Bitcoin offers solid advantages for international settlement due to its speed and low cost compared to legacy money transfer services. Yet, it is not a first-choice currency of international trade settlement on the financial markets, as it has hard time with very large trades.
Back in 2014, Globitex set out to tackle this challenge with its platform by dramatically increasing bitcoin trading volumes and allowing financial instruments and commodities like crude oil, gold, silver, coffee, corn etc. to be priced directly in Bitcoin.
The company is soon to start a public token sale, slated for February 10, and will be accepting Bitcoin, Ethereum, and Bitcoin Cash.
This EU company envisions a future where Bitcoin is the preferred medium for all trading needs: Exchanges, settling international trades, swapping precious metals and commodities, transparent trading for farms, manufacturers, metal miners, and oil refineries, and so on.
Decentralized crypto- and physical-settlement Bitcoin markets will be more robust and transparent, and it’s the future of trading, as Jon Matonis, a Globitex co-founder and a former Bitcoin Foundation Executive Director, recently explained to Bitcoin Magazine.
In 2014, the Globitex team set out to build “a technologically advanced and reliable marketplace with an emphasis on institutional clients,” their website states. “We wanted to bring our experience to Bitcoin industry by building an exchange that reflected our vision of how an exchange should work.”
Their goal was greatly advanced when on Nov. 23 Globitex group’s company NexPay UAB received its e-money license from the Bank of Lithuania to deliver payment services and e-money issuance across all 28 countries of the European Union.
Globitex is also fully compliant with EU AML standards and passed necessary EU certifications.
After developing the Globitex exchange platform for over two years, the team launched a beta of the platform in summer 2017. The beta platform supports trading Bitcoin and Euros.
The platform makes use of the FIX API, touted as the most convenient and widely accepted protocol in the financial industry. It also supports a market standard FIX protocol for automated electronic trading, which is widely used by the institutional traders, brokers/dealers, mutual funds, investment banks, stock exchanges, and the like.
The Globitex ecosystem also utilizes its own token, a GBX. It is primarily used for the settlement of trades as a commission payment token on the Globitex exchange platform.
Globitex Limited is a private limited company incorporated in Gibraltar. That company is fully owned by AS Globitex Holding, a Latvia-based organization.