FintruX Rating Review

Stable

Investment Rating

Expire date: 28.05.2018


We assign a Stable rating to the FintruX project. We do not make recommendations regarding FTX tokens; we think that investors should decide whether to participate in the ICO themselves, after analyzing the project’s documentation and this review.

FintruX is a fintech project; it is a platform that connects lenders and borrowers (P2P lending). The project is well developed; an MVP has already been presented which is of course a positive factor. The team’s competence seems quite high.

Financial models, key competitive differences or tokenomics have not been publicly released; however, financial models exist and have been provided to ICORating.

Unfortunately, at the time of this report these financial models are not yet reviewed and therefore readers should take this lack of public information into account.

FintruX is a financial platform enabling liaison between lenders and borrowers (P2P lending) when issuing unsecured loans. The platform provides services for multi-level collateralization by creating several different levels of reserves, KYC, due diligence, the rating and scoring of borrowers; according to the founders, the platform acts as a guarantor of loan repayment. Loan agreements are in the form of smart contracts on the Ethereum blockchain.

First of all we will explore the essence of the FintruX service.

Credit or credit relations are financial or commodity transactions between individuals, credit institutions and other subjects of economic relations. The essence of credit is the movement of capital. A lender, failing to find another use for funds leases them to a borrower, with a subsequent refund and a payment for use.

The basic principles of lending are serviceability, chargeability, maturity and differentiation. Сhargeability means that a loan should be returned to the lender, serviceability means the lender should receive profit from the transaction, maturity means that the transaction is time critical, differentiation means a special approach to each debtor. A loan is usually treated as a loan in cash. A loan is also the receipt of money, securities or property in debt.

The creditor (lender) is a party in a credit relation offering money for temporary use. The borrower (the lendee, the debtor, the borrower) is the receiving party, obliged to return the money on time with interest. A loan agreement is a written agreement between the parties. Credit rating is a system that enables differentiation of borrowers by the main criterion of financial solvency. Credit risk is the creditor's risk of investing money and not getting some or the entire amount back.

Traditional credit functions:

  • Redistributive. In the event that there is a surplus at the enterprise level, it can be used to maintain a friendly enterprise at the state level - assistance to the union country at low interest.

  • Accumulation. Collection of assets and capital for a serious contribution or a large purchase.

  • Encouraging treatment. Development of bank instruments - virtual accounts or cards. Often a person not holding money physically receives funds on credit and can even return them.

  • Reproductive. This allows using additional funds for the production cycle (purchasing raw materials, processing, selling goods and paying off the proceeds).

  • Incentive. Enables organizing of the production process from scratch, without own assets.

  • The role of loans for creditors is an increase in free capital, for the borrower it will be an increase in turnover and the creation of a monetary reserve.

  • In the case of FintruX we are interested in the classification of collateral:

  • Unsecured. These are loans without collateral - unsecured loans without guarantors.

  • Partially secured. For example, if the collateral covers only part of the funds needed for repayment or a guarantor (backer) vouches for the payment of only a part of the debt.

  • Secured. Precluding a loss of funds by the creditor: Pledges, bank guarantees or a guarantee from one or more people - making the terms of a loan more accessible.

It is obvious that FintruX’s financial service will involve organizing the provision of unsecured loans as well as loans with partial collateral. At the same time, guarantees will comprise attracting a guarantor and a partial reservation of a creditor's funds for the issue of a loan, but also two reserve funds for platform: A cross-collateral insurance fund (in 99% cases) and a fund for unforeseen situations. Thus, we will discuss loans collateralized by the platform. Of course due to legal reasons FintruX is going to substitute concepts, calling the platform product "unsecured loans".

FintruX is a platform for P2P crediting. P2P refers to "peer-to-peer", "person-to-person lending" or "social lending". This term refers to the issuance and receipt of loans by individuals directly without using traditional financial institutions (banks, the state, credit unions, exchanges and other elements of the financial infrastructure) as an intermediary. Typically, P2P lending is implemented using specialized portals where a user can act either as lender or borrower.

