Globe AMA Summary Recap with Shin Chan Community

We held a live AMA with James West, CEO of Globe on 23 March 10:00 PM (UTC+8). Here’s the recap for those who missed it.

Introduction

Ivan|Shin Chan: Before we start the AMA, can you please have a short introduction about yourself and Globe Exchange?

James: I’m James, CEO at Globe

I grew up in Cambridge (UK) and later studied at the university there working in pure math (Langlands programme)

I later moved to London and finished a PhD in statistics/machine learning there in a year or two before I left academia to work in finance

I used to run the quant team at a hedge fund for a few years until I realized that crypto trading / market making was a greater opportunity than anything else that the hedge fund was involved with

I founded Globe together with a friend of mine from university to build the exchange we believed crypto needed having been traders

The rest of the team are spread across the globe from Thailand to India, China, and across Europe and the Americas

The engineering part of the group tends to be from exchange engineering teams at banks or high frequency trading, and our community side goes back to the earliest days of crypto.

Ivan|Shin Chan: Do you have any news and latest information about Globe Exchange would like to share with our community?

James: So we’ve been sorting out a lot of partnerships for the last few weeks which we’ll start announcing soon

… I can tell from our community that people have been really patient and want to know what’s next!

What’s coming next is:
1. Presale partner announcements: top exchanges, thought leaders and trading firms involved with Globe
2. The public sale: how to get involved, which platforms it will be on and our partners operating it
3. CEX/DEX listings for our token
4. New products and features on globe!

AMA Twitter Section Begin

Q1: What is the problem that your project primarily focuses on?

James:

1. Exchanges are constantly breaking when you need them most, their matching engines often overwhelmed by a tiny fraction of what tradfi deals with

We built Globe looking towards a future where crypto and “tradfi” merge into one, to offer greater capability in terms of matching / TPS and scaling.

To keep the exchange working when you need it, we took a lot of the best ideas from high frequency trading and leading traditional exchanges together with some of our own innovations — like working out how to deal with sending trade market data across the cloud when it exceeds 10 million trades/s, or getting orders quickly across different parts of the world

We currently benchmark at about 5x faster than NASDAQ in latency, with burst messages per second around 15M, and 100k+ simultaneous API connections (about 5x bitmex), putting us in a great place to handle the next bull run

… it certaintly wasn’t fun last time around when cancels were ignored, or only one type of order could get through!

2. Lack of innovation: there are lots of products traders really want but exchanges just aren’t making for them

We introduced the first bitcoin VIX futures and published research on them, open source with data too!

We are also pioneering sports futures, defi options, and more

We go to great lengths to make our trading experience easy to use and fun, with new features all the time, e.g. easily selected trading UI layouts designed by professional technical analysis traders about to come out

We’re also the only (?) derivatives exchange allowing you to make orders down the websocket instead of pushing that to the REST endpoints making API trading so much easier

3. Mistreatment of community

Many other exchanges trade on their own exchange which means ordinary traders often get scammed by “Bart Simpson” patterns, or their “cancel” orders are ignored or worse. We are changing that….

We’ve also seen big crashes on exchanges because of poor risk management liquidating entirely solvent customers, so we have made special adjustments to our risk engines to keep markets safer

Q2: Would there be a Private sale, public sale and presale?

James: Yes to all 3!

The presale started in January and has spanned 200+ buyers to date

Including:
* Other exchanges: to list or IEO our token (our spot markets are coming later!)
* 21 market makers: making us one of the most liquid exchanges when we launch
* 44 whale/dolphin traders: to bring price discovery and fun
* 72 industry thought leaders: covering technical analysis, algo trading tips, etc.
* 42 strategic partners: providing local expertise across Russia, China, Korea, Japan, Turkey, Vietnam, Indonesia and LATAM

The private sale finished at the end of February and totalled $17m — similar to binance and FTX at the same time

We are preparing a public sale now which we’ll announce in our telegram community t.me/globeofficial

Q3: How Do you planning to promote your project in different countries, wherein English is not spoken well?

James: By nature we are a global project with a name like “globe”

We currently support major global languages like Chinese, English, Korean and Japanese and will add Russian and Turkish in the next few weeks

Our community managers also speak many languages and live in many different parts of the world making it likely you can speak direct to someone who speaks your language in our community group

Unlike other projects who think “Google Translate” is all you need for translation, our translations generally come from our community and live in countries where that language is popular

If you’d like your language covered natively on globe or better supported please tell us

… we’re always hiring community managers who cover languages we don’t speak yet

Q4: Does your great project have a plan about token burn?

James: Token burn is an essential way of decentralizing ownership of the token towards the community who are the people that really matter for an exchange

We will do this in a similar way to BNB and provide transparency about it with our community as we go

Q5: With the current market which development direction do you think is suitable for Globe at the present time as well as in the near future?

James: Now is a great boom time for crypto, and there is an important role for Globe to play in it

DeFi is doing something really important in unlocking one of the great uses of money as a source of yield

Normally if you get any yield from a bank at all, they pocket half of it before you get anything at all!

