Analysis of ICO Bithemoth
Bithemoth is an all-encompassing blockchain trading platform. The ecosystem will offer fast exchange, digital asset investment opportunities, ICO incubator and marketplace. Bithemoth wants to make it easy for newcomers to enter crypto market, therefore the platform offers investing opportunities available in just a few clicks. Professional investors will get access to extensive toolset within the platform. Key features of Bithemoth are:
- Portfolio management
- Ease of entry into the crypto market
- Services on-the-go
- Enhanced security (including development of hardware wallets)
- Dedicated crypto marketplace
- Easy access to and utilization of crypto funds
- Development of brick-and-mortar locations.
Beta launch is expected in Q3 2018 with full exchange release in Q4 2018.
Bithemoth platform will offer direct payment process enabling the conversion of fiat to cryptocurrency. This will done through securement of specific licenses, eMoney status and stable banking relationships. Both direct Bithemoth exchange clients and 3rd party clients will have access to this feature, which could be utilized as a mean of entering the crypto market.
A commission will be taken on all executed orders. Users who hold over 100 units of KOIN (an internal token) will be offered free trades for a limited time. After this period expires, holders of KOIN can use it to pay for trading fees at 50% discount. There will be no fee for deposits. Minimal to zero fees will be charged for withdrawal. Fees will be paid in KOIN.
Upon the release of the platform, users will be rewarded for signing up and creating a wallet, referring friends to the platform, using the exchange for the first time and completing user feedback forms. Once the main features are established, the company plans to extend its business. One of the way is to develop a crypto marketplace linked to Bithemoth exchange, where vendors can trade products directly for cryptocurrency.
Companies admitted to the ICO incubator will be able to issue tokens and ICO contracts. Any token issued that way will be liquid and tradable on the Bithemoth exchange via token sale.
There is no marketing plan in the WP. Pre-ICO website was launched on April 12th. Global marketing campaign is scheduled for Q3 2018 (between Pre-sale and ICO). Social media channels were launched recently and are slowly getting followers. Marketing will get 5% of funds raised.
Team members have experience in blockchain technology, development, engineering and marketing. They claim to be crypto enthusiasts for several years.
The Vision of the Market
The WP doesn’t have market research. Current problems of crypto exchange platforms are listed: initiation, poorly designed UIs, low speed of platforms, lack of professional customer service, security issues, no unified jurisdiction for registration/licensing/regulations.
Understanding of the Target Audience
There is no definite audience segmentation. The most obvious target groups are investors (newcomers and professionals) and startups, interested in ICO incubator features.
The WP doesn’t have competitive analysis. Pitch deck section of a website offers a quick table comparing Bithemoth and 4 other platforms. The market of crypto exchange platforms is young, but very crowded already. The project needs an extensive competitor analysis to demonstrate its advantages and to motivate ICO campaign, according to analysts from expert-coin rating.
Strengths: multi-functionality of the platform and features it offers; multilingual support.
Weaknesses: no financial plan/projections, no marketing strategy. Team member profiles and short competitors overview are available on website only, should be added to the WP. Team members don’t have relevant experience to sustain a complicated ecosystem of exchange platform, according to analysts from expert-coin rating. There are no advisors either. Market research is not sufficient and needs more details.