Silverway OTC data for crypto markets Whitepaper v. 1.8 silverway.io
Introduction Silverway provides aggregated and structured OTC (over-the-counter) data for crypto markets. The company’s ecosystem includes hundreds of professional investors, brokers, exchanges and projects, in addition to thousands of large and retail investors, while the ecosystem could potentially be opened up to far more accredited market participants. The Silverway platform has been created by a team of former investment bankers and private equity professionals that can be considered amongst the pioneer professional investors in the crypto and blockchain sector.
Contents The problem .....................................................................................................................................1 The solution .....................................................................................................................................2 Silverway value proposition .............................................................................................4 The market .......................................................................................................................................4 Snapshot of OTC market ..................................................................................................4 Private token sale market evolution ............................................................................5 OTC market evolution ........................................................................................................6 Evaluation of OTC Market for private sales ............................................................7 Key market participants ....................................................................................................8 Competitive landscape ............................................................................................................9 The Silverway platform ...........................................................................................................12 Silverway unique capabilities ........................................................................................12 How it works .........................................................................................................................13 The product ...........................................................................................................................14 User scenarios ......................................................................................................................15 Platform for direct transactions ...................................................................................18 Examples of use cases ......................................................................................................18 Platform UI .............................................................................................................................19 Revenue streams .................................................................................................................21 Tokenomics ....................................................................................................................................22 Leadership ......................................................................................................................................25 Project roadmap ........................................................................................................................27 Disclaimer .......................................................................................................................................28 Sources ............................................................................................................................................29 00
The problem The blockchain investment space needs an institutional-grade provider of OTC data for private round tokens. Such a service will help all market participants better understand this non-transparent market niche and make more informed decisions. There is no existing platform in the industry, which provides either current or historical OTC data. Moreover, collecting raw OTC data is a complex and time-consuming task, while it’s also difficult to process and unify the aggregated raw data. Thus, all market participants have been relying on fragmented data and rumors. This creates a high-risk environment, wherein all bona fide participants face uncertainty when making management and investment decisions. Some of the typical questions faced by market participants are described below. Investment funds Brokers What is the right price for the Project X’s What is the size of this market niche? non-listed token? What is the right price for the Project X’s Should we buy/sell? non-listed token? Is it the right time for the deal? Is there enough liquidity? Is there demand/supply? Are there many buyers/sellers? What is the value of my portfolio? Can we help our clients with transactions? Are there any other projects our clients will potentially be interested in? Exchanges Projects Should we list Project X? What is the current token price? Is the market interested in Project X? Are there a lot of buyers/sellers? What IEO terms should we offer? How will this affect the token after the listing? Are there any risks for token price performance we haven’t accounted for? How will this impact our reputation? How should we plan liquidity events? How can we monitor the OTC market? Media / Analytical platforms Retail investors Should we cover this market niche? V Where and how funds/ C invests? How does this market work? How can we get more information before the token is listed? Are the any reliable data providers in the space? What are the key OTC market current and historical trends and metrics? 01
