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BCH · 205w

Globitex Launch Token Sale for Spot and Derivatives Exchange in Bitcoin

Oct 11, 2017 at 15:10 // News

The project, which is co-founded by former Executive Director and Founding Board Member of the Bitcoin Foundation Jon Matonis, aims to scale Bitcoin economically in order to become a truly useful currency of global trade and settlement.

Institutional Bitcoin exchange Globitex, which is currently in limited beta, is holding a token sale to scale up operations with the aim of making Bitcoin a truly global currency. The exchange already offers institutional level FIX API for direct market access for algorithmic traders, paving the way for the virtual currency to become a universal medium of exchange across the full breadth of the international financial and commodity markets.

Bitcoin’s biggest problem: liquidity

Whilst the Bitcoin protocol has been undergoing concrete steps for Bitcoin’s technical scaling, Globitex’s founders recognise the chief issue holding back its wider use is liquidity. Bitcoin is still relatively thinly traded, with low volumes by conventional market standards. Despite being the ideal currency for international settlement across the spectrum of the financial and commodities markets, it cannot serve this purpose without a step-change in market depth and trading volumes.

Liza Aizupiete, Managing Director of Globitex commented:

If Bitcoin is to become mainstream, it must be used both as a unit of account and medium of exchange for large international trades - goods and services that make up our reality.

By scaling up the exchange’s capacity and developing new markets, Globitex aims to increase Bitcoin’s liquidity by orders of magnitude. The purpose of Globitex is to facilitate Bitcoin price stability by enabling its use as a direct currency of settlement for commodities, money markets and ot...

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