Azbit is a banking institution and cryptocurrency exchange that recently announced an ICO. Find out everything you need to know about Azbit today in our review.
What Is Azbit?
Azbit, found online at Azbit.com, is an online trading platform that comes with built-in margin trading and algorithmic trading tools. The exchange also has an investment platform with copytrading, SAMM accounts, and portfolio management tools.
A pre-ICO Azbit tokens begins on July 1, 2018.
The main idea behind the Azbit project, according to the official website, is to bring traditional financial and investment services to the cryptocurrency industry under a single ecosystem.
Unlike many other ICOs, Azbit has a minimum viable product (MVP) already available online. You can check out the MVP here: https://bitsane.com/. That MVP is a full-featured cryptocurrency exchange called Bitsane. It’s a working exchange originally launched in 2016. Azbit describes it as their MVP because they seek to eventually launch a cryptocurrency exchange combined with a banking institution and investment form – so Bitsane is just one part of that goal.
Let’s take a closer look at how Azbit works and what differentiates it from other platforms.
How Does Azbit Work?
Azbit aims to offer three core functions through its platform, including a banking institution, a cryptocurrency exchange, and an investment platform from a single convenient dashboard:
Azbit aims to create a bank institution that fully complies with banking legislation. The goal is to create a system that meets “the pressing need that other blockchain projects and private individuals have for traditional banking services, while fully complying with banking legislation.” In other words, crypto users can access a full-featured, legal bank catered to their unique needs.
Azbit’s team has already launched a cryptocurrency exchange. That exchange has been operating successfully and growing since 2016 (you can view the exchange at Bitsane.com). Azbit will use their experience and the foundations of this exchange to add crypto functionality to their upcoming platform.
Azbit’s investment platform will be one of the key features of the project. Successful traders can use Azbit to work independently or in cooperation with funds to setup investment accounts and raise funding. Investors, in turn, can analyze the activity and profitability of accounts and make investment decisions with confidence.
As mentioned above, the goal is to combine traditional financial services with the cryptocurrency industry, allowing crypto holders to access the traditional features of a bank while enjoying the benefits of crypto.
Azbit’s core features include its banking institution, its cryptocurrency exchange, and its investment platform. Each of these comes with its own unique features, including all of the following:
Algorithmic Trading: Azbit will support algorithmic trading, allowing users to write trading bots using a built-in scripting language. This will allow for the automation of trading strategies of almost any level of complexity. Users can independently create programs to perform autonomous trading on an exchange using a set of algorithms. Azbit believes that, in the future, bots will support a significant volume of trading operations.
Algo Market: The Azbit algo market will be a special online market where users can trade bots, scripts, and market indicators. Users can buy and sell off-the-shelf trading bots, and developers can earn money by creating algorithms. Investors can purchase algorithms to earn a consistent, passive income.
API Access: Azbit will allow developers to integrate wallets, electronic payment platforms, and investment products into the Azbit platform by providing private labeling and API access. Using APIs, developers can add Azbit’s functionality directly into their applications.
Electronic Payment System: Azbit has an electronic payment system that will provide support and processing for all online and cryptocurrency payments, then offer additional services like instant exchange, a P2P debt platform, and P2P lending backed by your crypto portfolio.
Multi-Currency Crypto Wallet: Azbit will have a multi-currency wallet that will use banking infrastructure to hold funds in cold storage with bank-grade security, including offline servers “in a separate secure building belonging to the bank institutions.” Azbit’s crypto wallets will also be available as a standalone product for the B2B market.
RAMM and SAMM Accounts: Azbit will support Share Allocated Money Module (SAMM) and Risk Allocation Money Module (RAMM) accounts. You can share allocate a portion of your portfolio to these accounts, which will cover things like forex, stocks, and crypto trading.
Portfolio Management Accounts: Azbit will have portfolio management accounts apart from its RAMM and SAMM accounts.
The Azbit ICO
The Azbit pre-ICO begins on July 1and ends on July 31st, 2018. The company has set a target of $5 million for the pre-ICO.
The total token sale, meanwhile, has a soft cap of $10 million and a hard cap of $129 million. The main ICO will take place from September 1 to October 15, 2018.
Tokens are sold at a price of $0.06 during the token sale.
As mentioned above, Azbit already has an MVP of its platform available online at https://bitsane.com/. Bitsane is a working exchange launched in 2016.
Making things slightly confusing is that Azbit is holding one ICO for two tokens that will be used on two exchanges. However, you only buy one token, and the other token will be airdropped to you after you hold the first token.
The first exchange is Azbit Pro Exchange, which will use Azbit Shares tokens, or AZS. This exchange will operate in the EU under an EU-based parent company. It will offer fiat currency trading, margin trading, and algo trading, with tokens sold via the ICO.
The other exchange is Azbit Global Exchange, which will use Azbit tokens, or AZ. This exchange will operate in Central America under Central American jurisdictions. It will not offer fiat currency trading, although it will offer 1:1 margin trading and algo trading. The AZ tokens used in this exchange will be distributed via an airdrop. AZS token holders will receive AZ tokens via airdrop free of charge.
Both exchanges will offer SAMM, RAMM, and portfolio management as investment products.
How Do Azbit Tokens Work?
Azbit Shares (AZS) token holders will receive 30% of the profit of the entire Azbit ecosystem.
In addition, AZ token holders will receive a discount on commissions, including a discount of 75% the first year, 50% the second year, 25% the third year, and 10% the fourth year.
Of the total supply of 4.3 billion tokens, 50% is available during the token sale while the remainder is split among the founders and team (37.5%), angel investors and advisors (10%), bounties (2.5%) and bonuses (2.5%).
Azbit plans to monetize its platform with various fees. Those fees include all of the following:
- Exchange Commissions: 0.1% fee per transaction
- Investment Platform Commissions: 5% success fee
- Mining Pool Commission: Fixed 0.25% PPS
- Margin Trading Commissions: 0.1% fee per transaction
- Electronic Payment System Commissions: TBD
- Bank Commissions: TBD
Who’s Behind Azbit?
Azbit was created by a Tallinn, Estonia-based team. The company was founded in February 2018. Key members of the team include Sergei Ermolitski (Chief Executive Officer), Mikhail Ermolitski (Co-Founder), Igor Kostyukovsky (Chief Technology Officer), Maksim Zmitrovich (Chief Marketing Officer), Azam Khodzhaev (Chief Communication Officer), and Dmitry Nenashev (Chief Operating Officer).
Azbit is a full-featured banking, investment, and exchange ecosystem for cryptocurrency users. The goal is to create a highly-functional ecosystem where investors can trade cryptocurrencies, access investment products (including SAMM and RAMM accounts), and enjoy modern banking services.
Azbit just announced its token sale. The pre-sale is scheduled to begin on July 1, with a main ICO scheduled for September 2018.