Billed as “the all-in-one cryptocurrency exchange”, Beaxy is planned as being a one stop shop for all cryptocurrency trading needs. The team behind it promise a “sleek and elegant” solution that allows for both crypto and fiat trading to take place effortlessly.
Among their plans are tools, tutorials, and financial services to help on-ramping into crypto.
The private pre-sale of tokens is scheduled to begin on June 1. The public sale will then start on June 15.
The facts and figures on the Beaxy ICO have been gathered below so that you can get a better idea of what exactly it involves:
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Token: BXY tokens
Hard Cap: $30 million
Payment Methods: ETH
Total Cap Size: 100 million BXY tokens
Private Sale: Starts June 1, 2018
Public Sale Date: June 15, 2018
Huge levels of interest in cryptocurrency trading mean that many people are looking for a slicker solution that is easier to use even for complete beginners. The idea behind Beaxy is that their platform will allow far more people to trade these tokens more simply. They have also placed a great deal of emphasis on the security that the platform will provide.
The Beaxy team has only been around since the middle of 2017. Currently, their roadmap has the platform being launched in Q3 of 2018. A loyalty program allows token-holders to be rewarded with 20% of all trades fees received.
With the promise of an intuitive interface and mobile access, this is the sort of product that is designed to appeal to newcomers to virtual currencies, as well as to existing traders.
Project Use Case
The fairly short White Paper that has been put together by the Beaxy team doesn’t have a specific use case section on it. Yet, by looking through the other details we get a good idea of who this project is aimed at and how it can help them.
From the fact that there is a high level of customer service, tuition, and helpful articles all planned it is clear that this platform is being designed with an eye on newcomers to this kind of currency trading. The idea is to make it easy for people to get started, and the largely non-technical nature of the White Paper helps to emphasize this point.
BEAXY Team Overview
The core team listed on the Beaxy website features an impressive total of 18 members. There are 4 Co-Founders; Artak Hamazaspyan, Mittal Patel, Marine Khachatryan, and Marine Ghandilyan. Roles covered by the team include Developer, Lesad of Legal Team, COO, Director of Customer Experience, and Data Scientist.
Given that this team has been together a relatively short time, they appear to have done a solid job in getting organized. This is especially true since it is a global team with members from many different parts of the world all coming together.
Full details of the background of each member is found on the White Paper.
As for the Advisors, it seems strange that none are listed yet, especially as we are now fairly close to the scheduled token sale dates.
How Does The Token Work
A lot of thought appears to have gone into making the BXY tokens an integral part of the system. Paying with these coins leads to reduced trading fees, while holding them leads to loyalty program benefits as well.
60 million of the overall 100 million tokens will be sold during the token sale period. The staking program allows token-holders to receive trading discounts. This is going to work on a tiered basis, with silver, gold, diamond, and platinum levels.
What Do Investors Gain
As is usual with ICOs, the investor’s best chance of profits is if the platform takes off and tokens become highly sought after. There is no doubt that this is a growing market but the level of competition right now is one factor to take into account.
Investors will also want to consider the discounts and loyalty program that are available on this platform. Anyone who carries out regular cryptocurrency trading could benefit from the advantages of staking tokens.
At this current moment, we've spoken to their team about vesting periods (for the ICO team) and although not written in the whitepapers, they've claimed to have a 12 month lockup. They said these numbers will be there shortly. We've built this into our rating.
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Opportunities & Risks
Clearly, there is scope in the crypto trading world for a solution like this to come in. The Beaxy White Paper has researched trading volume of $12B USD per day in the cryptocurrency space and claims that this is just a portion of the pie that stocks and forex offer.
The opportunity for improving the trading process is definitely present, but the question is whether or not it is Beaxy that will do this.
There are other crypto trading solutions being worked on just now. The big danger for this ICO is that other solutions maintain a higher profile and get more investor attention than this one does.
There are certainly some interesting aspects here – such as the training material and the loyalty program – but the question remains as to whether the crypto market will become big enough to support numerous platforms of this type.
ICO SIGNALS :
Based on a genuine need for a better way of trading cryptocurrencies. Beaxy offers a user-friendly approach that could help first-time traders to get started far more comfortably.
Their team is of a good size although it would be nice to see some experienced Advisors added to it as well.
The White Paper gives us a good taste of the project but it does seem to need some additions made to it, as it is currently fairly short and lacking detail in some parts. The full details of the token sale are due to be released to their community and this should give potential investors more information to base their decision on.
Ultimately, the success of ICO will come down to convincing enough people that this platform is the best bet for handling the future of crypto trading against some tough competition.