoin Inter-Broker Offered Rate) and offer BIBOR futures trading, thereby setting the standard reference rate for the Bitcoin economy capital markets. Furthermore, expanding to money markets in other cryptocurrencies based on market appetite.
List cash settled commodity futures and options
At this stage, business development and various partnerships will have positioned Globitex to reference the existing USD based markets. By using traditional futures markets pricing in commodities, we shall begin using Bitcoin at the scale needed for global trade by synthetically forming derivative instruments in commodities, paired with FX market developed in Stage I. These instruments will be listed in standardised maturities and settled in Bitcoin. We will begin by implementing precious metals cash settled futures trading and follow up with other commodities. By further developing IT infrastructure and risk management, the Globitex exchange will be able to accommodate options listings in commodities, FX and money markets thereby linking Bitcoin to global trade at all levels of derivatives.
List cryptocurrency futures, swaps and options
Create cryptocurrency-to-fiat and cryptocurrency-to-cryptocurrency based futures, swaps and options to be used as financial instruments for hedging, investing and speculating purposes.
Stage III: GCOM Commodity Index and Physical Commodities
List Bitcoin priced Globitex commodity index - GCOM
Aggregate various groups of commodities, listed in the previous stage, as cash settled futures, such as energy, grains, industrial metals, precious metals, softs, livestock, into a Bitcoin priced index. Such index would reflect Globitex and other exchange listed commodities value in Bitcoin. The index would have a specific weight for each commodity group. The index would first serve the purpose of a reference price, and may later form the bases for a tradable index futures product. Name the index Globitex Commodity index “GCOM” and prepare to offer GCOM futures trading.
Enable precious metals futures contracts to be physically deliverable
The previously established Bitcoin settled derivatives need to be made deliverable physically in kind. Futures will become available for physical delivery. Starting with a precious metals spot market and integrating in existing precious metals distribution channels, we shall allow a standard commodity kind to be delivered and deliverable in exchange as a collateral in some pre-agreed form. Globitex will work on specific form for certificates of ownership - warehouse receipts in the form of tokens, which may be tracked and verified on a public blockchain.
Further develop warehousing infrastructure and expand spot commodities
For commodities such as non-perishable energy products or industrial metals, which can be stored in warehouses for long time periods, we shall rely on the existing warehouse infrastructure, be it the established warehouses used by existing exchanges or other private warehouses complying with the common delivery standards, to allow other liquid derivative instruments to be physically deliverable. Similarly for consumables, we shall partner with existing wholesalers offering FOB (free on board) or CIF (cost insurance freight) commodities for purchase with Bitcoin and delivery in kind at designated ports and warehouses.
1: Q2 2017
BETA Launch of Globitex Bitcoin Exchange
2: Q4 2017
Globitex ICO Announcement
3: Q4 2017
Launch of Bitcoin Cash Trading, Deposits and Withdrawals
4: Q4 2017
Partnership with Electronic Money Institution
5: Q4 2017
Globitex Token Sale
6: Q1 2018
Open Public Launch of Globitex Services
7: Q1 2018
Launch of Additional Cryptocurrency Trading Pairs
8: Q2 2018
Launch of Additional Fiat Trading Pairs
9: Q3 2018
OTF (organised trading facility) Licensing
10: Q4 2018
REPO (Margin) Trading Launch
11: Q1 2019
BIBOR (bitcoin inter-broker offered rate) Launch
12: Q1 2019
Listing of Bitcoin Settled Commodity Futures
13: Q2 2019
Listing of Cryptocurrency Futures, Swaps and Vanilla Options
14: Q3 2019
Listing of Bitcoin Priced Globitex Commodity Index - GCOM
15: Q3 2019
Physically Deliverable Precious Metals
16: Q4 2019
Physically Deliverable Other Commodities