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Qurrex Rating Review


Investment Rating

Expiry date : Expired 08 Aug 2018


We have reviewed the project's progress as of February 2019 and would like to note that the progress of the project is difficult to track and very unclear, the team did not publish the updated roadmap. We also note that the community complains about scam bounty campaign. Therefore, the project's rating has been decreased to Risky-. 

The purpose of the Qurrex project is to create a hybrid crypto exchange which combines centralized and decentralized technical solutions for trading operations with digital assets.

In our opinion, the idea of the project is topical and in demand, as the rapidly growing crypto market requires new and innovative approaches to increase its efficiency and further development. The founders of Qurrex want to draw the attention of both single and institutional investors and brokers to the platform, thereby offering their services to a wide range of users.

The project is described as being the "first hybrid crypto exchange", but in our opinion, this statement could mislead users for at least two reasons. First of all, there are already a number of hybrid crypto exchanges, which combine centralized and decentralized elements. Secondly, the founders of Qurrex expressly state in their documentation that there is still no effective way for fast and secure decentralized cross-channel trade, as a result of which, this service will only be available after the invention of a suitable technology for this.

Therefore, the key risk of the project is the situation in which the implemented Qurrex architecture cannot effectively integrate the found solution. Meaning that the only advantage of Qurrex over a number of already existing centralized exchanges, will be the team's promise to comply with all norms of the traditional financial sphere.

This problem is compounded by the initial stage of development of the project and the lack of experienced blockchain developers in the Qurrex team. As a result, we cannot assign a higher rating to the project.

General Information about the Project and ICO

Qurrex is the project of a hybrid crypto exchange which, according to the White paper, will combine all the advantages of centralized and decentralized platforms, in particular, providing its users with high transaction speed, an increased level of protection of confidential information and absolute transparency of business.

According to the founders’ idea, the project will cover the interests of a wide range of people and provide B2B and B2C financial services.

The company is registered in the Cayman Islands, however, in order to obtain European and American licenses to conduct such activities, the founders must register subsidiaries in the EU/US before the launch of the CEX.

The documentation warns that residents of the US (unskilled investors), North Korea, Cuba, Iran and Syria do not have the opportunity to participate in the ICO.



Token: QRX​ 
Token distribution:

A total of 70 million tokens will be issued, 55 million of which will be available during the crowdsale.


Round 1: Closed pre-sale​

Bonuses: 40%​

Conditions: tokens frozen for 6 months.​  


Round 2: Private pre-sale (27th February – 27th March 2018)​

Price: 800 QRX = 1 ETH or equivalent in BTC/LTC​

Cap: 17m QRX​

Bonuses: depending on the contribution size:​

  • from 15 to 30 ETH they will credit 5% additional tokens.
  • from 30 to 150 ETH they will credit 15% additional tokens.
  • from 150 to 750 ETH they will credit 25% additional tokens.
  • from 750 and more ETH they will credit 40% additional tokens. For each of the intervals the upper limit is not included.


Minimum Buying Transaction: 15​ ETH or equivalent in BTC/LTC

Maximum Buying Transaction: no​


Round 3: Public sale​

Start: 10 June 2018​

End: 30 June 2018

Soft Cap: no​ 

Hard Cap: depends on market price of ETH (55m QRX).​  

Price: 1 ETH = 500 QRX + Airdrop​

Airdrop: If at the end of the Public Sale stage the exchange rate of ETH to USD (the exchange rate is the arithmetic average of the exchange rates listed on the following cryptocurrency exchanges GDAX, Kraken, Bitstamp) will be 5% and/or higher than USD 500 per 1 ETH, we will credit additional tokens to the purchaser’s ETH address or Qurrex personal cabinet account at https://tokensale.qurrex.com/. The number of additional tokens per 1 ETH spent by the purchaser on Qurrex Tokens is calculated as (Current ETH rate - 500).

