Bitsdaq (BQQQ): IEO Review and Rating Ahead of The Token Sale
Bitsdaq intends to introduce a cryptocurrency trading platform which facilitates professional traders, cryptocurrency investors, as well as blockchain startups. In order to do so, the team has set out to create an exceptional user experience by implementing contemporary technology and applying its professional expertise.
The team has already partnered up with one of the world’s more popular cryptocurrency exchanges Bittrex. The goal of the partnership is to create the very first Joint-Order-Book, world-class exchange system. This will benefit both parties as Bitsdaq will be able to enjoy Bittrex’s existing infrastructure, security technology, and liquidity, while the latter will have its doors open to the Asian market.
Bitsdaq is having an IEO on June 9th. The event will be held through their platform, and they will allocate BQQQ tokens at the price of $0.01. The only available payment will be Bitcoin, according to their own White Paper. The IEO itself intends to raise $500,000. Bitsdaq has also conducted two rounds of a private sale, garnering institutional investments and making strategic partnerships with key companies and industry proponents.
| Name | Status | Date | |
|---|---|---|---|
 Bitsdaq |
upcoming | 09/06/19 | More Infromation |
What is Bitsdaq?
Bitsdaq is a cryptocurrency trading platform which is founded by a group of experts in different fields of fintech, commercial real estate, and finance industries. It is headquartered in Hong Kong which has managed to establish itself as one of the leading financial centers across entire Asia.
Interestingly enough, Bitsdaq has teamed up with popular cryptocurrency exchange Bittrex to create the first Joint-Order-Book in the world. The partnership will also provide Bitsdaq with the massive liquidity of Bittrex, as well as access to professional, institutional, and retail investors.
The project aims to pioneer the blockchain industry and provide the next generation of trading and IEO service platform. The IEO platform service is intended to expand the potential of various players throughout the field of blockchain technologies.
Bitsdaq is intending to create a Pan-Asia market network which is hoping to fuel the overall development of the entire blockchain industry in the region. The team hopes to facilitate a large number of professional traders, as well as recreational users from Singapore, Macau, and other destinations.
Main Features
To stand out on top of the crowd and provide a relevant service, Bitsdaq attempts to address some of the current market pressure points. These include, but are not limited to:
- Shared cryptocurrency market depth with Bittrex to create optimal liquidity
- Access to all cryptocurrencies on the platforms of Bittrex and Bittrex International, providing a broader market
- Continuous optimization of KYC and AML procedures
- A compliant and trustworthy platform with a selection of high-quality projects, bringing opportunities to Asian users in the global market
- High-quality customer service and education program
Of course, this list can also go on. To tackle the above issues and all others, Bitsdaq provides the following main features:
Bitsdaq Cryptocurrency Exchange
Bitsdaq’s cryptocurrency exchange platform aims to provide over 300 different cryptocurrency trading pairs. At the start, however, it will only have those trading against BTC and ETH. One of the primary key points of the exchange is the fact that it has teamed up with Bittrex, more on which you can read down below.
Additionally, the exchange also takes security very seriously, especially after the recent spike in cyber attacks. It takes advantage of 2FA technology, The wallet keys on the platform are distributed after being fragmented into smaller parts, and each one of them will be stored in different locations having three layers of encryption at the very least. The platform will use CloudFlare and DOS protection to prevent DDoS attacks, and it offers protection against CSRF and XSS attacks.
The platform also adopts strict AML and KYC policies which reference those that are implemented by Bittrex. Facial recognition technology supported by JUMIO is also provided.
Additionally, the platform implements cross-platform device coverage through:
- Web-based trading client
- Native Android client
- Native iOS client
- Native PC client
- Mobile HTML5 client
- Rest API
Bitsdaq IEO Service
The IEO platform service of Bitsdaq intends to fuel small and medium-sized blockchain startups to be funded or listed on the platform.
It will attempt to deliver an efficient, secure, as well as transparent environment which will facilitate post-ICO and IEO development of reliable cryptocurrency startups. According to the White Paper, the platform will provide a well-rounded IEO exchange, delivering upstream and downstream support designated to unleash the potential of these startups.
Bitsdaq Partnership with Bittrex
Bitsdaq has teamed up with one of the most popular international cryptocurrency exchanges Bittrex. The partnership aims to create the very first Joint-Order-Book, world-class exchange system. Bitsdaq is currently facilitating a large number of market participants within the international network of Bittrex and has managed to attract professional traders, as well as recreational users from Singapore, Canada, and Singapore.
Having a large aggregated trading volume, Bitsdaq aims to acquire more professional traders, as well as institutional investors and cryptocurrency entrepreneurs within its ecosystem. This should allow them to establish a proper foundation for future developments.
