To tokenize anything in minutes with no tech knowledge required? Our Chief Editor talks exclusively to Kevin Hobbs, Vanbex CEO, about his newly launched tokenization platform, called Rocket.
Q) Press claims that with Rocket anyone can set up a security token offering in minutes, with no technical knowledge required and at a fraction of the cost compared to others. Can you confirm it? How much does it cost to launch an STO with Rocket?
As our recent screen walkthrough of Rocket Admin Panel demonstrates, a security token offering can be configured and deployed on the blockchain in minutes. In terms of pricing, Vanbex works with each Issuer to ensure their specific offering details are supported by the existing library of smart contracts and, if not, we expand our smart contracts library and pass these costs onto the client accordingly.
Q) When a new customer approaches you, what do you expect her/him to brief you about? Are detailed ToRs required? Do you want to see a whitepaper? If not, what does your interaction with a new client involved?
When approached by a new client, we first seek to understand their business objectives, so that we know how to best help them achieve their goals. This typically involves an NDA, so that their proprietary information is protected. Some customers have well defined objectives, while others are only beginning to form their vision. For clients early in the process or who are challenged to articulate their business objectives, our Consulting team works with them to define the project’s strategic goals. From there, Rocket has an onboarding process which helps clients understand their project outcomes and provide the necessary issuance details to configure their STO.
Q) Can you give us an example of an STO done with Rocket, perhaps in the test phase?
The STO clients in our Rocket pipeline are not yet live and so we are constrained by NDA to not discuss specifics. Additionally, since we are a technology company and not a registered broker dealer, legally Vanbex cannot directly ‘promote’ a client’s STO in the media in any way, and so this is not really a question we can answer directly at this time.
Q) Again, the press has already compared you with Amazon of tokens. What kind of startups do you consult?
We talk with a very broad range of startups every day, from fintech to real estate to entertainment to technology and so on. In our experience, there is no typical STO client profile and we are seeing increasing interest from across many industries and organizations, all of whom are looking for more innovative and efficient ways of raising funds.
Q) What standards of tokens are available to issue with Rocket? Do you use ERC-20 as a reference format?
Currently, Rocket issues tokens on the Ethereum and Rootstock blockchain protocols with additional protocols under investigation. For Ethereum STO’s, we are using ERC-20 token standard as a reference.
Q) Are you an issuance platform only? What about other main features and functions, custody, trading, voting, distribution of revenue back to investors?
Rocket is more than just issuance; it is a digital asset management platform. Features currently in development include voting, dividends, cap table management, and secondary trading. Additionally, we have formal partnerships with exchanges, broker dealers and custodians, where we are exploring instant trade settlement with Rocket.
Q) Tell us a bit more about CryptoTaxes, taxation has been an issue since introduction of crypto into the fiat world.
CryptoTaxes is a tax software-as-a-service (SaaS) being developed by Vanbex. CryptoTaxes is created to help accountants in Canada receive a more accurate history of their clients’ trading history. By aggregating real-time calculations per crypto-currency per trade, CryptoTaxes aims to reduce the risk for Chartered Professional Accountants (CPAs) to calculate the taxes for crypto-trading.
Q) Do you see a steady or a growing interest to launch STOs of existing businesses?
Absolutely. The same efficiency and cost savings which are attractive to new entrants also are attracting existing businesses. We find that existing businesses understand that blockchain solutions are disrupting existing paradigms and view STOs as a competitive advantage. In our discussions with existing businesses, we find consistently that they are keen to implement new solutions which their lower their costs and ensure they are not left behind.