The key characteristics of P2P lending include the following:

  • Loans are provided on commercial terms

  • Possible lack of communication or any prior relations between lenders and borrowers

  • The mediation of a specialized credit organization

  • Economic transactions implemented online

  • Lenders can choose which loans they want to invest in

  • Loans are not secured and are not protected by the terms of state insurance, the regulator of the credit market

  • In some cases, loans are securities that can be sold to other creditors

P2P lending differs from the activities of cooperative banks, credit cooperatives, savings associations, construction savings banks, mutual savings banks and other similar non-banking mutual insurance societies, in that lenders and borrowers are not owners of a financial intermediary. They are not granted a right of membership or the right to vote in determining financial and administrative objectives of the organization; the roles of borrowers and creditors and the role of the owner are clearly delineated. Borrowers, creditors and owners can be completely unrelated (whether this be by location, staff, religious or professional background). Current expenses are covered not only by client contributions but also by investments from private individuals. Such organizations cannot be called non-commercial or non-profit since their function is precisely the maximization of profits. The characteristic distinguishes equitable lending from charitable organizations and institutions linking donors and recipients of financing directly, as well as from co-financing and crowdfunding enterprises which, like creditors who provide equitable loans, also create links between financing organizations and recipients of loans but only on a non-commercial basis. P2P lending differs from microcrediting in that loans are granted to people with verifiable credit history; a loan amount may be more than a micro loan; although no collateral is required this does not mean that its existence is excluded. Compared with securities markets, P2P lending is characterized by less volatility and less liquidity.

Only companies (legal entities) can participate in this process. P2P lending differs from traditional lending in its increased level of risk, since in most cases it is impossible to check the credit history of the borrower and conduct qualitative scoring. Accordingly, the rates for such loans are relatively high, which makes them similar to rates set by microfinance organizations. Lenders can reduce risk of the non-return of funds, issuing many small loans to different borrowers (diversification, limit determination).

Rates for P2P loans can be either fixed or determined on the basis of a reverse auction. In that case, the potential borrower sets a maximum rate for which he agrees to take out a loan and potential lenders effectively compete to offer the lowest rate.

The founders say that the creation of a multi-level credit support system (a system of funding) will significantly reduce lending rates, and the lack of costs involved in issuing a loan (doing business) will provide advantages over traditional types of insurance.

FintruX does not provide specific calculations or examples of interest rates on loans issued on other platforms. Given the strong financial background of the founders though, such calculations are likely to exist. The partial financial security system will reduce the risk premium in the structure for rates. Nevertheless, it is obvious that deductions to the collateralization system and allocation will increase this rate.

Platforms that organize P2P lending receive income from fixed payments by borrowers or in the form of a small percentage of the amount of loans levied both by borrowers and lenders. Additional income for FintruX will consist of the profit from placement of the collateralization fund.

Note that the process of issuing a loan on FintruX will be maximally standardized and simplified for both borrower and lender. Creditors are rated; their credit history is maintained (the creditor's creditor history is also present); DD and KYC procedures are conducted.

Another typical but no less strong advantage for blockchain-based fintech projects is loan tokenization or the conclusion of a smart contract.

Advantages in making payments using a smart contract are obvious:

  • A non-cash form of contract conclusion which enables creditor and borrower to determine the terms of a smart contract in accordance with their wishes and draw up a list of conditions that confirm fulfillment of obligations by the seller.

  • Compliance with the terms of the smart contract is controlled by third parties i.e. the platform.

  • In the process of secured settlements, the platform makes payment in favor of a seller only upon submission of properly executed documents that fully meet the requirements of the smart contract.

  • The possibility of changing the terms of the transaction; changing the conditions or rejecting the transaction can only be by mutual consent of buyer and seller.

  • Reliability of settlements under the transaction exists, regardless of the financial condition of borrower and lender on the settlement date.

  • For large cross-border transactions there is no need to involve large amounts of cash in circulation and worry about the integrity of financial structures that ensure their transfer.

  • If the transaction for some reason does not take place, funds will be fully returned to the creditor.

  • A smart contract can be opened for any period which can be prolonged.

FintruX offers customization and individual modular setting of the smart contract.

Thus FintruX is a platform for P2P crediting based on smart contracts on blockchain.

Regarding legal documents, the location of the project is supposedly Singapore; however, registration documents are not provided.  Terms and conditions are displayed on the website.

