Analysis of ICO Eo.TRADE
Eo.TRADE is a blockchain-based platform consisting of several key elements:
- Trading platform that allows trading both traditional assets and crypto assets
- Crypto wallet supporting more than 20 cryptocurrencies and allowing you to exchange cryptocurrency for fiat and vice versa
- Cryptocurrency exchange
- News portal providing financial news and analysis.
As you can see, there is nothing new, another trading platform. Maybe Eo.TRADE will be able to fight its share of the market, but it is too early to judge.
Development of EO.TRADE platform will start in July 2018 and will last until mid 2019. It is planned to obtain licenses for crypto payments and exchange in the 3rd quarter of 2018.
Soft cap of the project is 10 million dollars; hard cap is 100 million dollars. The intermediate milestones are also set. The components of Eo.TRADE will be developed as funds become available. The strategy seemed reasonable, but the fundraising goals are somewhat overstated.
Eo.TRADE is the brainchild of ExpertOption, a company registered in 2014. According to the project website, the company employs more than 100 people, more than 7.5 million customer accounts are registered on the platform.
The company launches an ICO to provide existing clients with additional opportunities to trade cryptocurrencies and attract new clients from the crypto community.
EO token is a utility token used for transactions within the platform. Also EO token will be traded on the Eo.TRADE platform. The owners of EO tokens will get a discount of up to 50% on the services of the platform.
In general the business plan seems to be quite adequate for projects of this kind.
The marketing strategy of the project is as follows.
The platform EO.TRADE will initially be promoted among existing ExpertOption clients. One of the main channels of promotion will be social networks, including specialized (Reddit, Bitcointalk, etc.).
Other important features of marketing strategy are affiliate program, referral program and airdrop.
The founders of the project associate their hopes with a strong marketing team of the project.
We can say that the marketing strategy of the project exists although it is not detailed.
It is mentioned in the White Paper the project team includes 30 people in 6 countries.
The project website contains information only about 5 core team members with experience in marketing, building of fintech platforms, investment banking industry, crypto investments, blockchain industry. The team's experience looks quite relevant to the project. The advantage of the team is that the team members already have experience of working together in ExpertOption. However, the team is too small and obviously needs expansion.
The Vision of the Market
The founders of the project provide general information about the volume of the cryptocurrency market and mention the existence of more than 200 crypto exchanges. It is mentioned that the existing cryptocurrency exchanges can't cope with the flow of new users who want to open accounts. The founders of the project consider this situation as a potential for Eo.TRADE.
But this information can't be called market analysis since the above theses are not supported by either analytical or statistical data. There is no analysis of the competitive environment. And it is very difficult to believe that several hundred crypto-exchanges can't cope with the influx of customers. Perhaps the fact that certain exchanges are so popular and deserve customer confidence is that new users want to register exactly on these crypto-exchanges.
Understanding of the Target Audience
The project team sees already existing clients of the company as the core of the target audience as well as crypto newcomers who need a simple and understandable interface. Those investors who own both traditional and crypto assets will be able to manage them on the same platform.
It can be concluded that the founders of the project have an understanding of the target audience. However, there was no analysis of the target audience by its socio-demographic, behavioral and other relevant criteria.
The founders of the project consider its advantages in the following:
- Powerful engine for fast transactions and KYC process
- Simple platform interface available by web, desktop and mobile app
- More profitable tokenized accounts
- Ability to convert cryptocurrency to fiat and back
- A large number of interface languages
- Ability to add new coins to be listed on Eo.TRADE
- The ability to manage both traditional assets and crypto assets on the same platform.
As you can see, competitive advantages don't look unique compared to existing trading platforms, but are formulated quite clearly.
The benefits of the project Eo.TRADE are the following.
- Project created on the basis of an existing company ExpertOption
- Project team emphasizes competitive advantages
- Adequate business plan and marketing strategy.
The disadvantages of the project are as follows:
- Banal idea of the project
- Highly competitive market
- There is no clear vision of the market.