Bonuses: no​

Minimum Buying Transaction: no​

Maximum Buying Transaction: no​

Accepted currencies: ETH, BTC, LTC/ Fiat via our Escrow agent (USD and EUR).​

Funds allocation:

13% of funds will be allocated to the so-called Liquidity Program - the main purpose of which is to maintain liquidity in the instruments traded on the created exchange. The founders will use part of the raised funds to compensate market makers and liquidity providers for helping them reach the necessary level of liquidity for the initial launch.

Token Issue Date: 48 hours after ICO ends. Unsold tokens will be burned.​ Vesting: 3 years​ 

The entire amount of raised funds will be divided into several parts to diversify storage options: the first part is converted into fiat by escrow agents, the second part will be transferred to special secure hardware modules using multi-signature wallets, and some funds will be stored in professional escrow accounts. Unfortunately, the team does not provide more detailed information on this issue.

Participation in the ICO requires registration in the Whitelist, as well as completing the KYC procedure.

Description of the Services and Scope of the Project

The goal of Qurrex’s founders is the development and implementation of a hybrid exchange platform which meets all current market needs and will solve all problems related to the protection of confidential data, liquidity and efficiency of work. The project’s solution for each issue is given below:

  • Liquidity

Due to comprehensive cooperation with leading liquidity providers, the platform will stimulate the attraction of capital. This will be partially achieved through the sufficient liquidity fund which QURREX formed itself during crowdsale.

  • High-performance API

The platform interface will have built-in trading capabilities based on Algo . The investor will also be able to automatically copy trading signals. The platform will provide a huge number of different analytical tools, enabling the user to get a complete picture of the market at the time of the transaction.

  • Transaction speed

The project will implement WebSocket , as well as RESTful , for the high-speed data transfer of the embedded API. According to the founders, it will help support ultra-high-speed trading operations on the platform.

In addition to the technical development, the founders promise to implement the most transparent exchange platform in the crypto market, at least from the point of view of the management. An independent audit report will be prepared annually by one of the Big4 companies and financial disclosures will be published.

The system assumes work with all kinds of trading and exchange operations, which are connected one way or another with different types of cryptocurrencies. The solution is also aimed at a wide range of users: from investors who have just entered the market and want to purchase cryptocurrencies for the first time, to large brokers and institutional investors.

According to the project team, the current status of development of the project’s individual modules varies from 30% to 60%. The architecture (DEX + CEX) of the system is as follows:

According to the Roadmap, a centralized exchange with full functionality will be introduced in the first quarter of 2019. After integrating the blockchain network and completing the work on the DEX functionality, the centralized platform will become one of the nodes in the overall Qurrex system.

DEX is created on the basis of 2 types of decentralized nodes -– user nodes and confirming nodes. The protocol allows the confirming nodes latter to charge a fee for ongoing transactions from the user nodes in the currency of the transaction.

Qurrex will implement a special module, Smart Order Router, to exclude intermediaries which will provide the Best Execution service; iIt will become a part of all the centralized (CEX) and all decentralized nodes of the system.

In addition to the Smart Order Router, the following modules will be implemented to integrate a centralized system with blockchain:

  • DEX/CEX Order Router – a module responsible for receiving and redirecting orders from CEX to DEX and vice versa.;

DEX/CEX Market Data Translation service – a module responsible for sending and receiving payment terms from CEX to DEX and vice versa.

Orders for transactions will be collected in the Aggregated Order Book and then distributed through a decentralized network, while finding the necessary tools for the successful completion of transactions.

The system will use special cryptocurrencies - qBTC, qETH. The user will be able to exchange these cryptocurrencies via DEX and a commission will be charged on deals rather than individual transactions.

The created network will act as a connecting cross-chain between two counterparties wishing to conclude a deal. Meanwhile, the transaction itself will be conducted outside the established network and it will not affect its performance.

The Qurrex website offers to test the MVP platform, but the prototype itself is not available yet. According to the Roadmap, the prototype should have been ready by the end of February 2018.