The solution Silverway is the first platform to provide the entire cryprtomarket ecosystem with aggregated, processed and structured OTC market data. Seer past and active transactions/offers to support informed strategic decisions. 20,000+ 50+ 400+ Data points Data sources Projects reviewed 80+ 18 months’ Insightful data Project reports Worth of data (since 2018) Сharts and tables with price, volumes, valuation, spreads Silverway’s database covers over 80 key projects in the industry, with coverage of over 400 projects overall. Hedera Arweave Blockcollider Dfinity Polkadot CryptoCurve Hashgraph 1450+ 1100+ 900+ 300+ 250+ 200+ data points data points data points data points data points data points Certik Filecoin Handshake Nervos Oasis NuCypher 140+ 130+ 110+ 100+ 100+ 80+ data points data points data points data points data points data points +60 more project reports Silverway’s goal is to institutionalize the $4 bn private token sale market segment, making it more transparent and safe to invest in. Use of the Silverway platform will safeguard market participants from major risks related to OTC crypto trading [10] and bring benefits to all market participants. 02
Silverway value proposition Investment funds Brokers Higher returns on existing portfolios and Better understanding of the market and its new investment opportunities historical and current trends Better understanding of the market and its Additional revenue streams historical and current trends Wider client coverage Well-informed and timely decision making Higher close rate Real market quotes from reliable sources Market-price-based reporting for LPs Exchanges Projects Enhanced listing procedure, project Enhanced liquidity management and selection and risk management planning New data-driven tool for in-house Maximization of token value research Improved IR New market coverage User base growth Media/Analytical platforms Retail investors User base, awareness, average time on site Better understanding of the market and its growth historical and current trends Revenue stream diversification Informed and data-driven decisions Increase market transparency New market coverage 03
The market Snapshot of OTC market 1 Large and active ~$5 bn of locked-up value 1,000+ offers on leading projects' tokens every month 2 Represented by key market participants 90% of investors' money is concentrated in leading projects: Hedera, Polkadot, DFINITY, and all IEOs Key market participants are the industry's decision makers and money holders, including funds, largest brokers and asset managers and exchanges 3 Of great interest to the community Pre-listing information on how leading projects are priced, demand/supply, etc. is of real interest not only to key participants, but also active retail investors and those who just track the market 4 Newsbreaker News about the OTC secondary market generally circulates as rumor and so is widely discussed by the community The market is usually perceived controversially, sometimes with scandals, making it high-profile and talked about 5 Poorly-covered area Reported on through rare articles in top sources (e.g. Coindesk) or low-profile sources. In both cases: poor quantitative data, with only a narrative.. ..making this a great opportunity to be the first mover and trend setter 04
Private token sale market evolution The crypto market is crowded with a large number of exchanges and OTC brokers. However, its lucrative private placement niche remains underserved. Silverway will help significantly increase the presence of institutional participants, liquidity volume, and funds turnover in the blockchain investment market. Since Q4 2017, the token sale market has promptly shifted to a private placement model. By the end of 2018, private sales accounted for over 50% of the market volume on average, and up to 75–100% of the most sought-after projects [2]. A sharp market drop in November 2018, along with uncertainty regarding further market dynamics, forced most projects last year to postpone the launch of their token generation events. On the other hand, projects that conduct placement via the recently introduced Initial Exchange Offering (IEO) vehicle [8] mostly either align the cliff and/or vesting period to the IEO date or even extend past it. Moreover, they tend to alter the selling conditions so as not to favor funds and other institutional investors, effectively increasing the total lockup horizon and, as a result, the market size of frozen capital. 05
Fundraising, $ mn Acc. unlock, $ mn Public trading (indicative) The typical scheme of a blockchain project’s private round is to lock up investments for 8–24 months. According to Silverway research, the total volume of locked up investments has reached an impressive amount of $4 bn [2]. The large amount of frozen capital on the market, along with high volatility, leaves investors with assets that are not traded and, thus, illiquid. Attempts to overcome this drive the current gray market in locked private round tokens, conducted through a large number of OTC chats. OTC market evolution Overall, positive dynamics have been observed in terms of growing attention from established traditional investors toward the blockchain space. The is growing interest in crypto assets from institutional investors is supported by evidence from diverse areas of the financial industry [18][19][20], including hedge funds trading liquid assets [16], as well as from VC/PE funds increasingly investing in blockchain projects [33]. Alongside UHNW individuals expressing interest in crypto, firms like State Street, Morgan Stanley, and Goldman Sachs also set up shadow crypto trading desks [22]. Since December 2017, institutional investors have been entering OTC crypto markets [14], at times driving surges of up to 60% in the net imbalance between OTC buys and sellers [17]. The positive market dynamics in April 2019 also prompted a 66% increase in OTC trading activity on Binance [21]. According to Cryptofunds Research, crypto assets under management by hedge, venture, and PE funds reached $14.35 bn as of April 2019 [1]. 06
