will7am

Cryptomate is looking for International investment partners - P2P XRP exchange

18 posts in this topic

Official site: https://cryptomate.org/ 
Press release: http://www.coindesk.com/press-releases/p2p-exchange-cryptomate-seeks-international-crowdfunding/


What is Cryptomate?

Cryptomate.co.uk is a peer-to-peer cryptocurrency exchange that makes buying and selling crypto simple via instant bank transfers. We use a unique Trusted Vendor system that allows us to match customers with brokers/sellers. This system allows transactions to easily be completed in under 10 minutes. Unlike other exchanges, we do not run any hot/cold wallets or even transmit any cryptocurrency or fiat transactions on our servers - this makes large scale thefts impossible by design. We as a company do not and never will require any bank account, vendors pay us a fee in BTC for facilitating exchanges and those fees get paid out to shareholders according to the amount of shares owned, after expenses.


Who is behind Cryptomate?

The platform was created by a small group of cryptocurrency enthusiasts based in the UK and Switzerland in late 2014 and went public in May 2015. We have already facilitated over £200,000 worth of live trades through our unique system and now we’re looking to expand our service around the globe, with help from localized international partners. We’ve grown from a small group to a well organized team of half a dozen people with a wide range of skills, all development and marketing is done in-house by our team and complete trust is at the core of what we do.


What makes Cryptomate different?

Unlike competitors (such as Localbitcoins) we do not store any customer or vendor coins on our servers, with Cryptomate two parties transact with each other directly. This means we’re truly peer-to-peer in the same spirit that cryptocurrency intended; we provide a simple to use platform for both buyers and sellers in order to facilitate easy exchange. When purchasing small amounts customers can obtain a range of cryptocurrencies within minutes without the typical headaches and challenges associated with buying cryptocurrency.

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What is the investment process?

Once partners get in touch with us, we will explain in detail how our system works and establish whether our system will work in their local country and send over our investment deck. Once that is done we sign a partnership contract and request 50% of the funding at which point development will begin.

We aim to get every new exchange online within 60 days, once the service is online and fully operational we will request the remaining 50% which will go on a PPC campaign.

If you’re interested in getting involved or have any questions please get in touch via will@cryptomate.co.uk or PM me here.

William Thomas
Founder and CEO of Cryptomate

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Haha, this is a direct quote from our Swiss CMO..  You can't see it, but Andrin has a nice cane just out of shot in the Team section! :D

Also we accept XRP as a payment method ;)

ltrading likes this

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Quote

When purchasing small amounts customers can obtain a range of cryptocurrencies within minutes without the typical headaches and challenges associated with buying cryptocurrency.

Please, merciful crypto-GODS make this be true!

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1 hour ago, will7am said:


Who is behind Cryptomate?

The platform was created by a small group of cryptocurrency enthusiasts based in the UK and Switzerland in late 2014 and went public in May 2015. We have already facilitated over £200,000 worth of live trades through our unique system and now we’re looking to expand our service around the globe, with help from localized international partners. We’ve grown from a small group to a well organized team of half a dozen people with a wide range of skills, all development and marketing is done in-house by our team and complete trust is at the core of what we do.
 

Why don't the existing shareholders provide adequate funding?

It looks like the founders have invested negligible amount of capital in this company (only 1000 GBP).

 

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29 minutes ago, T8493 said:

Why don't the existing shareholders provide adequate funding?

It looks like the founders have invested negligible amount of capital in this company (only 1000 GBP).

 

https://coinmarketcap.com/exchanges/cryptomate/  

 

I'd love to know how the valuation of these domain names has been reached? ($10000 for 20% stake?)

 

Please correct me if I'm wrong but all I see are parked domain names...

 

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T8493 : Our team consists of starving entrepreneurs, where most have to freelance on the side to pay rent etc.  The three founding members of Cryptomate have left their jobs to work on this project so capital is limited.  As mentioned in the OP, we do all our development and marketing in-house, none of us have capital to expand our service which is why we're looking for international investment partners. :)

ltrading : We're looking for seed investment, pre-launch.  Once we have funding for a new exchange we will modify our current system (Cryptomate.co.uk) for use in our partner's country.  The $10,000 for 20% figure is what we believe is necessary to get a new exchange online and have a decent budget for a PPC campaign once it's live and operational.    The valuation is not based on the domain names but the system that will operate on them, whether you think the it is worth that amount is subjective. :)

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5 hours ago, will7am said:

T8493 : Our team consists of starving entrepreneurs, where most have to freelance on the side to pay rent etc.  The three founding members of Cryptomate have left their jobs to work on this project so capital is limited.  As mentioned in the OP, we do all our development and marketing in-house, none of us have capital to expand our service which is why we're looking for international investment partners. :)

ltrading : We're looking for seed investment, pre-launch.  Once we have funding for a new exchange we will modify our current system (Cryptomate.co.uk) for use in our partner's country.  The $10,000 for 20% figure is what we believe is necessary to get a new exchange online and have a decent budget for a PPC campaign once it's live and operational.    The valuation is not based on the domain names but the system that will operate on them, whether you think the it is worth that amount is subjective. :)

I think you need a serious partner with legal knowledge and connections and not cryptocurrency enthusiasts who will crowdfund your PPC campaign.