The idea behind the project seems necessary, given the rapid growth in the number of crypto transactions. However, the founders of Qurrex do not hide the fact that a way of implementing the hybrid platform has not yet been found and it will take time to study this issue thoroughly and come up with a working solution. 

Market Review

Currently, the crypto market has not yet played a considerable role in the global economy with a capitalization of more than $300 billion and athe daily turnover in all trading platforms is more than $10 billion. However, according to Statista, the number of users of digital assets is continuously growing:

Number of Blockchain wallet users worldwide from 1st quarter 2015 to 4th quarter 2017

The volume of registered wallets of the most famous cryptocurrency, Bitcoin, has been gradually increasing since its inception in 2009, and the number of users has already reached more than 21 million in December 2017.

Due to the growing interest in digital assets, the need for tools to conduct various operations with them is also increasing. According to information from open sources, there are more than 200 crypto trading platforms worldwide, the largest of which are Binance, Bitfinex and, Bittrex and others, which have a daily trade turnover of several hundred million dollars per day. Nevertheless, the numbershare of decentralized trading platforms is extremely small - its most famous representatives beingare Etherdelta and IDEX, whose turnover does not exceed 0.1% of the total trading volume.

At the same time, the team of Qurrex sets itself a quite sensible objective, - to occupy 1-5% of the market share within 5 years:

There are a number of potential competitors to the project currently in the market:

EtherDelta is a decentralized exchange of blockchain Ethereum tokens, which does not require trust, i.e. users themselves control private keys from their wallets. In fact, EtherDelta currently offers one of the safest trading platforms for today. It operates on the basis of smart contracts that control most of the platform's functions, including integration with the wallets, deposits, withdrawals and trading. This is the distinctive feature of EtherDelta, which makes it truly decentralized and offers users more control than other exchange platforms. However, the service has a number of shortcomings, including a slow transaction speed, an inconvenient interface, periodic failures in the API and an inability to conduct trading operations using traditional assets.

IDEX is another decentralized service for the exchange of ERC-20 compatible tokens. It combines the speed of centralized systems with the security of blockchain technology.

Like EtherDelta, the system uses smart contracts that allow users to manage their private keys and trade in a secure P2P network environment. It also includes integration with Ledger Nano S and Meta Mask Wallet, safer alternatives to fund management than manually entering a private key for executing transactions. However, unlike EtherDelta, IDEX uses its smart contracts to manage the transactions of its users.: they will also sign the transaction with a private key, but the exchange will operate each transaction in Ethereum. This allows the system to update account balances and order books in real time and manage the flow of network transactions for more efficient operation. Thus, IDEX gives the user the opportunity of a centralized exchange, using elements of blockchain technology for providing increased security. The main disadvantage of this platform is its low liquidity.

Currently, there is another project is gaining popularity in the network. 0xProject, is an open protocol for the decentralized exchange of tokens. It is, also released on the basis of Ethereum. Its main advantage over the mechanism of the EtherDelta exchange is that all of its actions are performed outside the network before the actual exchange of tokens. Thus, 0x accelerates the speed of systems operation of the systems without losing confidentiality at the time of the transaction. Users’ requests for salesell and purchases pass through Relayers, - in fact, various interfaces that use the 0x protocol and Ethereum blockchain for the immediate execution of transactions from the order book. In addition, the protocol provides for the use of fiat funds too.

In addition to exchange platforms, there are many other projects are engaged in the creation of technical opportunities for cross-chain operations,; one of the largest of such projects is ICON​ .​ Its service involves the formation of a system for the exchange of different types of tokens without providing it with private keys, therefore not depriving users of control over their wallet. In January 2018, the project announced cooperation with Kyber Network​ for a more efficient development process.​   

Having analyzed the market of decentralized solutions within the framework of crypto exchange trading platforms, we came to the conclusion that Qurrex will have several possible competitors, which already have the necessary development and the necessary potential. At the same time, Qurrex itself did not yet create any innovations to achieve the declared goal so far. Nevertheless, the very approach of the founders in the implementation of their idea, distinguishing themselves in through the formalization and full transparency of the system's processes, inspires some confidence and hope for a successful implementation.