Website for FintruX

Website for FintruX Pre-ICO

White paper

Telegram

GitHub

BitCoinTalk

BitCoinTalk Russian

Facebook

Twitter

Medium

ICO

Pre-ICO

Start date: February 7, 2018 5:00 PM UTC

ICO end date: February 28, 2018 5:00 PM UTC

Hard cap: 25,000,000 USD (50,000 ETH)

Soft cap: 1,500,000 USD (5000 ETH)

Token: FTX

ICO price: 1 FTX = 0.00066667 ETH (1 ETH = 1500 FTX)

Accepted payment: ETH

Total emission: 75,000,000 FTX (including bonus up to 10%)

Important! Residents of the following countries are not eligible to participate in the token sale: Afghanistan, Bosnia and Herzegovina, Canada, Central African Republic, Crimea, Cuba, Democratic Republic of the Congo, Democratic People's Republic of Korea, Eritrea, Ethiopia, Guinea-Bissau, Hong Kong SAR, Iran, Iraq, Libya, Lebanon, New Zealand, People's Republic of China, Somalia, South Sudan, Sudan, Syria, Sri Lanka, Tunisia, Uganda, United States of America, Vanuatu, and Yemen. If you reside in New York State in the United States of America, you are not entitled to participate in the token sale due to state regulation.

2 types of bonuses:

Before achievement of the soft cap (time bonus) the current bonus is 10%.

Volume bonus:

Use of funds:

Token distribution:

In this section we pay attention to the technical aspect of services offered by the project.

FintruX is an automated administration platform for issuing loans with a number of services involved in the process of structuring the issuing of a loan. The FintruX platform enables connecting borrowers and investors via a "personal account" service (available in alpha mode), allowing them to customize and generate each contract in real time.

Technically, the platform eliminates the need for a credit infrastructure and provides convenience, acceleration and full automation, thereby increasing relative efficiency and reducing manual processes when issuing loans. Investors can save significant labor costs associated with the administration of the contract.

The functioning of FintruX is built on the Ethereum blockchain, which provides protection for the smart contract concluded on the platform. The data warehouse is using MS SQL Server technology; dynamic storage uses Firebase.

In general, the development of the technical aspect is at a very high level; the project has been significantly invested in financially and in terms of development. Undoubtedly the founders get the credit for this. Clearly the high level of technical development has led to serious financial investment, so the investor is not "buying" an empty shell and know-how but a tangible technological achievement.

The next thing to discuss is the means of assessing quality of borrowers. The team states that this service will ready shortly and will include scoring, rating and assessment of funding capabilities and provide advice (credit scoring) as a product. The service will be regulated by big data analysis and professional partners. The following companies are among the potential partners:

  1. Consumer market research in the US (scoring): Experian, Equifax, TransUnion.
  2. Consumer market research in Canada (scoring models): Equifax Canada, TransUnion Canada.
  3. Consumer market research in the UK (scoring): Experian, Equifax, Callcredit.
  4. Creditworthiness study (scoring) in Australia: CreditorWatch, D & B, Experian, Tasmanian Collection Service, Veda.
  5. Credit scores: FICO Score, VantageScore, PLUS Score, TransUnion, Experian National Equivalency Score, Equifax, CreditXpert, ScoreSense.  

It is also planned to use the methodology of the leaders in the credit rating market: Standard & Poor's, Moody's, Fitch Ratings, DBRS, Dun and Bradstreet, Bureau van Dijk and Rapid Ratings International.

However, the lack of more detailed information about this service indicates that its development is likely to be at the initial stage.

In addition to a service for the construction of smart contracts, risk assessment and personal account provision for investors, FintruX offer a fintech service for the internal provision of unsecured loans.

Reducing costs is one of the most important motives in tokenization. This is often done by improving the quality of loans and borrowers. In a smart contract concluded on a platform, FintruX automatically deduct a collateralization rate into mutual funds. Four cascading levels of collateral are solved as a result of these deductions:

1. Provision in the form of a 10% deposit, acting as an additional security. The quality of the loan is achieved via diversification; a 10% deposit is levied from each loan which automatically covers the risk of non-repayment of every tenth loan. If such a fund proves to be insufficient, the system passes to the next level of security.

2. A third-party guarantor (in the case of appointment) covers losses if the borrower defaults to the amount of excess over the reserve fund created under rule 1.

3. The cross-security pool provides additional insurance of 10% of each loan.

4. 5 million FTX tokens or 1.5 million USD are reserved to cover any losses incurred by creditors.

5. This is a comprehensive elaboration of the project’s infrastructure. Different services are in different degrees of elaboration; however in general, FintruX is determined in its principal aspects.  

