|| Globitex is an institutional grade Bitcoin exchange, with a fully functional FIX API connectivity,offering direct market access for algorithmic traders. Launched in the summer of 2017 as a working prototype, it is being tested in a limited Beta mode and is expected to begin open public operations by the beginning of the year 2018.Having built the exchange to meet sophisticated institutional client needs, we now operate Globitex from the starting point of allowing the exchange of the Bitcoin and Euro trading pair on a secure and well-established platform. Building Globitex with a view to the future, however, requires tackling one of the major issues that Bitcoin faces: liquidity, or the current lack thereof.
As Bitcoin liquidity increases, and as large money orders can be easily accommodated,Globitex will then enable standardised listing of various commodities futures and options on an open order book basis. The derivative contracts will be physically deliverable and exchanged in Bitcoin as the underlying currency. For example, the counterparties in a derivatives contract could exchange physical commodities (crude oil, jet fuel, gold, silver, copper, corn, etc.) for a fixed amount of bitcoins at the maturity of the contract, or opt out of the physical delivery and settle in bitcoin instead.
Scaling Globitex into a global spot and derivatives trading venue will allow producers to purchase exchange listed products for Bitcoin. Trading firms and speculators will also be able to hedge their risks in Bitcoin with derivatives contracts. Thus, scaling the Globitex exchange will benefit Bitcoin and foster its development as a medium of exchange that is suitable for facilitating global trade, overcoming geographic, political or monetary restrictions.
|The Core System
|| The Core System consists of a set of services that ensure the operation of the exchange.The central components of the Core System are the Risk Management System, the Order Matching Engine, the Clearing and Settlement System, and the Data Feed Services. To handle high system loads and ensure fault tolerance, the Core System is designed to be modular, redundant, and CPU cycle and cache efficient. The system relies on advanced queuing and messaging techniques to achieve the highest throughputs with the lowest atency requirements. Ultra-low-latency communication protocols are used to connect the trading interfaces with the core modules.
The Payments component is the most security sensitive part of the exchange platform. It consists of the Fiat Payment Processing Module, a Cryptocurrency Payment Processing Subsystem, an Accounting Module and Payment Workflow Engine. It is tightly linked with the other Core system modules, like the Risk Management System for balance checking, the Clearing and Settlement system for trade booking and AML (Anti Money Laundering) system for transaction checking. The Fiat and cryptocurrency payment processing system consists of micro services providing the interfaces to be integrated with several third party payment systems and cryptocurrency networks.
|| 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 0.1, the client opting to use GBX as payment for trades will be able to enjoy the following bonus: GBX 1 = EUR 0.1 + 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.
Overall, GBX Token is expected to have a 10 year lifetime, during which time, tokens can be redeemed, loyalty programs and other success-related benefits enacted. After 10 years will have elapsed, the Company will review the GBX Token program and make the necessary adjustments on continuation of the program.