Saifu Basic Review
|Start ICO||19 Feb 2018|
|End ICO||30 Apr 2018|
Ticker symbol: SFU Token
Project type: Platform/Banking
Extended company description: Saifu is a platform for buying, storing and using cryptocurrency.
Company: PAYMASTER a.s.
Public ICO start date: 15.01.2018
Public ICO end date: 11.03.2018
Token Sale duration (weeks): 7.85
Token type: ERC20
Token emission: 200,000,000
Tokens available (Pre-Sale + Public ICO): 130,000,000
- Scale-up: Marketing and Business Development
- Operational Development including:
- Technologies and infrastructure
- Licenses and Compliance
Price of 1 Saifu Token: 0.0001 BTC
Accepted payment: wire transfer for USD and cryptocurrencies: BTC, ETH, BCH, LTC, DOGE.
Token role: Functional
Team (number of people): 20
Advisors and partners (number of people): N/A
Twitter: Postings: 7, Subscribers: 29
Telegram: Subscribers: 974
Facebook: Subscribers: 125
Saifu is a licensed payment institution. It enables customers to open IBAN accounts for either crypto or fiat currencies. Saifu facilitates buying, selling, storing and using crypto and fiat with a high level of security.
Saifu offers the following services:
- Buying/selling cryptocurrency
- Currency exchange
- Topping up a Saifu account with a Visa or Mastercard from any bank.
- Salary payments
- IBAN accounts (International bank account number)
- Personal debit cards
- Payments and transfers in fiat currencies
Canopus - Partner in the field of automation of small and medium-sized banks, corporate treasuries, electronic payment systems, payment institutions, exchange of electronic currencies and money transfer system.
M&A PR studio - PR partner.
UX Design Agency - UI/UX design partner.
ICO Box - ICO partner.
Overpriced Design - Brand building partner.
Thales - Security partner.
Advapay - Partner in the field of payments.
The flow (N/A)
- $1.7m (according to the team).
The Saifu project features experienced professionals in the fields of finance and cybersecurity.
Strengths of the project:
- The market for the project is developing dynamically.
- The project has already attracted $1.7 million.
- According to the roadmap, an MVP is ready.
Weaknesses of the project:
- Highly competitive environment in the selected market segment (however, the project claims that they have only 2-3 direct competitors in the entire segment).
- The project is not well-known (although the project claims that they have a list of customers).
- Overwhelming number of team members are involved in other projects.
Market and industry
According to blockchain.info data, the current volume for crypto transactions is about $3.6 billion per day. However, during the last month this has decreased due to a drop in demand for Bitcoin.
At the same time, the capitalization of cryptocurrency is $573 billion (as at January 22, 2018).
Juniper Research also predicts that digital payments will exceed $5 trillion by 2020.
[https://blockchain.info/charts/n-transactions?timespan=30days], [https://coinmarketcap.com/], [https://www.juniperresearch.com/researchstore/fintech-payments/strategies-for-payment-providers/opportunities-risks-competition]
Comments: The payment market is developing dynamically, which indicates an opportunity to occupy this market niche is present.
Bankera – A blockchain platform which enables making payments and transfers in fiat and cryptocurrencies, and has the functions of a commercial bank.
Crypterium – A crypto bank with contactless payments available to all customers.
Monaize - A blockchain-based electronic banking platform intended for freelancers, small and medium businesses.
Summary: Saifu’s differences from competitors include its possession of a small payment institution license from the Czech National Bank and compliance with European standards. Saifu offers a very secure way of storing cryptocurrencies via its partnership with Thales Security - a leader in banking security. None of the competitors currently have such licenses.
The project specializes more as a financial service; most platforms position themselves as banks.
Engineering features of the platform
The core of the system is an electronic money and payment platform.
The platform conforms to the following standards:
- EU E-Money Directive - 2009/110 / EC;
- EU Payment Services Directive - 2007/64 / EC;
- IFRS standards.
Saifu have developed the security of their platform, and use Thales technologies to provide arguably the most secure method on the market for storing cryptocurrencies.
In the interests of protection, there are two types of bank account available:
- Customer account - used to store customers’ funds
- Operating account - used for operating funds and payments.
More details of security measures are provided in the white paper.
Online banking and mobile bank user Interfaces have been developed to provide customers with a familiar and intuitive experience, so they can use cryptocurrencies immediately without having to learn to operate unfamiliar technology.
The platform is aimed at ordinary users and businesses.
Saifu has the following facilities:
- Account creation.
- For users: The ability to store traditional money and cryptocurrency, the ability to exchange, convert, and bind existing cards, issue of Saifu cards.
- For business: The storage, exchange and transfer of currencies; payment of salaries to employees.
Comments: According to the team, Saifu is already functioning and has clients (in limited beta testing).
A mobile bank has been developed.
The project has a license from the National Bank of the Czech Republic (CNB).