We have an important role to play here in making it much easier to get that yield and enrich defi with derivatives markets

Looking further ahead, we think of Markowitz dream in his 1952 “Modern portfolio theory” works — to unlock global alpha for everyone — making global finance more efficient for ordinary people and increasing how much can be traded by traders

(I had to google the date on that…)

In the meantime there are lots of important products that need to be made now that we’re working on, ready for the next great wave…

We’re glad to hear how many people are excited about VIX, and how many want polkadot options, or soccer league futures, or even just 1-click access to defi yield returns with safe, insured cold storage custody

… but most importantly we want to keep hearing what our community wants and deliver it to them fast!

Live AMA Begin

Q6: Maximum leverage Globe exchange can support and for which coin?

James: 100x, all coins and all index baskets (VIX, token exchange token index, DeFi index & NFT index — soon!) currently. We might crank it up further one day where we think it makes sense

Q7: What is the plan to ensure sufficient liquidity on exchanges to fill market orders, especially as adoption increases and clients begin multiplying year-over-year for your project?

James: The token presale includes lots of market makers on DMM deals who will ensure your market orders are well filled

Q8: As the size of an exchange continues to grow, its requirements for platform concurrency and matching efficiency will increase exponentially. How to ensure stable and smooth operation of the platform when a large number of users online at the same time?

James: We will start to route orders across multiple patches of cloud through into the traditional financial architecture of the world, to obtain far better scaling than traditional pure-cloud exchanges

Q9: COVID 19 has slowed many economies around the world but as a crypto business has it affected you negatively or positively?

James: COVID has been mixed for us — it has accelerated adoption of crypto and stressed traditional finance deeply which is a big positive. At the same time it has been tough on us as people in our team, as much as it has been on everyone else

Q10: As I remember there was a twitter puzzle, where bitcoins are hidden in the picture but I never learn the answer? What was the answer?

James: The puzzle is not won yet! People got very close to it, so we’ve decided to extend it and keep posting clues making it increasingly easy to solve! We’ll post a solution when we have a winner.

Q11: You look like Mark Zuckerberg. Do you think globedx can be the facebook of CEX platforms?

James: I don’t know if this is a good thing, because he is quite robotic! I think there are a lot of “myspace” CEX platforms out there waiting for facebook come

Q12: Do you care about community feedback on your project?

James: Yes and I personally read every telegram message I get about it and work it into our engineering and community plans!

Q13: What really MOTIVATED you to bring such a great PROJECT into existence?

James: Trading futures and seeing what there was around at the time! Recognizing that the solutions we bring are inevitable and more efficient than their tradfi equivalents

Q14: What are your strategies in building a big and strong community? Do you agree that the power of the community will lead your project to grow globally? What are the services you offer to the community

James: Listening to what people say, building things they ask for and showing them as you make them is the best way!

We try to be fun also, but that only goes so far

Q15: Does the volatility index tool work only for XBT? or it can be used by any existing Globe Exchange marketing partner.

James: Yes, but we will add more volatility products in future. It can be used by our marketing partners

Q16: The icon Globe is very identical to DOGE icon, Does Globe have anything to do with Doge or is it just a marketing strategy??

James: We also like memes

Q17: Good progress and project Being a sustainable one is what Investors look out for? How do you intend to keep users more interested in project, what facilities and other blockchain utilities are you creating? Would they be bug bounties or airdrops?

James: Staying ahead of the rest of the industry is the only real way to keep people engaged — have new and exciting things all the time

Q18: The roadmap for the GLOBE exchange has several stages that must be completed, at this point have you prepared the fundamentals (funds, community, etc.) to reach the final stage of the GLOBE EXCHANGE roadmap and what is the focus of your current project development?

James: Currently we’re adding new index products, other kinds of futures, yield products and more behind the scenes

Q19: — A direct question to CEO James West… On your “about me” page you said you are a “former trader”. Why did you stop being one if you had excellent performance? Or was it profitable to found Globe?

James: yes, we’ll burn up to half the supply

Q20: Do you mostly focus on trading Major Coins or are you adding new coins all the time?

James: I expect to add new coins and indices e.g. “top exchange tokens” in one index future all the time

Q21: Which of the top coins on coinmarketcap do you take as an example for Globe project and in future to be better than it?

James: I think BNB and FTT are good comparable coins to our token GDT

Q22: We all talk about Positive points/Pros/Good Points & Features of any Project.
No one Project tell about there Cons. So can you tell us Honestly the Cons & Lacks of Globe Exchange?

James: We’re still expanding our operations and support teams — it takes time to train people to treat community members fairly so we know it will take time to get that right

Q23: All your staff is made up of only two people. Impressive! Where did you get the funding for Globe? Some partners? Or did it all come out of your pockets?

James: The two people on our website are the founders — the total team is much larger!

The funding came from Y Combinator, Tim Draper, Pantera Capital and many of the same big investors as coinbase

Q24: Which exchanges you going to do? IDO?

James: We have some IDO platforms and exchange listings confirmed. We’ll announce them in our telegram

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