Evaluation of OTC Market for private sales Estimates of the size of the OTC market vary drastically, since, being relatively unregulated, it undergoes little in the way of strict quantification. For instance, in April 2018, the Bitcoin OTC market was estimated to be either three times larger1 or 15 times smaller2 than the exchange market. However, evaluating the size of the OTC market for private round tokens is much more complicated, since OTC desks prefer to work with the most liquid digital assets, and it is almost impossible to monitor all closed deals and their final terms in OTC chats and groups. The absence of an institutional-grade trade facilitator for these type of investments leaves locked private round assets to be traded on a labyrinthine market that lacks trust between participants. Silverway’s in-house research reports a substantial TAM with a current estimated size of over $4 bn [2]. This data was aggregated from multiple industry sources, including Cryptodiffer, Hypernum, ICOBox, ICORating, Tokenschedule, ICOData, SmithandCrown, ICOBench, SATIS, TokenData, ICODrops, Coindesk, Medium, and broker research, as well as private discussions with the most active investors on the market. $21.1 bn $4.1 bn 1,000+ 10k+ Total volume of Agg. volume of locked-up Institutional Interested token sales in funds from private sales market players retail investors Q1 2017 -- Q1 2019 Q1 2019 in Q1 2019 in Q1 2019 This estimation falls in line with other research. For instance, the crypto intelligence platform InWara reports that in 2018, despite a sharp decline in public sales, private funding saw ~100% growth as VCs / dedicated blockchain funds went long on blockchain projects, which as of the end of Q3 2018 collectively raised ~$4.1 bn [37]. 1 ~$4 bn vs ~$12 bn worth of bitcoin processed per day, the TABB group estimation [13]. 2 Digital Asset research estimated the market to hold $250 M in bitcoin trades per day [15]. 07
Moreover, according to Circle research, in the US alone there has been a more than 6-fold increase in the number of Reg D offerings filed with the SEC [38]. This kind of investment is subject to a 12-month lockup and is only available to “accredited investors”3. In 2018, 287 such offerings collected ~$8.7 bn, quadrupling the amount raised in 2017. This trend is concurrent with the growing number of cryptofunds [1], and is indicative of a rise of investor-grade token sale products. Key market participants Exchanges Investment funds Dozens of exchanges Hundreds of investment funds Projects Brokers Hundreds of projects Hundreds of brokers Media platforms Retail investors Dozens of media Thousands of retail platforms investors 3 Companies that have over $5 mn in assets or individuals that have a net worth of over $1 mn, or that have consistently made over $200,000 per year in income. 08
The undoubtable advantage of this market is relatively easy access to all of its participants. There is no need to overcome a client’s knowledge gaps, since all market participants are highly motivated and it is in their own interests to be ultimately collaborative. Investment funds are a good example of transparent customers universe. The current list of active market participants includes 750+ investors (~400 VC and private equity funds, as well as at least 350 crypto hedge funds) [1] and hundreds of projects [2]. Competitive landscape There is a significant interest in and obvious utility of high-quality OTC market data, but there is no platform that addresses all investor requirements. Thus, Silverway is the only platform on the market providing institutional grade data on OTC markets for private round tokens. There still some of the business (including key market participants) operating in contiguous business niche and we provide their overview as well as overview of Silverway’s unique capabilities. Hundreds of exchanges that trade only listed tokens and derivatives A large number of OTC brokers/desks that trade liquid crypto and crypto/fiat pairs4 Fundraising platforms used for primary token sales Platforms for whales and syndicating pools to participate in a limited number of private sales5 OTC Telegram/Wechat/QQ brokers 4 Some of the publicly available lists of OTC desks: the first compilation on Reddit [https://www.reddit.com/r/BitcoinMarkets/comments/7unl0s], a list of bitcoin brokers and liquidity providers by the CME Group [https://www.cmegroup.com/trading/bitcoin-brokers-and-block-liquidity-providers.html], and a list of OTC brokers by SFOX [https://blog.sfox.com/13-bitcoin-otc-brokers-you-need-to-know-67755a1d4ccc]. 5 A list of ICO pools for Q4 2018 can be found here [https://hackernoon.com/the-ultimate-list-of-ico-pools-in-the-bear-market-q4-2018-81ffc4df5a9b]. 09