The project team consists of 15 members, singling out a group of developers, and 8 advisors. Key people are:

Matthijs Johan Lek - CEO and co-founder of the project (LinkedIn)​

According to LinkedIn, he worked as a Broker at Rabobank, one of the main national banks in the Netherlands, and as Director and Partner in various investment funds in London and Geneva.

He received his higher education from the Holland International Business School (Business Management) and from the University of Applied Sciences (Economics). He also has a CAIA certificate - Chartered Alternative Investment Analyst.

Slava Baikalov - COO and co-founder of the project (​ LinkedIn​ )​

He has a significant work experience in the field of Asset Management, in particular in property management. For 11 years he held the position of Auditor at Deloitte, Senior Financial Consultant at Cushman & Wakefield, Director of Investments at NBB-DepelopmentDevelopment and Joint-Stock Company Northern Caucasus

Resorts (JSC NCR), and Director of Project Management at RT-Business Development LLC (the parent company is the Russian state corporation Rostech). He graduated from Moscow State University in 2008, receiving a Master's degree in Economics.

Andrey Sitaev - CTO (​ LinkedIn​ )​

He has been working as an IT developer more than 6 years. He was; one of the creators of the brokerage application AMarkets (AForex).

He graduated from the Tver State Technical University in 2005, receiving the field of a Master’s degree in Informatics and Computer Science.

 Konstantin Sviridenko - Chief Business Development Officer (​ LinkedIn​ )​

Konstantin has been professionally engaged in the promotion of new products in the derivatives market for more than 10 years.; hHe was closely involved in the creation and development of exchange trading systems. He hHas been working within the RTS group which includes Moscow Exchange for more than 7 years, which included sometime at the Moscow Exchange.

He graduated from the Moscow State University of Economics, Statistics and

Informatics (MESI) in the direction of as a specialist in Statistics in 2006.

Ivan Serikov - Back office Project Architect​

Ivan has more than 8 years of experience in the development of Siebel CRM in such companies such as Troika Dialog and Technoserv Consulting. Currently, he holds the position of Project Manager at Aeroflot.

He graduated from the Moscow State Aviation Technological University with a degree in Computer Science.

Vladimir Tsarkov - IT Project Manager​

During 15 years of international professional work in the field of IT, he consistently held positions from C ++ Developer to CEO and CTO of various companies, including Sunbay Group and Streamex AG. Unfortunately, the official websites of these companies are currently not working.

He has an Master’s degree in engineering. degree.

In addition to these individuals, the working team includes:​

  • Alexander Bobryshev (Product Manager)
  • Karine Gabrielyan (Head of Business Development Business Developer)
  • Oleksandr Dubyna (R&D Team Leader)
  • Kirill Gotovtsev (CMO)
  • Yury Panov (Head of Marketing & Strategy)
  • Maksim Rodionov (Lead WEB Developer)

As for the Qurrex advisors, we note:

Stas Oskin - Blockchain Advisor​

Core & Business Developer of Wings, a company that creates decentralized solutions, and also implemented WINGS, a protocol for creating, participating and managing DAO that works on blockchain technology and uses smart contracts, the execution of which is fixed in Ethereum and Bitcoin;

Brian Konradi - Legal Advisor​

Blockchain enthusiast and lawyer, CEO of the project incremint.io​ w, which developsis an escrow wallet built on blockchainWallet and currently staginges itsthe ICO. He is a, Partner at Danilov & Konradi LLP, which provides legal services to a wide range of people, including the leading company "ICO legal advisor" on Russian territory.

In our opinion, the number of participants in the group who are of founders is exaggerated and some of the position titless duplicate each other in terms of functionality. Also, none of the key person appear to have There is no one with applied knowledge of the implementation of blockchain technology in the key persons. However, we cannot help but be impressed by the significant amount of experience of the core team has on the exchanges and in investment-focused areas.

