I wrote a short article on my take on why DigitalX looks bright for the future, briefly covering the team, ICO's and future opportunities. Would love to hear your thoughts:
Bitcoin and cryptocurrencies boomed in 2017, drawing speculative investors chasing dreams of riches and 1000x returns. Stories of turning hundreds into millions drove the hysteria and inflated stories became all too common. Behind this though, mainstream support for the technology has been steadily building and is around the corner. For one, we’ll stop labeling everything as ‘cryptocurrencies’ but get more granular with Cryptocurrencies, cryptocommodities and cryptotokens, all falling in the cryptoassets bucket. The industry is still young and forming its identity, right now I would wager a majority of bitcoin holders aren’t aware of the difference of the Bitcoin vs bitcoin terminology. As a relative newcomer myself I am constantly learning, adapting and approaching with an open mind.
What this hysteria has led to is a surge of Youtube experts, false prophets and investing gurus who have all the answers for how you’re going to make it rich. Further propping up the argument of those screaming ‘ponzi scheme’.
While attention is focused on the many coins themselves, a secondary market is emerging built on the technology of cryptoassets. As we see with any gold rush (and I apologize for choosing an overused analogy), there’s more opportunities than profiting directly from coins and tokens. Like the proverbial gold rush, communities are built around the desired valued asset. In the case of the a mining rush, we see cities built, shovels sold, exchanges created, expert advisers, and a plethora of other profitable avenues.
What we’re seeing right now in the crypto space is very similar, with an increasing number of opportunists entering the market. Youtube and bloggers are coming in droves with all the answers, mining hardware being created and sold at a premium and anything with the word ‘blockchain’ going parabolic to shareholders. It’s in this secondary market though that I believe there are many golden opportunities starting to gain traction, and where I’m choosing to focus.
One of these opportunities is the Australian company, DigitalX LTD (ASX: DCC). As per their website, DigitalX is an ICO advisory service and blockchain consulting specialist. But what we’ve seen over the last few months is that they are evolving into much more. While they did see phenomenal growth over the past year in their share price, I believe this could be the beginning for them based on three key attributes.
The Team
DigitalX’s team is comprised of some early adapters with a strong mix of technology and finance background. For a relatively young industry, the team has managed to make some impressive connections. At the helm is Leigh Travers, CEO and Managing Director based in Perth, Australia. Leigh is a local product with both certifications relevant to commerce and the fintech space from MIT, in Boston. Along with being DigitalX’s CEO, Leigh is also a director on the Australian Digital Commerce Association (ADCA) and is assisting the Melbourne Blockchain Centre with promoting blockchain technology and providing mentorship through their incubator program. Leigh is quickly becoming a leading Australian authority in the blockchain space and a major part of DigitalX’s recent success.
On the global space, DigitalX has offices in the United States which features another all-star cast including their president Neel Krishnan and massively early adopter and technology advocate, Mike Segal. Outside of these two locations, the DigitalX board also features Sam Lee, CEO of the world leading Blockchain Global, who have a stake in Digital X. Sam is able to introduce DigitalX to a worldwide scale.
ICO Track Record
In such a young market, DigitalX have already managed to demonstrate successful implementation and fundraising for ICO’s. This includes their advisory services in the following:
Power Ledger
SingularityNET
BitCar
EtherParty
Bankera
CoinPoker
Currently Power Ledger (POWR) is the largest of these and whose market cap at the time of writing is currently ranked 75th at just over $450,000,000. This experience will be massively beneficial as larger and larger companies announce ICO’s, like Telegram and their 1.2 billion dollar ICO raise. DCC are priming themselves to be one of the leaders in this space and their services are going to be highly sort after.
Future Endeavors
The future looks bright for DigitalX. A key aspect of any business in a young market is pivoting and expanding to where the opportunity lies. As of writing, DigitalX has the following projects and daily activities:
Airpocket App — A promising propriety app
ICO Advisory service
Blockchain consulting
Trading desk
Market maker
Along with these projects, they also hold a substantial amount of both ether and bitcoin, further showing their commitment and belief in the space, not simply a grab for cash. It’s this belief and conviction to the work they are doing that gives shareholders confidence in their position.
Overall, this is a company with the right people, the right record and in the right space. It’s the perfect storm for an industry giant to be formed. I’m confident in that this next year we will see a number of investment companies incorporate blockchain into their agenda in an attempt to catch up to this freight train quickly picking up speed.
DCC Price at posting:
37.5¢ Sentiment: Buy Disclosure: Held
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