The demand for a new OTC service paradigm is also supported by the increasing number of OTC desks launched by crypto asset exchanges in recent months, despite the bearish market [23]. These include such projects as Coinbase Prime [28], Poloniex [26], and Huobi OTC. The latest to jump on the OTC bandwagon in 2019 were Bittrex [29], Bithumb’s Ortus, and Coincheck [27]. Circle Trade, founded in February 2018, was one of the earliest OTC platforms and trades a “very limited” selection of cryptocurrencies “aligned” to its “regulatory licensure" [7]. However, in 2018 Circle executed 10,000 OTC trades with 600 different counterparties with a total volume of $24 bn [25]. 10
Silverway leverages its unique founding team experience to enter into a market segment that hasn’t yet been rationalized or penetrated by an institutional player. The private token sale market often has a high entry threshold: many projects prefer to deal with large funds [30]. Therefore, a lot of professional investors have limited access to private sale rounds and are looking to buy private sale tokens, sometimes with significant premiums. Taking into account the nature of the market and the very fast-changing environment presented by both the market overall and by particular projects, buyers are looking for access to the best-performing projects (e.g. the projects which are close to TGE or mainnet launch). On the other hand, many investors are also looking for ways to sell their locked tokens in order to realize price premiums, get additional liquidity to diversify their portfolios, or just cash out faster. Thus, all counterparties are inherently interested in secure direct deals without redundant intermediaries. 11
The Silverway platform Silverway provides aggregated and structured OTC (over-the-counter) data for crypto markets. Silverway unique capabilities 1. A unique hub of raw and processed data from the OTC market converted into institutional-grade reports: 25,000+ 400+ Raw data points have been Projects covered aggregated since 2018 80+ 150+ Projects with currently or Sources have been covered, historically-active OTC market incl: 30 core + 20 tier-2 sources 2. A mile ahead of everyone else, since Silverway has: Collected a huge amount of data and explored all possible sources, not something easily replicated Set up internal processes and can now smoothly update the information Completed a complex and investment banking level job to clean up the data Implemented a proprietary methodology to convert the raw data into institutional-grade reports 12
3. Team Silverway provides aggregated and structured OTC (over-the-counter) data for crypto markets. 4. Proven business model Our business model is proven on the equity investment market (Sharespost, Equityzen, Forge) and commodity markets (Argus). Backed up by How it works Silverway 1. 2. 3. We collect raw OTC data We process and We provide the from numerous sources structure the data processed data via: API, reports, website User 1. 2. 3. Complete the simple Explore OTC data Make data-driven registration to get access to and reports decisions the data 13
The product Silverway provides either ready-to-publish institutional-grade reports or processed data via API, including monthly and weekly updates on each project and the market overall. Monthly market summary research Detailed research on top projects + any project with a current or historically-active OTC market Tailored research on specific projects and OTC/IEO markets based on the data available from our database and gathering info from specific market participants 14
User scenarios OTC Market Summary monthly report Stay in the loop with market trends and key aggregated metrics.. Data updated monthly from 2018 to present Market summary statistics Cumulative # of offers available on public markets and our network, with the data processed to indicate only the most valid points Est. total cumulative market volume Cumulative number of the projects on OTC market Avg. demand / supply ratio Market size and price trends Indexed chart for volumes and weighted average prices evolution based on our comprehensive data Market activity Cumulative # of active/new projects and data points Detailed monthly data Each line contains aggregated data for the respective month, including # of data points, active and new projects, est. total volume, demand/supply ratio ..so you can plan your strategy on OTC market # OF DATA POINTS TOTAL EST. VOLUME TOTAL # OF PROJECTS % SELLERS Market summary statistics 20,000+ $8,683,663,711 407 67% Get a market snapshot via the key cumulative sums Market size and trends Market activity Volume Index Price Index Market size and trends See the trends with a helicopter view on historical market development and where we are now Market activity Estimate the frequency of deals and OTC activity around the projects in combination with overall market trends to plan your investment strategy on OTC market Detailed monthly data Dive deep – see the market summary numbers on a monthly basis 15
Detailed project report Subscribe for access to insightful info from 80+ project reports, updated on a weekly basis Quick recap on the project and its key valuation/fundraising metrics Brief project description and links to overviews/research reports Key numbers to understand where the valuation came from Key trading and liquidity statistics for the OTC market Brief project description and links to overviews/research reports Key numbers to understand where the valuation came from Chart with current and historical OTC quotes / volumes Price/volume dynamic to understand key trends as well as the current market view All data points are broken down by type and availability of information on offers Supporting charts for deeper understanding of the dynamics of potential valuation, returns and spreads ROI based on private round metric Estimated market cap and TNV Average OTC spreads Table where all data points are aggregated Detailed information is available on each data point 16
