Used by Central Banks, very few people would have access to the network necessary to construct such an offering themselves. No retail bank or broker currently offers such a basket.
The Platform will provide flexibility to investors and allows them to express a view on a country or a group of currencies, or to hedge against the weakening of others.
The first basket to be launched, corresponding to the World Reserve Currency (which we call GLX), will enable its holders to tactically switch to the most stable instrument, proven historically to be even more stable than the Swiss Franc.
This system allows Globcoin to create bespoke baskets for different markets.
GCP ERC-20 token
Bringing stablecoins to the next level
All participants in the GCP ICO have completed the Globcoin standard ID verification. Globcoin has separately performed an AML check on these participants.
All payments received for GCP tokens regarding the Initial Token Sale are held in escrow in a secure multisignature address, and will only be released from the account with 2 out of 3 signatures:
- Helie d’Hautefort – Founder
- Bertrand Weisgerber – Co-founder
- Linda Leaney – CFO
The GCP ERC-20 token is coded on smart contracts running on Ethereum that were deployed on the Ethereum mainnet on February 9 2018.
GCP token smart contract address
Globcoin Platform use case 1
GRCI® basket is well diversified amongst G10, emerging currencies and gold and covers between 80% to 85% of the World Economy. The Index weights are calculated using Gross Domestic Product (GDP) data adjusted by the Purchasing Power Parity (PPP) thus allowing for greater weight in the EM currencies to reflect the higher growth potential in those economies.
The base date of the index is January 3rd, 2000. The base value of the index is 100.
The GRCI® basket will be tokenized to Ethereum mainnet as the ERC-20 token GLX in Spring 2018.Read Description of the Index – Basic Principles
The value of a GLX unit reflects the world economy including its new components and trends such as the booming economies of countries like China or India , while maintaining a good balance of the currencies of Western economies.
Globcoin Platform use case 2
Globcoin’s GLX are ERC-20 tokens that function as a store of value and a medium of exchange. Every token represents 1 unit of a basket - the GRCI® basket - consisting of the national currencies of the 15 largest economies and Gold, as measured by GDP, adjusted by PPP.
GLX token smart contract will be deployed in Spring 2018 and will be 100% backed on a 1 X 1 ratio. The assets will be in custodian with a Prime Bank meaning that for every GLX issued there will be the collateral in fiat currencies and Gold held at the Bank. GCP Utility Token will be the privileged access to exchange GLX for fiat currencies.
Globcoin Platform use case 3
Multicurrency Payment Card
Globcoin Multicurrency Saving Account and Multicurrency Prepaid MasterCard is a platform accessible online or via an App, offering the combination of multicurrency payments and savings.Read More
GCP Utility Token
The GCP is a pure utility Token and is used to access the services of issuing or exchanging the tokens representing the currency baskets available on the platform. The GCP token is a link to the license for the use of various baskets linked to proprietary currency indices.
Each GCP has the following rights:
- Exchange the currency baskets tokens (such as GLX), directly with the issuer at 0% fee according to a grid calculating the required level of GCP holding per amount of desired transaction in currency basket.
- Get a direct access for trading on the Globcoin Exchange to benefit from the liquidity created by the platform.
The GCP utility token has a limited supply of 29,089,448 tokens, and there will not be other GCP issued in the future.
GLX Global Currency Token
The first basket that will be launched on the platform is the Global Currency Index and its associated token GLX.
Users will be able to buy GLX:
- On exchanges (to be announced)
- On the Globcoin Platform : GCP holders will be able to exchange their fiat currencies for GLX on the Platform with 0% fee. GCP holders will be able to use the service of exchanging Fiat for GLX or GLX to Fiat currencies as many times as they wish.
The tokens associated with currency baskets will not have any supply limit. GLX and all tokenized baskets on the platform will be properly backed by bank deposits as per their specifications.
By acquiring the GCP, users can have access to the platform and trade currency baskets such as the Global Currency (GLX) without paying any fee according to the following schedule:
Transaction Amount in GLX basket
Level of GCP tokens required
From 001 to 1,000 USD
Amount in USD X 0,40
From 1001 to 10,000 USD
Amount in USD X 0,30
From 10,001 to 100,000 USD
Amount in USD X 0,20
From 100,001 to 1,000,000 USD
Amount in USD X 0,10
Example: An investor wants to buy GLX for an amount of USD 1,000 000.
To have access to the liquidity of the Globcoin platform and to have zero fee to pay, he needs to hold:
(1,000 x 0.4)+(9,000 x 0.3)+(90,000 x 0.2)+(900,000 x 0.1) = 400+2700+18000+90000 = 111100 GCP
If GCP's market price is still 1/10000 ETH ie 0.08 USD at current price, that represents 8,888 USD or 0.88 % of the amount traded.
If he does not own the GCP, he has to buy GLX from an existing holder at an exchange that will probably cost him between 1% and 4 % for each trade , whilst the GCP is allowing an unlimited number of trades.
In addition to this, the access provided by GCP is not limited in terms of number of trades. So with 111 100 GCP he will be able to trade as many times as he wants up to an amount of USD 1 000 000. To analyze the dynamics of the business model, we have to assume that the value of a platform-utility token such as the GCP is the value of the services and discount it provides.
Why do we anticipate the demand for the GCP coin will grow?
We are also confident that tokenized baskets (such as GLX) will create a significant network effect that will provide an exponential growth potential.
We also had requests for other type of baskets on the GLX model by several institutions. With every new user of the currency baskets, the demand for GCP grows and let us remembers it is a very scalable product. Growing demand means a growing GCP price as the supply of GCP is limited to 29,089,448.