Regarding the market for services offered by FintruX, the assessment of the global credit market by the founders should be mentioned. Nevertheless, despite the general movement of the lending market, we will focus on the P2P crediting market as well as on the carry trade market, which in our opinion will also be of interest in relation to the introduction of the FintruX platform.

Currently P2P crediting is a recognized financial instrument with great development potential. According to PricewaterhouseCoopers, eight out of ten banks expect to create strategic partnerships in the next 3-5 years with P2P services and digital money transfer platforms. According to Foundation Capital’s forecasts, the volume of the world market for P2P-lending will reach $1 trillion by 2025. In the white paper, the founders cite a more restrained assessment by JP Morgan, which is $150-490 billion by 2020.

P2P platforms became popular in the context of discontent with banks after the 2008 crisis. The inflow of bank investments and demand for non-bank loans ensured the explosive growth of this market. A good example: The well-known American platform Lending Club barely attracted $10 million of investments in 2007, but in 2014 the capitalization for the IPO was estimated at $5.4 billion.

With the popularity of P2P, the number of "gray" schemes will increase - from nominal P2P platforms (using their own funds and fictitious investors' data) to mass-market pyramid frauds. This is related to extremely weak development of the legislative framework; legislation is only episodic:

  • In the UK where the first P2P company appeared in 2005, the self-regulating organization P2P (P2PFA) has been operating since 2011.

  • In France, the Credit and Investment Control Committee (ACPR) controls the P2P market since 2010.

  • In the United States, registration of companies with Securities and Exchange Commission (SEC) has been taking place since 2008; the JOBS Act (Jumpstart Our Business Startups Act) has been regulating crowdsdale matters since 2012.

  • In Russia, the Central Bank has been conducting voluntary monitoring of P2P since 2015.

At the same time, evidence from practice shows that the issue of loans on P2P platforms does provide a rate reduction for unsecured loans.

Another important aspect that makes it possible to reduce the cost of borrowing on a global decentralized P2P platform is the possibility of generating income from interest rate differentials in various markets, so-called carry-trade.

National bank rates sureface:

Bank

Basic rate, %

Reserve bank of Australia

1.50%

IFRS

1.25%

National bank of Switzerland

-0.75%

ECB

0.00%

Bank of Japan

-0.10%

Central bank of New Zealand

1.75%

Bank of Canada

1.00%

Bank of England

0.50%

China

4.35%

India

6.00%

Hong-Kong

0.50%

Korea

1.25%

Taiwan

1.88%

Philippines

3.50%

Indonesia

5.00%

As we see, due to the difference in the policies of various banks, terms for a loan can differ significantly in geographic scale.

Thus we are talking about the potential market for the FintruX project. We usually discuss a project’s niche in the market and competition in "competitive advantages of the project" section. Nevertheless, we note that the breadth of the market is limited by the scope of the ICO and, consequently, by the amount of funds for creating token reserves in the case of token turnover power.

Information about the team and the project’s background, which is a positive aspect of the FintruX project, can be found at this link: https://www.fintrux.com/#team-section.

Nelson Lin – Founder and CEO of FintruX. MBA from Ivey Business School and Computer Science degree, has successfully worked on projects in the field of developing applications for lending in global organizations such as JP Morgan, AT & T Capital, Newcourt Financial, Hydro International, Banco Central Hispano, Trans Union, National Leasing, Securcor Financial Group , Spartan Compliance Services, Roynat Capital, Bank of Nova Scotia, Pacific & Western Bank, Versa Bank, Aileron Capital, Beacon Trust, Stonebridge Financial, CWB Maxium Financial, etc.

Conrad Lin – Co-founder, CMO - specialist in neuropsychology and social marketing. Conrad is responsible for long-term marketing goals and tactics.

Gary Ng – CTO. Skilled software developer with more than 25 years of experience in global banks

Aaron Hu - Front End Developer. Over 8 years’ experience in the development of custom software.

Douglas Thiessen - Blockchain Developer. Specialist with more than 14 years of experience.

Philemon Selveraj - Data Analyst. MBA with 13 years of experience in creating big-data systems for Fortune 500.

FintruX has also assembled a team of advisors in the field of blockchain technology, lending, law, start-ups and computer technology.

