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ModulTrade Basic Review

The Project

Name: ModulTrade

Ticker symbol: MTRc

Project type: Fintech

Extended company description: ModulTrade is a decentralized blockchain-based platform for B2B trade. The main difference in the platform from others is the provision of letters of credit on blockchain without the participation of banks.

Company: ModulTrade Ltd.


White paper

ICO details

Public ICO start date: 28.11.2017 [2]

Public ICO end date: 27.01.2018 [2]

Token sale duration (weeks): 8.6

Token type: ERC-20

Token emission: 100,000,000 [2]

Tokens available (Pre-Sale + Public ICO): 30,000,000

1 MTRc price: 0.001428 ETH

Accepted payment: Ethereum, Bitcoin, LA, Fiat

Bounty: Beginning of the program: November 10, 2017.

Token role: Functional


Team (number of people): 12

Advisors and partners (number of people): 11


Social media

Twitter: Postings: 68, Subscribers: 621

Telegram: Subscribers: 1883

Medium: Subscribers: 101

Linkedin: Subscribers: 49

Facebook: Subscribers: 2788

Project information

ModulTrade is a decentralized blockchain-based platform for B2B trade. The main difference with this platform is its provision of letters of credit on blockchain without the participation of banks. [1]

ModulTrade will provide the following services: [2]

  • the ability to trade worldwide
  • exchange of tokens (MTRc)
  • financing transactions in MTRc
  • assigning reputations to users
  • logistics
  • assistance in tax and accounting
  • insurance
  • custom brokerage
  • credit in MTRc for the purchase of goods and services

Project advisors:

Richard Ramos (LinkedIn) - CEO at Insight (2 years), Head of Airmis (6 months), Chief Operating Officer at Nuage Labs (1,5 years), Chief Executive Officer and Chairman of the Board at RBS (7 months);

Andrea Costantini (LinkedIn) - Financial director at Agrati Group (6 months), vice president at Agrati Group (about 2 years), financial director at d'Amico Shipping Group (about 8 years), Chief Auditor at Coca Cola (3 years);

Angelica Lips da Cruz (LinkedIn) - CEO and founder at ALDC Partnership (1,5 years), member of the board at Kreditfonden (2 months), Head of process management, services and transactions at SEB (about a year);

Dmitry Lazarichev (LinkedIn) - CEO and founder of Wirex Limited (3 years), co-founder of PelTrade (3 years), managing partner of SFH (5 years);

Kelvin Tan (LinkedIn) - Co-founder and chief investment officer at GTR Ventures (4 months), Deputy director of infrastructure, trade finance and capital markets Monetary Authority of Singapore (MAS) (1,5 years), Senior Investment, Infrastructure and Trade Finance Specialist at IFC - International Finance Corporation (2 years);

Valentin Preobrazhenskiy (LinkedIn) – Founder of LAToken (9 months), Founder and CEO of AIB Zalogo (4 years), Director Founder Institute (10 months), Managing partner of Avega Capital (4 years);

Sebastiano Picone (LinkedIn) - Head of sales and customer interaction at Moneyfarm (4,5 years), investment advisor at ECPI Group (4 years ), portfolio manager at Monte Paschi Asset Management (1 year);


Project partners:

Attracted investments: N/A


The project boasts experienced professionals and advisors from the blockchain community.

Strengths of the project:

  • The team includes experienced specialists in the field of finance.
  • The project has a working MVP (minimal viable product.)
  • The project is entering a high-growth market, that of smart contracts, popularity of which is growing steadily (including in small and medium-sized businesses.)
  • According to a representative of the project, the team expects to develop an open platform (unlike potential competitors) on which independent providers of near-trade and near-financial services will be able to operate.
  • The basis of the platform is the provision of letters of credit on blockchain without the participation of banks.

Weaknesses of the project:

  • A lack of a legislative base in different countries: when processing transactions businesses may have difficulties in accounting and legal matters.

Market and industry

According to an article published by Deloitte, the popularity of smart-contracts is growing rapidly. The innovative fund from Santander Bank, Santander Innoventures, expects that blockchain will reduce the annual cost of banking by $15-20 billion by 2022. According to McKinsey & Company and the World Bank, there are 130 million small and medium-sized enterprises in developed markets.