Otherwise you're exposing yourself to enormous legal and security risks (because security is expensive and you'll probably sooner or later run out of money and simply won't be able to implement or maintain proper security practices - and then you'll become a sitting duck for hackers).

 

 

 

Quote

We as a company do not and never will require any bank account

So how will you pay your taxes? I doubt HMRC will gladly accept your bitcoins. And according to some directives (which probably also apply to the UK) you'll probably have to use bank account for some transactions....

 

 

Edited by T8493

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So I can buy 20% of ownership in a local branch for 10k USD and all you guarantee is that you'll try to set up everything and run an initial marketing campaign?

ltrading, lucky and T8493 like this

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1 minute ago, Sukrim said:

So I can buy 20% of ownership in a local branch for 10k USD and all you guarantee is that you'll try to set up everything and run an initial marketing campaign?

20% ownership is just for one local branch (and not the complete company)?

Edited by T8493

ltrading likes this

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Well, they have a screenshot with 9 countries up there (for whatever reason the US is twice as expensive while Poland and Germany cost the same?), so handing out 20% of the whole company for 10k USD on each branch would mean they give away 180%...

ltrading likes this

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53 minutes ago, T8493 said:

20% ownership is just for one local branch (and not the complete company)?

They are looking for $100k plus without giving up any of cryptomate.co.uk

Somehow they have decided that their 'exchange tech' yet to be deployed makes each of their domains are worth $50k ($100k for US version) even though there are no functioning websites, no traffic, no search engines ranking, no customers...

If you look at how the site operates its simply matching buyers with vendors that sell at highly inflated rates.

7 hours ago, will7am said:

The valuation is not based on the domain names but the system that will operate on them, whether you think the it is worth that amount is subjective. :)

Subjective indeed

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39 minutes ago, T8493 said:

20% ownership is just for one local branch (and not the complete company)?

 

41 minutes ago, Sukrim said:

So I can buy 20% of ownership in a local branch for 10k USD and all you guarantee is that you'll try to set up everything and run an initial marketing campaign?

 

No, there is no trying (we will not go ahead unless we know it's feasible) and it won't be an internal marketing campaign.  It will be a 20% stake in the localized exchange, not 20% of all branches.  Let me give you an example of how this will work;

Let's assume you're a Canadian who wants to open a localized Cryptomate (in this case Coinbuddy.ca).  We will send you an investment deck and established our system will work in Canada, then we will send over a partnership contract and request 50% of the investment, which is $5k USD.  Once the contract is signed and the payment is made we will begin development with the aim of getting the new exchange online within 60 days.  

Then once the new exchange is online and operational we will request the remaining $5k USD which will be spent directly on a PPC campaign.

In return the investor will receive 20% of all the fees generated by the service, paid out regularly in BTC..  And of course if we ever sell the investor will receive 20% of the final sale amount. :) 

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18 minutes ago, ltrading said:

They are looking for $100k plus without giving up any of cryptomate.co.uk

Somehow they have decided that their 'exchange tech' yet to be deployed makes each of their domains are worth $50k ($100k for US version) even though there are no functioning websites, no traffic, no search engines ranking, no customers...

If you look at how the site operates its simply matching buyers with vendors that sell at highly inflated rates.

Subjective indeed

We are looking for $10k for a 20% stake in each new localized exchanges, it would be $100k if someone wanted 20% stake in 10 different exchanges.

You say 'yet to be deployed' (which is correct) but you can see a fully operation version on Cryptomate.co.uk, which has done over £200,000 in volume since launching with no advertising/marketing budget.  Of course there is no traffic and search engine rankings, each site is pre-launch as I've mentioned before.

Yes, we match buyers and sellers.  That's the whole point of our service, you could say the same for Localbitcoins.  As for the rates, it's higher in the UK because of market liquidity and the fact banks don't really like cryptocurrency here so we have to deal with foreign banks.  Investors will be allowed to decide what % above market rate we charge. :)

Edited by will7am

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