Among the declared partners for the FintruX project are important players such as Microsoft, Enterprise Ethereum Alliance, Robocoder Corp., Cynopsis Solution, Rintagy and Blockchain@UBC.

There is a certain ‘cult of the founder’ for FintruX; the quote "In the 80s, financing was implemented via fax; then we built a system using client-server technology to initiate and administer the financing of modem and private leased lines in the 90s. Later we rewrote the same application into an interactive web solution called Internet 2.0. Today we are embarking on a new way of financing in the Internet 3.0 format" is chosen as a slogan for the project.

The team is quite strong. We note the lack of influence of economists, lack of any financial model presented to investors and an inadequate elaboration of benefits for token holders as shortcomings. However, FintruX team intend to provide more details in documents for the business plan in Dec. 2017.

The roadmap is presented on the website and is divided into events by year:

We highlight the main milestones:

  • The prototype will be operational by Q1 2018.

  • The first clients will commence use of the platform in Q2 2018.

  • The full launch of the platform is planned for Q4 2018.

Thus, the roadmap horizon is quite standard, with approximately the same terms for development that we see in most ICO projects. An investor in FintruX needs to be prepared for the fact that infrastructural demand for tokens will only appear at the turn of 2018-2019.

We have discussed the plans for global expansion with the team. The project plans to launch in Canada and Singapore, then expand worldwide.

FintruX is receiving moderate publicity in relevant media. Nevertheless, despite its strong team, social marketing for the project is also moderate. On the one hand this is due to an early turn to project analysis (pre-ICO stage); on the other hand it is due to the lack of project background information.

Communications with potential investors are implemented via Telegram (9981 followers), Facebook (1000 followers) and Twitter (2000 followers). There is a channel on Medium and an account on Github. There is an official thread on Bitcointalk where activity is high – 93 pages.

Bounty campaign for the project – https://bitcointalk.org/index.php?topic=2101606.0

It is planned to spend 25% of proceeds from token placement on implementation of the marketing strategy.

 

The strategy itself is presented in a clear concise form; nevertheless, potential audience coverage for these targeted events could be quite wide. In general, given the substantial amounts invested in project infrastructure, the illustrious team and a good potential for growth, project marketing could have been stronger.

The first P2P company, Zopa, was founded in the UK in 2005. Since its inception it has issued loans to the amount of 278 million GBP; it remains the largest lender of this type in the UK, serving more than 500,000 customers.

In 2010, RateSetter became the first creditor to provide equitable loans which used a collateral fund to protect creditors from borrowers’ defaults ,and Funding Circle portal became the first creditor to provide equitable business lending using the same concept. ThinCats, Market Invoice and Assetz Capital are similarly organized. Currently, FundingCircle is the second largest lender, having lent more than 81 million GBP.

In 2011, British lender Quakle ceased trading after only a year, with almost 100% defaults, having tried to measure creditworthiness of borrowers on a particular group score.

In the United States, the direction of equitable lending took shape in February 2006 - Prosper appeared at this point, followed by Lending Club and other credit platforms. In 2008, the Securities and Exchange Commission (SEC) demanded that companies issuing equitable loans register their offers as securities in accordance with the Securities Act of 1933. The registration process was extremely time-consuming; Prosper and Lending Club were forced to temporarily suspend issuing new loans while other companies such as Zopa completely withdrew from the American market. Lending Club and Prosper subsequently received approval from the SEC to issue medium-term bonds to investors backed up by payments on loans. In 2009, the American non-profit organization Zidisha became the first equitable lending platform, linking creditors and borrowers located on different sides of international borders without the involvement of local intermediaries. This company also created an assessment of borrowers’ risk in the absence of any financial history. P2P lending involves money going through a platform without the need to register it as securities or obtain a license to lend.

Equitable lending platforms are also gaining popularity in India and China, with millions of small entrepreneurs and up to 200 million rural people who do not have access to financing from traditional sources. These countries create an extensive market environment for multiple groups for equitable lending.

Location

Company

Principal amount, mln. usd

USA

LendClub

4030

Great Britain

Zopa

780

China

RentRenDai

600

Sweden

TrustBuddy

200

Germany

AuxMoney

120

France

Pret-dunion

104

Netherlands

GeldVoorelkaar

48

Austria

SocietyOne

40

Poland

Kokos

36

Estonia

Bondora

20

An analysis of Liberium investment bank showed that P2P platforms:

  • Are more efficient organizations than traditional ones: the ratio of operating costs to  loan portfolio size on crowdlending platforms is lower (lower operating costs are explained by significant savings in office expenses, billing costs, etc.) by almost 40% (4.2% vs. 7.0%).