As mentioned above, both parties have a lot to gain from this partnership. Bittrex, on the other side, will be able to enjoy an expanded exposure to the Pan-Asia market from places such as Singapore and Macau.
The Team
The team behind Bitsdaq is comprised of experts from different fields and has a seemingly rich professional background. The experience of the team encompasses areas such as marketing, digital advertising, commercial real estate, finance, software development, technical development, and so forth. Some of the executive team members have previous experience in working with companies such as Microsoft, Decentral, Spend.com, IClick Interactive, China’s UCF Group, and others of the kind.
- Rickey NG (Yahoo, co-founded Iclick (listed on NASDAQ), IHT token)
Ricky is the Co-Founder and CEO at Bitsdaq. He is also the founder and Chairman of i-House Token (IHT), which is one of the very first blockchain real estate cloud platforms throughout the entire world. He also co-founded NASDAQ-listed IClick Interactive, which is one of the largest digital advertising platforms in the greater China area and has gone public via an IPO.
- Adam Cole Jacobs (Advisor of Anthony Di Lorri, co-founder of Ethereum)
Adam has managed to gain massive experience in the field of blockchain, finance, and commercial real estate. At present, he holds several senior strategic positions, advising industry leaders such as Anthony Di Iorio who is the co-founder of Ethereum.
- Eric Dao (22 years at Microsoft)
With 22 years of experience at technology mogul Microsoft, Eric is the CTO and Co-Founder of Bitsdaq. At Microsoft, he occupied the position of a Principal Engineering Manager and was in charge of development work which was related to some landmark products such as Microsoft Windows, Exchange, Office, and Office365.
- Haley Chow
Haley is the Head of Business Operations at Bitsdaq, and he has more than seven years of experience in PE/VC investment and cross-border mergers and acquisitions. He was the Assistant VP at the Chairman’s Office of the China UCF Group.
BQQQ Token
Bitsdaq’s token (BQQQ), is intended to have the following use cases:
Value-Added Services
Holders of the BQQQ token will be able to benefit and have different privileges, which include:
- Exclusive access to third-party marketing airdrops which are distributed through Bitsdaq
- Priority rights on upcoming Initial Exchange Offerings (IEOs)
- Entitlement to take part in special allocations of upcoming ICOs carried on Bitsdaq
- Access to professional research reports which are reserved solely for VIPs of Bitsdaq
- Special invitations to offline community events
BQQQ Trading Pairs
Bitsdaq sets out to increase the overall liquidity of the BQQQ token by enabling more cryptocurrency trading pairs which are denominated in the BQQQ token. Currently, the platform has the most basic trading pairs which include BTC and ETH, but it aims to expand that gradually to reach the trading pairs found on Bittrex.
IEO Platform Services
According to the White Paper, Bitsdaq intends to turn BQQQ into one of the main denominated IEO and ICO cryptocurrencies for both small and medium-sized blockchain startups which are featured on the platform. This will, supposedly, increase the adoption and the circulating volume of BQQQ within the ecosystem.
BQQQ Token Sale
The total token supply of BQQQ throughout the entire sale is set to 10,000,000,000.
The IEO itself will be held on Bitsdaq’s platform, it aims to raise $425,000 with a price of 0.0085 USD per token according to their announcement. Selling a total of 50,000,000 BQQQ tokens (0.5% of the total supply). The only available payment currency, according to their announcement is USDT. The IEO is scheduled to start on June 9th.
It’s also important to note that the project has also successfully concluded two rounds of a private sale, raising $5 million in the first and $1 million in the second. The total public float of the tokens that will be sold to investors accounts for approximately 11.8 percent of the total supply.
Here are the details regarding the different token sale rounds:
IEO – Allocating 50,000,000 BQQQ for $325K-$500K, 0.0065$-0.001$ for 1 BQQQ, for 0.5% of the total supply
Private Round 1 – Allocating 961,538,462 BQQQ for $5 million – 0.005$ for 1 BQQQ, for 9.6% of the total supply.
Private Round 2 – Allocating 169,230,769 BQQQ for $1 million – 0.0059$ for 1 BQQQ, for 1.69% of the total supply.
In terms of how the token sale funds will be used, the team has made the following explanation:
- 40% of the token sale proceeds will be used for R&D and Business Development
- 35% of the token sale proceeds will be used for Marketing and User Acquisition
- 25% of the token sale proceeds will be used for Working Capital and Reserve
The vesting period under the White Paper of the project is as it follows:
End of 1st Anniversary – < 35%of the total supply
End of 2nd Anniversary – < 55 % of the total supply
End of 3rd Anniversary – < 75% of the total supply
End of 4th Anniversary – < 100% of the total supply
Roadmap
Bitsdaq has detailed its roadmap for the relatively medium term in their White Paper. According to the document, the first thing in the pipeline is the launch of the Bitsdaq Exchange.
