Umair SiddiquiICO team member replied on 22 Jul 2019
Hi Igor, we understand there may be some confusion that has led to your review. First, the MVP is actually available and it has been the case since January. It’s shown during private viewings for large investors. For reasons of proprietary information and to boost our competitive edge when we go to market in December this year, we will delay showing the workings of the exchange to the general public until the testnet is open in Q4.
Second, BitOrb has a native security token that provides benefits to token holders. As such, a security token requires at minimum, KYC and AML checks for each and every investor. Unlike an ICO, our STO provides investors with an underlying asset that links their token valuation to the performance of the exchange via future profit sharing. As you would know, security tokens or digitised securities as they are legally identified, is fast becoming the next evolution of the digital asset market. The other attraction for investors is that it is a regulated market. Unbeknownst to many, there are restrictions as to who can buy tokens and in some jurisdictions even advertising is limited. So a whitepaper request is necessary in some countries such as to comply with local regulations. Our experience and expertise on the matter has led us to host abridged versions of the BitOrb (restricted to certain materials) website in selected nations.
Third, we are offering tokens to those who invest so that we can build a war chest for our marketing and expansion campaigns in 2020. Actually we don’t have a soft cap, but was required to put one for icobench. Regardless of our STO raise, the exchange will go LIVE in December. The more we can raise the better, and even if we raise only 5% of our target, we are still able to use those funds effectively for user acquisition.
Fourth, we do refer to competitors in discussions and presentations, but we think it is inappropriate to place any competitor names within our whitepaper. Not all of our team members are from the cryptocurrency industry, but together we have a lot of knowledge and experience to know that we must maintain professionalism across everything that we publish.
We like independent reviews and we do not pay anyone for ratings. Although your review score has lowered the overall rating, there are two things we want you to know:
1. We encourage you to reach out to us and we can do an AMA and show you our exchange in development today.
2. Icobench gave a rating of 4.9. We have met many of its requirements and we have another popular rating site that is giving us a high rating as well. We had to do an AMA with them and show our MVP. Perhaps you will rate us better if you got to know us.
Second, BitOrb has a native security token that provides benefits to token holders. As such, a security token requires at minimum, KYC and AML checks for each and every investor. Unlike an ICO, our STO provides investors with an underlying asset that links their token valuation to the performance of the exchange via future profit sharing. As you would know, security tokens or digitised securities as they are legally identified, is fast becoming the next evolution of the digital asset market. The other attraction for investors is that it is a regulated market. Unbeknownst to many, there are restrictions as to who can buy tokens and in some jurisdictions even advertising is limited. So a whitepaper request is necessary in some countries such as to comply with local regulations. Our experience and expertise on the matter has led us to host abridged versions of the BitOrb (restricted to certain materials) website in selected nations.
Third, we are offering tokens to those who invest so that we can build a war chest for our marketing and expansion campaigns in 2020. Actually we don’t have a soft cap, but was required to put one for icobench. Regardless of our STO raise, the exchange will go LIVE in December. The more we can raise the better, and even if we raise only 5% of our target, we are still able to use those funds effectively for user acquisition.
Fourth, we do refer to competitors in discussions and presentations, but we think it is inappropriate to place any competitor names within our whitepaper. Not all of our team members are from the cryptocurrency industry, but together we have a lot of knowledge and experience to know that we must maintain professionalism across everything that we publish.
We like independent reviews and we do not pay anyone for ratings. Although your review score has lowered the overall rating, there are two things we want you to know:
1. We encourage you to reach out to us and we can do an AMA and show you our exchange in development today.
2. Icobench gave a rating of 4.9. We have met many of its requirements and we have another popular rating site that is giving us a high rating as well. We had to do an AMA with them and show our MVP. Perhaps you will rate us better if you got to know us.