What aggregated statistics say Total # of offers is .. while there is a .. and overall volumes are not overwhelming .. same time the premium in USD is reasonable above the market healthy buying average.. interest Looks like investors tend to belive in high returns.. .. and are ready to pay a premium even to USD Definitely worth exploring in more detail Insights from the charts Good momentum for Oppotrunity to buy buy / sell price discovery Sellers with low prices Opportunity to get significant Price growht accelerated 40 institutional investors arrived due to uncertainty on IEO news discount to the market price Sellers are prevailing / prices arround the liquidity event Relatevely tight spreads Negative spreads Buy cheap / sell high for sell offers are in the sky Est. potential ROI: 2.8x Est. potential ROI: 1.6-2.5x Spreads are too wide Opportunity to sell with a discount to the market Where the data came from Track the market dynamics Find out the offer ’s key metrics See our calculations for Check the Receive Learn where we take the info on each for both buyers and sellers premium to the last allocation notification data point and how we estimate its private round in USD and status about whether quality valuation based on # of the deal was tokens sold to private closed investors 17
Platform for direct transactions Create offers to buy or sell private round tokens Send bids for interesting tokens Get contacts and make direct deals Examples of use cases Exchanges / Listing Data-driven listing selection criteria based on token performance on OTC market prior to listing Monitoring of OTC market activity for already-listed tokens there might be significant discrepancies between exchange trading activity and locked tokens OTC market Exchanges / IEO Leveraging IEO term negotiation process with OTC market data that shows asset performance pre-IEO as well as price expectations Fair IEO pricing based on demand and supply prior to public sale Healthy market environment / Scam or worthless project detection —> Crypto community recognition and appreciation 18
Inhouse research: Exchanges, media platforms, investment funds, brokers Increase the depth of research reports with coverage of the most opaque market segment Proprietary OTC market data that can be used for inhouse research, including: Demand/supply volumes Indicative prices OTC bid/ask spread OTC closed deals Liquidity discounts for locked tokens Investors: Investment funds, investment arms in exchanges, brokers Monitoring of OTC market for portfolio projects and new applicants Support investors with OTC market data on portfolio projects OTC market performance of applicants Data-driven investment decisions and risk management Platform UI Market data On this page, users can simply navigate through all the projects on the platform to find aggregated market data and active offers for tokens of a particular project. 19
Project page We collect information about historical and recent offers, and deals for each project on the platform. Moreover we provide clients with other resources on the market, in addition to insightful information that will help them track market activities and trends to make well-informed investment decisions. All registered users have access to charts showing not only current prices on the OTC market, but also current and historical estimated volumes, offer reliability estimates and information on private and public rounds all in one place. Research reports We will provide our users with two types of reports: OTC Market Summaries and Project Overviews. The OTC Market Summary will be available for free to all registered users, while access to Project Overviews will be provided via paid subscription plans. 20
Registration and client area Simple registration and authentication process with no entry barriers - you do not need to pass exhaustive procedures to get full access to our market data. You will be able to fill your personal information in later if needed in your client area. Revenue streams Fees for access via API Fees and fixed payments for access to the platform’s full functionality Subscription fees Payments for additional services Tailored reports Community incentives 21
Tokenomics The Silverway token is used for fee payment, plus additional platform purchases and subscriptions. Silverway token is both ERC20 and BEP2 token, launched on Ethereum and Binance Chain. You can swap Silverway token from ERC20 to BEP2 to trade on Binance DEX. The token ties the platform’s services together and allows Silverway’s investors to leverage platform growth, as tokens are burned when they are used for fees or services, contracting the supply and driving the price up. Token usage Currently, there are three planned main uses for the SLV token: Fees and fixed payments for access to the platform’s full functionality Payments for the additional services Community incentives Fees for access via API Subscription fees Tailored reports Main channels of value transfer anbd all economic interactions between the platform and its users are depicted on the next diagram. 22