In the future with the development of the technology and data it is planned to implement the following features:
At the development stage:
- For companies:
- setting up services that help companies store and use both crypto and traditional currencies for their business operations.
- creation of payroll programs for enterprises both in crypto and traditional currencies.
- issuing Saifu debit cards associated with Saifu business accounts.
- For individuals/consumers:
- creation of a new platform.
- enabling mobile payments, including:
- Apple Pay
- Android Pay
- Samsung Pay
- issuing Saifu debit cards associated with Saifu customer accounts.
- For general operations:
- Further development of a trading robot: use of artificial intelligence (AI) and big data.
After the ICO:
- For banks:
- Creation of an interbank platform for clearing operations with crypto currency as a service for banks.
- For consumers and enterprises:
- Introduction of deposit accounts.
- For general operations:
- Implementation of open API.
Comments: According to the team, the platform is ready and is being tested. The official version will be released in Q1 2018. The code is not disclosed for privacy reasons. [https://saifu.ai/coming-soon.html]
We have analyzed the Saifu website and documentation for sufficiency and consistency for making an investment decision.
The website also provides information about the project, frequently asked questions, benefits for individual and business users, and about the team. The website is presented in English. The website features a question and answer column.
Summary: The documentation enables forming a comprehensive view of the project. Platform functions are described in sufficient detail.
Tokens issued for sale %: 65
Public ICO start date: January 15, 2018
Token type: ERC20
Accepted payment: wire transfer and any of the following currencies: USD, EUR, BTC, ETH and other
Price of 1 Saifu Token: 0.0001 BTC
Crowdsale duration: 7 weeks, until March 11, 2018
Saifu tokens are used to pay all transaction fees on the website and the Saifu application.
Token limitation: 200,000,000
Advantages for token holders: the tokens are functional, which allows users to either sell them or use them for accessing the platform’s services.
The purchase and holding of tokens also enables receiving large discounts through the Saifu reward system.
Additional token emission: N/A
Max goal: $ 49,000,000
Min goal: $ 10,000,000
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 built in such way that it is more profitable to buy tokens earlier.
Summary: According to the development plans, the team will focus on obtaining licenses and the technical development of the platform. Unfortunately, there is no information about scaling or marketing strategy, and the plans are not tied to time intervals.
The management team consists of 5 people. Information about the main team members based on LinkedIn is given below:
Alexander Legoshin (Linkedin) - Chairman of the Supervisory Board, Co-founder. Member of the Advisory Board at Rīgas Gāze A.S., PAYMASTER A.S., Managing Partner at Metropolitan International Group, previously: owner of ADVERTIS RUS.
Evgeny Vigovsky (Linkedin) – COO and CTO, Co-Founder. Head of Kaspersky DDoS Protection; has been working at Kaspersky for about 10.5 years.
Zach Murray (Linkedin) - Head of Communications. CEO and Co-founder of Bonehill Capital, previously specialist in the sale of institutional shares at Finam.
The team has 2 people in addition to the above.
Summary: Only the co-founders indicated their affiliation with Saifu (+2 mentioned below state their affiliation with Paymaster A.S., the Saifu legal entity). The team also includes the following specialists:
+Head of Back office - Linkedin
+Head of Legal - Linkedin
Information about the project is available via popular services such as Twitter, Telegram, Reddit, Facebook and BitcoinTalk. The project has a bounty program.
The team is active on social media, and project news is regularly updated on Twitter and Facebook.
The format of articles available on the project shows that they were written mainly to order.
Comments: Interest in the project is gradually growing. The marketing campaign is being developed mainly on Facebook and Twitter. However, we note that most of the traffic is currently obtained via ad clicks.
Traffic analysis of the Saifu website based on Similarweb.com data showed the following: Similarweb
Comments: direct link: 35.67%, referrals: 0%, search: 13.51%, social media: 19.78%, mail: 0%, display: 31.03%
Search traffic: 13.51%, 11.78% of which is "organic"
Referral links: 0
Analysis of activity on the Saifu website based on BE1.ru data showed that:
Traffic sources: [https://be1.ru/stat/ico.saifu.ai]
Top 5 countries for visitors are: Russia - 51.08%, Netherlands - 11.63%, Spain - 6.98 %%, Poland - 5.76%, Slovenia - 3.36%
Traffic analysis of the Saifu website based on analysis data showed the following:
Traffic sources: [https://a.pr-cy.ru/ico.saifu.ai/]
Activity: views: 23,880, visitors: 5966
Summary: Based on available data, it appears that users have just started to show interest in the project. The team is conducting an advertising campaign via Twitter and Facebook, and communicates with interested users on Telegram. There are published articles available. Over the past month, website traffic has increased by 30,000 people.
The developers may be contacted using the links below:
The information contained in the document is for informational purposes only. The views expressed in this document are solely personal stance of the ICOrating Team, based on data 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.