Token Analysis

The White paper divides the functionality of the token within the CEX framework from its use on DEX.

The functions of QRX token on the centralized exchange are:

•​   Individual discount for payment of commission fees charged for organizing trades.;​      •​   Financial lease deals.​   

•​   Means of payment for services and fees.;​ 

The first point is interesting from the point of view of the investor. According to the documentation, the tokens holders will receive a discount of 20% of total amount of all commissions charged by the exchange system from users for the reporting period. To do this, users must transfer tokens for which they wish to receive a discount to a special account where they will be stored until the next reporting period without the possibility of use.

Financial lease. The Qurrex exchange specialized trading section features provide the possibility to operate the QRX token derivative financial lease with a floating and fixed rate in order to allow the QRX token owner to make an interest rate profit nominated in highly liquid currencies (USD, EUR, BTC, ETH, QRX)., while The lessee of the QRX tokens can get a discount/cash-back for the trade commission fee for the period of time.

The QRX token will not play a functional role in the decentralized system.; however, it will give the right to its owner to acquire the ability to install the liquidity pool node inof the system. According to the documentation, it will stimulate demand for tokens within the mining and brokerage communities. An important point is that the project will give the liquidity pool nodes the rights to part of the commission fees that will be processed by them.

In addition, the documentation states that access the provision of additional services in the form of analytics, various kinds of research, statistics, recommendations and others, etc. access to which will, apparently, also be paid with tokens. Thus, with the increase in the number of users of the exchange, demand for QRX will also grow, which will lead to an increase in their value.

The roadmap of the project involves that the launch of a centralized exchange is not due until at the end of the second quarter of 2019. ; therefore, a significant demand for tokens and a major fundamental increase in their value should not be expected before that time frame.

As for short-term prospects, the key factor is the company's marketing strategy, which does cannot boast of outstanding results. Judging by the activity of the community on the social channels, we estimate that its interest in Qurrex isas rather restrained, which is unlikely to lead to a significant increase in demand for QRX tokens after the Token Sale has ended. end of the Token Sale.

We consider unreasonable the forecasted growth of daily general market trades to be unreasonable, going from $35 billion to $202 billion per day for 2 years. Such a scenario, in our opinion, is probable only if all types of cryptocurrencies are recognized by all leading states in their current form, which is a rather unlikely as the current situation shows. Undoubtedly, regulators are showing considerable interest in the sphere of digital assets and showing significant progress is shown in creating legal foundations in this direction, but it is difficult to predict how this situation will develop in the future.

Thus, we do not exclude the gradual growth of the trade turnover of the crypto market,; however but, the from our point of view, the rates of its increase, from our point of view, will be much smaller. As a result, we think that the primary stage of the fundamental growth in demand for QRX tokens can be expected to be between from three to five years, subject to competent management and compliance with all deadlines stated in the Roadmap. In case of favorable developments in the area of  ​ regulation of the crypto sphere, the project has an excellent chance for long-term development due to its orientation towards institutional investors.


Having studied the documentation of the Qurrex project thoroughly, we consider the risk of being unable to implement the planned functionality of the hybrid trading platform as the main and most significant risk to investors.

In our opinion, there are several reasons why this risk is considered significant. Firstly, as the founders themselves say, currently, the technology for creating a true hybrid trading platform is not yet available. In addition, the community has not yet seen an MVP.

Secondly, the lack of experience of the core team members in the implementation of blockchain projects. Even taking into account their very impressive level of experience in working on traditional exchanges, we still believe it may have negative consequences on the implementation of Qurrex.

These factors lead to the fact that by the time of the announced launch of the hybrid platform, Qurrex may not find the appropriate solution for its implementation, making it just another centralized exchange platform.

The information contained in the document is for informational purposes only. ICORating received monetary compensation in the amount of $16410 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.