As we mentioned above, the team has partnered up with Bittrex to create the very first Joint-Order-Book exchange system.
In the second half of 2019, the team aims to launch the Bitsdaq IEO platform. Again, powered by Bittrex International, Bitsdaq will strive to provide a secure, transparent, and efficient environment to facilitate the post-ICO and IEO development of reliable cryptocurrency start-ups.
In the first half of 2020, Bitsdaq will aim to expand on the global market and to deliver a truly international, as well as borderless trading experience to its exchange users. The intention is to continue the acquisition of international corporate clients and to develop specific solutions for tokenization, while also consolidating the overall application of blockchain technology.
Investors and partners
Except for Bittrex, Bisdaq established some serious partnerships. One of the partnerships worth mentioning is that with Spend.com. Bitsdaq users will be able to link their Spend Visa Card directly with their Apple Wallet or with the Google Pay Wallet. The partnership is geared at strengthening the exchange infrastructure of Bitsdaq.
In terms of investments, Consensus Fintech has made a strategic one into Bitsdaq and entered into a partnership with the platform on operations, business, and marketing. According to the official release, this has allowed Bitsdaq to attract additional investment from some of the top institutions in the industry.
Another strategic investment in the project was made by NGC – a Shanghai and Singapore-based for-profit fund management company. Besides investing in Bitsdaq, NGC will also aid the exchange to promote the growth of BQQQ token.
Bitsdaq Review and Rating
8.5
Pros
- Bittrex partnership: Utilizing Bittrex API, this will give them the option to create a joint order book with Bittrex also they will enjoy the advanced security technology of Bittrex’s
- Community: Bitsdaq will enjoy the massive hype of Bittrex is a strategic partner. Also, the marketing team of Bitsdaq had done some great job with a lot of mentions in various sites.
Cons
- IEO Terms: their private investors got almost 50% discount, and they control more than 95% of the tokens that were sold. As an IEO investor, I would genuinely consider this issue.
Team: Bitsdaq has some substantial names on their team members: their CEO, Rickey NG had co-founded Iclick which was listed on the Nasdaq (ICLK), he then co-founded i-House token (IHT), the CSO, Adam Cole Jacobs has a great experience in the blockchain world, and he is one of the advisors of Antony Di Lorio, one of the founders of Ethereum. Their CTO, Eric Dao, has 22 years of experience of research and development at Microsoft. There are no registered advisors for the moment. Score: 8.4
Stage of the project: The exchange has currently a volume of 100 BTC per day. Also, Bitsdaq launched an app, and it is available in AppStore and Android for users to download. Also, the IEO platform will be launched at the beginning of June. Score: 8.5
Project Potential: One of the hardest tasks today for new crypto is to get a large user base, especially when we are talking about crypto exchanges. Most of the investors today will usually not risk their funds in a new exchange. On the other hand, Bitsdaq has an essential partnership with Bitsdaq, and some of the most well know name institutes such as Consensus Labs and NGC partnered and even invested in Bitsdaq. The Bittrex’s partnership can contribute from both the liquidity issue of new exchanges and from the credibility side. Bitsdaq is also aiming to penetrate the IEO market, which is a very fast growing market. If they can put their hand on high-potential projects, it can cause an excellent impact Score: 8.3.
Community: Almost 40K members on Telegram, 8K followers on Twitter. Bitsdaq will also enjoy the massive hype of Bittrex is a strategic partner. Also, the marketing team of Bitsdaq had done some great job with a lot of mentions in various sites. Score: 8.8
Token use: The token will have some internal purposes in the Bitsdaq such as IEO Platform Services, Trading fees, and other value-added services. There is a direct connection (like in any exchange token) between the success of the platform to the value of the token. Score: 8.7
Token Sale Terms: Bitsdaq is selling 11.8% of their token for 6.5M USD which gives them a total marketcap of 55M USD which is pretty fair when comparing to other Exchanges tokens (HT with 160M USD, KCS with 100 M USD, and off-course BNB with 4.5B USD). On the other hand, their private investors got almost 50% discount, and they control more than 95% of the tokens that were sold. As an IEO investor, I would genuinely consider this issue. Score: 7.8
Whitepaper: Basic whitepaper which doesn’t come down to the technical sides. Explain pretty good the financial aspects. Score: 8.3
Technology: Utilizing Bittrex API, this will give them the option to create a joint order book with Bittrex also they will enjoy the security of Bittrex’s technology. Score: 8.8
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