“Every 24 hours, there is more than $100 billion dollars worth of cryptocurrency being traded. I am Morty, CEO and co-founder of Elbaite, an exchange designed with the blockchain in mind, and utilising the blockchain to enable seamless P2P trading.
Elbaite was established in 2017 after experiencing and hearing about cryptocurrency exchange hacks and losses, I was motivated to find a solution. I got to work on designing a better exchange model designed with the blockchain in mind, no longer did I want the exchange to hold any of my cryptocurrency. I was inspired by the Bitcoin whitepaper; if Bitcoin is peer-to-peer so why can’t the exchange be peer-to-peer too? That is exactly what Elbaite has created, the world’s first crypto to fiat, peer-to-peer exchange that holds no cryptocurrency.
Crypto is sent directly from one user to another, no centralised wallets, no smart contracts, and no difficult to manage and develop centralised exchange infrastructure. Join us on the financial revolution, and be part of history as we hit milestone after milestone.“
Mortaza Tollo, Co-Founder & CEO, Elbaite
Cryptocurrency exchanges store all their users cryptocurrency, this leads to them eventually being hacked, and all their customers bitcoin stolen. Hundreds of millions of dollars are stolen from exchanges almost every year. In addition because exchanges hold the crypto, there is numerous fees to withdraw, deposit, and trade within their closed walls.
They are also incredibly inefficient, and very complex to maintain. Their operating costs are through the roof, with millions being spent on their wallet infrastructure, and security systems. All of this complexity, and costs are passed on to the users.
Elbaite’s trading model combines blockchain verification with instant banking escrow functionality to enable seamless super secure wallet-to-wallet and peer-to-peer cryptocurrency and digital assets exchange. Bitcoin goes from sellers wallet directly to the buyers wallet, once the transaction has been verified via the blockchain, buyers $ is released from escrow to the seller.
Trade Bitcoin, Gold, Silver, DeFi, and other leading digital assets directly with other traders. Elbaite can add new digital assets easily because they connect directly to the blockchain, and let it do the verification for them.
This is the future of cryptocurrency exchange technology, and model.
Crypto is sent directly from one user to another, no centralised wallets, no smart contracts, and no difficult to manage and develop centralised exchange infrastructure.
Elbaite has extremely low operating costs allowing Elbaite to offer amazing value to the customers, and be highly capital efficient.
Additionally Elbaite utilises the Blockchain to do the heavy lifting, meaning not only are traders’ digital assets secure because its within their own personal wallets, but also it means Elbaite can innovate, and move rapidly to changing crypto trends from DeFi, to NFTs.
Co-founder Morty is an accountant whilst Samira is an electrical engineer and are the CEO and CTO respectively. Elbaite is Morty’s second start-up, and has been in involved with bitcoin since 2013.
Veteran banking, and payments specialist Rod Tasker along with William Digby a former Australian army commando, and partner at Jameson Capital makes up the board of directors alongside Morty.
All team members of Elbaite have shared values, and are passionate about the blockchain space.
Elbaite is seeking to raise $900,000 AUD at a pre-money valuation of $7.5m. 12% equity in the form of preference shares will be issued for investors. Minimum investment is $25,000 AUD.
This is your chance to invest into the future of cryptocurrency exchanges at the ground level before international operations commence.
Elbaite is aiming to be a global leader in P2P crypto trading. Some of their key targets:
- Commence international operations within 12 months; E.U, U.K, U.S, Singapore, and Canada.
- Become the number 1 super secure exchange in the world.
- Hit $62,000,000 in trading volumes per month within 24 months
- Elbaite is one of the few companies in the world with a patent lodged in relation to blockchain innovation
- Elbaite was nominated in the annual Fintech Australia awards as a finalist for Excellence in Blockchain Innovation