Ico Start Date: 01-May-18
Ico End Date: 01-Jun-18
Spotcoin is developing a complete digital asset management toolkit. One intuitive interface that will provide access to digital asset markets, over-the-counter trading (OTC), mining and payments. Spotpay allows for fast, cheap, convenient retail transactions using digital assets. Spotcoin supports new distributed ledger technologies by investing in promising startups and training the blockchain workforce of tomorrow through its innovative Blockchain Institute and Accelerator Program. The Spotcoin community will have access to the valuable insights gained through creating a smarter economy. Our weekly dividend distributions backed by reports from third-party auditors ensure transparency and accountability.Banking
Spotcoin is already part of the smart economy having matured as a market leader in the Black Sea Region conducting over $10M in OTC trade volume in 2017. This success led to $1M in seed funding, allowing the company to grow from 3 to 27 employees. Spotcoin serves institutional investors, merchants, miners, professional and retail traders. Spotcoin intends to build the Black Sea region’s first comprehensive digital asset ecosystem. This plan includes development of the Spotcoin digital exchange, the Spotpay payment system, a 25MW mining facility utilizing renewable energy, and the inauguration of the Black Sea Blockchain Institute.
Over the Counter Marketplace (OTC)
Spotcoin’s OTC marketplace was established in November 2016 to provide digital to fiat currency trading services for clients worldwide. Spotcoin intends to become a market leader for trusted OTC trades in all major digital currencies. Spotcoin is developing an automated marketplace and will obtain all necessary licenses to increase our global trading capabilities. Exchange
Our digital asset exchange will focus on a simple user-interface providing global and regional fiat currency trading pairs with four core digital currencies: GAS, BTC, ETH and SIB. Spotcore, our proprietary order matching engine, will provide centralized liquidity between our digital exchange, mining operation, over-the-counter marketplace (OTC), and our Spotpay payment system. Mining
Through our formal partnership agreement with Georgian Mining Company, Spotcoin has designed and initiated an environmentally friendly $3.25M facility utilizing hydroelectric power scalable up to 25MW. Our new facility will house 2,250 GPU miners with the capacity to host up to 9,000 additional units on behalf of clients. Spotpay
Spotcoin’s innovative payment system is a key aspect of our “simple liquidity” ethos. Spotpay will provide a secure payment widget, an API and app-based digital wallets that will provide consumers with fast, low-cost, and secure point of sale transactions. Spotpay will integrate with Spotcore to provide instantaneous payouts in the merchant’s desired currency with transactions occurring at the current market price. Spotcoin intends to capture $1M per month of the estimated $100M existing retail digital currency marketplace by Q4 2020. Black Sea Blockchain Institute
To help the region keep pace with the disruptive impacts of distributed ledger technologies Spotcoin is establishing the Black Sea Blockchain Institute to fulfill three key functions – Education, Research and Innovation. The institute and accelerator will advance and incorporate blockchain technology use cases covering digitizing assets, smart contracts, and digital identities. Projects will be selected by the blockchain community and accelerated through institute funding, directly addressing problems within the Black Sea Region.
Spotcoin was co-founded by: Andrew Thornhill Giorgi Abuladze Guram Rukhadze Natalia Khizanishvili
Completed $1.5M in transactions
Trading exceeded $5M with profit surpassing $10,000 on a single trade
Appointed CEO and received $500,000 in initial seed funding
Moved into new offices and hired 20 new staff members
Pre-ICO phase. Received $500,000 second round funding
Trading Logic Integration & Matching Engine
Advanced UI & notification system. Admin panel & customer support tools
Functional testing, security audit completed & launch
I like the idea of the OTC marketplace and blockchain research/education in the Black Sea Region, but the vision could be a bit more focused, otherwise it's confusing, ultimately it's about the business. The team lacks diversity and product is still in development. Good luck and let me know once the project matured a bit, happy to revisit my rating. Product rating is 2 because of the token being ultimately a security (dividend payout). How do you guys want to get it regulated? UPDATE (13.04.2018) after the more info was provided re security token I've revised the rating. I like the fact that the team seems to be aware of the legal challenges.