The ICO rush is upon us, with dozens of new initiatives popping up every day. And while some ICOs will be the next big thing, some are doomed to fail from the get go – telling who’s who is no easy task. This article is a part of a series of reviews created by the Finance Magnates Intelligence Department as a public service.
Alttradex is a tokenized cryptocurrency exchange designed to improve the experience of trading alt coins, focusing on communication, transparency and security. Alttradex token holders will be able to affect platform growth and receive commissions for doing so. What is more, Alttradex is trying to obtain a partnership deal that would make it one of the first crypto-exchanges operating under traditional financial exchange authorization.
- Category – Cryptocurrency exchange
- ICO Date – 20.10-30.11.2017
- Total supply – 142,857,143 ATXT tokens (70% crowd sale participants, 20% team, 5% buyback fund, 5% bounty)
- Maximum raise – 25 million USD (35% platform development, 35% marketing, 15% operations, 15% liquidity)
- Available payments – ETH
- Founded – Q1 2017
- Blockchain platform – Ethereum
- Token standard – ERC20
- Regulation – The maximum amount per backer is 100,000 coins or $25,000 worth (less than 0.10% of the total supply)
- Website – http://www.alttradex.com
James Fogden (CEO) – Ex investment manager and financial trader. Cryptocurrency trader since 2013. Previously connected with HSBC, Amsterdam Capital Trading and JN Financial.
Aleksej Klebanskij (CTO) – Software developer and product manager with 10 years of experience. Worked for NrothQ ApS, Will do Digital and qauntilope GmbH.
Reece Milligan (COO) – Ex tech and oil and gas consultant. Investor/trader in cryptocurrency since 2014. Cooperated with Verum Solutions, Accenture and Merrill Lynch in the past.
Bernard van der Woude (President) – Ex banker and representative of EOE Euronext exchanges. FX trader. Investor in cryptocurrency since 2016. In charge of listing and regulation process for the Alttradex platform.
How the OKEx Saga Reveals the Need for Decentralized ExchangesGo to article >>
Technology and features
According to the company’s whitepaper, Alttradex wants to launch its fully operational trading platform by Q1 2018 and start offering fiat currencies and decentralized wallets in the middle of next year. The founders assume that from day one (if the required funds are raised) the platform should gather around 1000 traders.
The platform will charge 0.25% when making the bid or offer and 0.15% when filling them. 60% of revenues generated in that way will be afterwards distributed as commissions. Alltradex cautiously estimates daily volume at 5,000 BTC, which should generate around 20 million USD of annual revenue. The remaining 40% will be used to fund ongoing marketing campaigns and further development.
Alttradex wants to use the growing popularity of the altcoins, offering users access to as many tokens as possible. Although recently we have seen many similar projects becoming increasingly popular, the company wants to offer increased security and transparency thanks to the traditional financial exchange license. Inside the whitepaper however, it is difficult to find detailed information on this subject.
The project description itself is also not very extensive, presenting only general facts and projections, without complex revenues and business model forecasts. If we assume that the whitepaper determines the project popularity and investors interest, then the current Alttradex presentation scores below average.
Although the tokenized crypto-exchange with the revenue share model proposed by Alttradex might be attractive for potential ICO investors, the team behind the project present too few details for a more accurate assessment.
- Team – 3/5
- Legal – 2.5/5
- White paper – 2/5
- Partners – 2/5
- Financial Model – 3/5
- Overall – 2.5
The project is in the concept phase, a financial exchange license is yet to be obtained and the whitepaper does not provide all necessary information.