According to Gartner forecasts, the CAGR of e-commerce platform market will be more than 15% in the period from 2015 to 2020. [29], [30], [31]

The team expects rapid growth in global internet e-commerce (estimated more than 5 times - to 6.7 trillion by 2020). The market potential was estimated at 400 million active micro, small and medium-sized enterprises. According to estimates by McKinsey International Institute (2013), sales via digital channels can increase productivity by 6-15%. The team expects to cover three levels of enterprises (micro, small and medium) at once. [2]

Comments: The team presents a market analysis. However, the volume of the target audience is somewhat overstated. According to the project, the letter of credit on smart contract will add an element of trust to trade.


During our research, we have identified the following competitors:

  • Agrello - a platform that enables transactions using smart-contracts
  • Antz - a decentralized B2B trading platform
  • iisnap - a trading platform designed to eliminate problems and barriers between sellers and buyers

Also, we can add platforms such as Ailexpress and Amazon to this list.

Summary: There are already quite a few platforms using the same type of technology. The team cites the existence of its MPV and a wide range of services as an argument for its uniqueness.

However, according to a representative of the project, currently there are no b2b platforms with similar functionality in a pure form. These are the closest similar solutions.

Engineering features of the platform

The platform is built on blockchain technology using smart contracts (MTP): [2]


Technical​​ description

The main function of MTP will be to reduplicate banking instruments for financing trade, such as letters of credit (LC) and bank guarantees.

The process of interaction on the platform will occur as follows: [2]

  1. A buyer and seller make an agreement and create a smart contract in MTP.
  2. MTP blocks money on the buyer’s account to guarantee payment on delivery.
    • MTP instructs the bank to reserve funds on the buyer's account / credit card OR
    • MTP reserves funds in cryptocurrency in the framework of the smart contract.
  3. The seller sends the goods via logistics company and sends a tracking number to MTP.
  4. MTP pays the seller upon receipt of goods by the buyer (tracking of delivery corresponds to the address of the buyer indicated in the smart contract.)

Comments: MVP is available [32]


Technical ​​roadmap

In the future, with the development of technology and data capacity, it is planned to implement the following: [2]

  • January 2018 - introduction of a letter of credit function for making transactions.
  • 2018
  • introduction of additional services: logistics, insurance, tax and accounting activities.
  • introduction of financing transactions subject to good reputation.
  • marketplace development.

Comments: The roadmap presents a step-by-step platform development. However, there are no clearly defined time intervals for the introduction of described functions.

There are 4 public modules in the open repository:

  • misc.
  • documents – the WP in English.
  • media-kit - logo, brand assets and legal recommendations.
  • contracts - modultrade contracts.

Repository screenshot:

Comments: The ModulTrade smart contract can be seen in the open repository: https://github.com/ModulTrade/contracts.


We have analyzed the ModulTrade website and documentation for sufficiency and consistency for making an investment decision.

The documentation includes the white paper, Token Sales and a One Pager. The documentation is presented in English only. The project is described in sufficient detail in the submitted documentation. [2]

The website also provides information about the project, token distribution, the staging of a public ICO, the team, its partners and roadmap. An additional feature of the website is information on the purchase of tokens and links to the current product. The website is also translated into Chinese. [1]

Summary: The documentation enables a comprehensive view of the project.


Tokens for sale, % 30%

Public ICO start date: November 28, 2017

Token type: ERC-20

Accepted payment: Ethereum, Bitcoin, LA, Fiat

1 MTRc price: 0.001428 ETH

Crowdsale duration: 8 weeks, until January 27, 2018

MTRc token is the main currency of the platform used to pay for ModulTrade services and for settlements between platform users. Commission for operations will be 1% of the transaction amount.

Token limitation: 100,000,000

The advantages of token holders: limited tokens, functional tokens which allows using the services of the platform or sell them.

Max goal: 30,000,000 MTRc

Current amount: ~$1,577,219

Token sale is implemented in several phases:

Comments: Additional emission after the ICO is not provided. The team is planning to publish a quarterly report on MTRc’s rate and the use of MTRc on the website. [2]


Link: https://bitcointalk.org/index.php?topic=2385099.0

% Distribution:

  • The project allocates 0.7% (700,000 MTRc) of all tokens to the bounty;
  • the program is open for the following areas:
  • Twitter Campaign - 15% (105,000 MTRc)
  • Facebook Campaign - 15% (105,000 MTRc)
  • Blog Campaign - 15% (105,000 MTRc)
  • Youtube Campaign (N/A)
  • Telegram - 5% (35,000 MTRc)
  • Modular Subscriptions BitcoinTalk - 30% (210,000 MTRc)
  • Transfers and moderation - 20% (140 000 MTRc).

Summary: The project has an extensive bounty program. All the conditions of the program are detailed by link. The bounty program will be running until the end of the ICO (January, 27).