  • Are more profitable than traditional instruments (deposits and bonds).

In general, investors assess the stage of development of the largest platforms in different regions in individual ways:

  • The burgeoning market, and the obvious advantages of crowdlending compared to traditional financial institutions, attract investors' attention worldwide. Currently, the total volume of venture and direct investments in capital of the largest crowdlending companies has exceeded $1 billion.

  • In general, investors assess stages of development for the largest websites in different regions in individual ways. American platforms are considered mature companies which have gone to profit. They have already been through all the stages of attracting venture capital and they are funded by private equity funds. American companies account for almost 70% of all investments in the largest platforms.

  • Among European platforms, the most developed are British ones which are characterized by a significantly smaller amount of investment compared to their US counterparts. Chinese platforms according to investors are at the earliest stage of development and draw attention to a significant amount of attracted capital.

Thus FintruX is planning to operate in a rapidly developing but highly competitive market which has a strong group of leading companies already.

Objectively, each of the companies operating in the market has its own distinctive advantages. FintruX has the following features in this context:

  • Working with smart contracts on blockchain.

  • Access to cryptocurrencies.

  • A developed mechanism for the mutual provision of loans.  (More details in the white paper, p. 28).

FintruX can win its "place in the sun" - simplicity of operation, security and strong marketing will be the key factors for its success.  

The economic model is not represented in the project documentation. The team did not provide us with calculations, referring to security during negotiations with founders and partnerships. Thus, we cannot adequately assess economic risks for the business. It is known only that the FintruX Network will charge commission in FTX tokens on all transactions. The FintruX team are due to provide more details of this in business plan documents.

It is notable that p2p lending is not always profitable. For example, Lending Club is historically unprofitable not only in terms of net profit, but also at an operational level:

Thus the more funding FintruX will be able to attract during the ICO, the more secure it will be for holders in terms of economic risk.

Economic risks are described above. The lack of a financial model adversely affects the rating of the project in our methodology.

Competition in the market is great and it continues to grow - this is another risk that we need to mention. FintruX is planning to spend 25% of funds raised during the crowdsale on marketing but does not disclose its marketing strategy in detail. This is unfortunate as it does not allow potential investors to compare programs with competitors and determine the prospects for their implementation. There is however an abstract marketing plan illustrated in the white paper.

However, that is all - we did not come across other risk factors except the traditional risks associated with the crypto industry. The project is really very well developed especially in terms of its technology, which certainly ought to inspire optimism for potential investors.

FTX is a utility token that will circulate on the platform; fees will be paid using FTX. Each platform operation will be assigned a value nominated in FTX tokens. “In particular, FTX provides insurance protection using the over/cross-collateralization pools and reserves to cover potential credit/default losses”.

The team is scrupulous about the functionality of the token. The FintruX website shows a Howey test according to which the tokens are unlikely securities.

There are four scenarios explaining the use of the token in the white paper:

Scenario 1: No guarantor: FintruX receives FTX tokens as a matching fee from both borrowers and lenders, generating demand for FTX.

Scenario 2: Protected by the guarantor: Guarantors receive incentive pay in FTX Tokens, further generating demand for FTX.

Scenario 3: Collateralization pools go up 10 times in value over the term of the loan: in this case, investor losses will be covered by cross-collateralization pools, denominated in the same currency as the loan currency. The FTX token does not have any additional functionality in this scenario.

Scenario 4: Guarantors fail to deliver their promises AND there are too many bad loans: In this case, 5% of all FTX tokens are reserved to cover these overflow losses if all previous cascading credit enhancers fail unexpectedly.

Thus, FTX tokens will accumulate on FintruX’s balance as platform fees. Growth in the token price will occur if infrastructure demand exceeds infrastructure supply.

Supply will arise since FintruX will have to sell FTX tokens received as revenue to finance its own transaction costs. The higher the FintruX business margin, the better the growth prospects for the FTX token price. Looking at Lending Club’s reporting, we think that the outlook for the FTX token is unclear, but we hope that the FintruX business will prove to have greater margins.

 

 

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.