Token and capital distribution

Tokens and capital are distributed according to the following scheme:

Summary: Tokens do not affect the distribution of shares in the company. The incentive system is set up such way that it is more profitable to buy tokens earlier.

Development plans

  • 2018 - 2019
  • launch of the platform in the UK, Germany and Italy.
  • launch of the platform in three developing countries of Europe/
  • entering the market for three Asian countries.
  • entering the Chinese market.
  • entering the US market.

Summary: The white paper describes the project’s scaling strategy. However, there is no information on marketing activities or methods to attract users.


The team consists of 12 people and 11 advisors. Information about the main team members based on LinkedIn is given below:

Evgeny Kaplin (LinkedIn) - CEO and co-founder. Experienced specialist in management, economics and finance. Former Engagement Manager at McKinsey & Company, Managing Director, Deputy Head of Trade Finance and Financial Institutions at Sberbank, economist and senior economist at Gazprom and Gazprombank respectively, senior trader at Cargill (7 years);

Jean Chaanine (LinkedIn) - Co-Founder and Chief Operating Officer. CEO and co-founder of SMART DECISION. Former Head of the Telecommunications and Mobility Group at SODEXO (8 years), Senior Partner at ITCAL (16 years);

Karthikeyan Kaliyaperumal (LinkedIn) - Co-Founder and Technical Director. Experienced database architect and supervisor. Has experience as CEO and co-founder of GBS-Tek, Senior Architecture Manager (SRT) at Charles Schwab, Enterprise Architecture Leader in Nielsen, The CBOE's Trading & Reporting Platforms;

Fedor Sapronov (LinkedIn) - Co-founder and chief manager of business development. Has experience in the field of banking and investment since 2000. Worked as a top manager in large funds and banks such as Alfa-Bank, Sberbank of Russia, Gazprombank, Metalloinvest;

Marco Rosso (LinkedIn) - Co-founder and senior product development manager. The chief risk specialist at Banca CIS - Credito Industriale Sammarinese. Former Risk Manager at SCUDO INVESTIMENTI SG SPA, Senior Manager at Ernst & Young (about 13 years);

Alexei Katrich (LinkedIn) - Co-founder and senior manager for product development and marketing. Director of Sales, Deputy General Director at Technoserv Consulting. Former leader of the consulting sector in Russia and CIS in the field of finance at IBM, managing director of Sberbank and TRUST bank;

Team has 6 more people.

Comments: More than half of the team did not indicate their affiliation with the project. In addition, many are engaged in other activities.

Summary: On LinkedIn 6 people indicate their affiliation with the project, but more than half of the team did not indicate their involvement. In addition to listed participants, the team also has a front-end and back-end specialist, blockchain specialist, product development managers, a designer and an IT specialist.


Information about the project is available on Twitter, Facebook, Medium, Telegram, Reddit and BitcoinTalk. There is a bounty program.

The project is active on social media. Twitter, Facebook and Medium regularly update news. The team communicates with users via Telegram. The format of articles about the project shows that they are written mainly to order by the project.

Comments: Interest in the project is at fairly high level. The basic marketing campaign is set on Twitter and Facebook. In addition, the team maintains a blog on Medium. [1]

Analysis of website traffic based on Similarweb.com data showed the following:

Comments: The overwhelming amount of traffic goes via direct link (36.39%), as well as via referrals (49.50%).

Search traffic: 6.73%. 100% - “organic” traffic

Referral links: 49,50%

Comments: Due to the lack of public data on website traffic, it is impossible to say unequivocally how popular the website is. However, according to Alexa.com, it seems that the website is most popular in India, Vietnam and Russia. [33]

Summary: According to the available data, it can be concluded that users are actively interested in the project. The team conducts an advertising campaign on social media (Facebook, Twitter), maintains a blog on Medium, communicates with users on Telegram and participates in conferences. There is support from the press.


The developers may be contacted using the links below:










The information contained in the document is for informational purposes only. ICORating received monetary compensation from the entity rated in this report for completing the ratings report. However, the entity rated in this report did not have the opportunity to approve this rating report before the report was published, nor did the rated entity have the opportunity to edit or remove this report once it was published. The views expressed in this document are solely those of the ICORating Team, based on data obtained from open access and information that developers provided to the team through Skype, email or other means of communication. Our goal is to increase the transparency and reliability of the young ICO market and to minimize the risk of fraud. We appreciate feedback with constructive comments, suggestions and ideas on how to make the analysis more comprehensive and informative.