Token utility value All fees and service payments may be performed in the user’s currency of choice. However, users are incentivized to use SLV tokens, as in the case of fees and Proof-of-Intent payments. The discounts diminish quadratically over time, providing an additional incentive to use tokens as fast as possible. To simplify the discount calculation for platform users, the initial quadratic function is replaced with a closely-resembling step function: -- Year 1 — 50% -- Year 2 — 28% -- Year 3 — 14% -- Year 4 — 5.5% -- Year 5 and beyond — 5% Token burning and value Every time a token is redeemed, the smart contract burns a fixed percentage of the redeemed sum, while the rest is passed on to Silverway. This mechanism ensures that token value is dependent on platform usage. To protect the platform’s users against volatility, prices are set either in common currencies (for services/Proof-of-Intent) or percentages of the total sum (for fees), and then recalculated into platform tokens. Therefore, token dynamics may be expressed by the following system: Where: The burn rate is set to constant values, which will be determined at a later time, subject to change by a decision by the board of directors. Essentially, at each period the amount of SLV earned by the platform is equal to: while the token valuation is simply a reserve rate-discounted sum of all upsides (service and fee discounts) that token holders can receive over the platform’s lifecycle. 23
Token distribution Ticker: SLV Smart contract: https://etherscan.io/token/ 0x4c1c4957d22d8f373aed54d0853b090666f6f9de Total supply: 1000 mn SLV Minting: no Distribution: 10% - Early investors/exchanges 20% - Reserve 45% - Marketing & BD 25% -- Team 1. 12 mn cliff, after that - linear unlock of tokens by 24th month since the listing; 2. 5% of tokens to be unlocked in 1st month, 24% - linear unlock from the 9th month to the 12th month, after that - linear unlock of the remaining tokens by 24th month since the listing; 3. 100% unlocked in case of contingency; 4. 3% of tokens to be listed, 2% - to be unlocked in the 1st month, 5% - to be unlocked from the 9th month to 12th month. Use of funds 50% of the funds will be used to build the Silverway platform and perform upgrades to the system, which includes team recruitment (in North America Europe, and Asia), training, and the development budget. 35% will be used for SLV branding and marketing. The platform’s long-term success requires a sufficient budget for various advertising activities, to drive Silverway’s popularity with investors, and to attract active users to the platform. 15% will be reserved in case of unforeseen circumstances or expenses. The planned tokenomics, use of funds and the token distribution schedule may be partially or significantly changed over the course of the project development. 24
Leadership The platform has been created by a team of former Goldman Sachs and Barclays Capital investment bankers and private equity professionals who have been amongst the pioneer professional investors in the crypto and blockchain sector. The full team description can be found on the project website8. Accomplished finance professional with investment experience spanning international crypto fund, a $10bn+ AUM family office, and bulge-bracket investment banks. Since 2017, has focused on the crypto and blockchain industry: investments in private token sales, infrastructure/services project launches, advising for family offices and VC funds, project fundraising. Prior to that, 3 years in the PE/VC industry as Sergey Gurkin Vice-President at a global top-50 Forbes family. Was appointed Head of Corporate Finance in a CEO portfolio company listed on LSE’s AIM board Over 5 years of investment banking experience with Goldman Sachs and Barclays Capital Masters degrees in laser engineering and financial markets 8 silverway.io 25
Key Team / Advisory board members Sergey Gurkin Anton Bogdanov CEO Project Manager Adam Barker SJ Zhang Partner, North America Partner, Asia Serial angel and VC investor Dmitry Khovratovich Alexander Dobrikov Technical Advisor UI / UX Director Other team members will be added soon 26
Project planned roadmap Track Research and Development Business & Marketing development Q3 2018 Silverway concept formed Initial market validated with 10+ market players Platform developed (main Project launched (market hypothesis Q4 2018 functionality) testing, deal pipeline formation) Platform launched, added: active Business model tested Q1 2019 deal pipeline and buy/sell functions First investment funds onboarded Platform functionality extended Press release in leading media sources Q2 2019 Payments in SLV made possible on Channels in Telegram, WeChat, Twitter, Weibo the platform announced, with regular updates on new deals on the Silverway Market Data - unique platform, and weekly/monthly updates database of OTC transactions with Business development press release published private round tokens - concept KYC and escrow service providers selected formed 20 new investment funds onboarded SLV listed on three exchanges Silverway token partially migrated to SLV listed on Binance DEX Q3 2019 Binance Chain Further relationships developed Market data aggregation I Ex nitialcompleted change Off with both ering o investors and blockchain project teams f SLV Silverway Market Data tested: Partnerships secured with market makers, brokers analytical platform with 20,000+ data and analytical platforms points on OTC offers and transactions Listed on 30+ leading crypto trackers with private sale tokens 20 new professional market participants onboarded Silverway Market Data Alpha version Participated in key industry conferences and Silverway Market Data launched Q4 2019 Production version of Silverway Listed on itBT H C Market Data released with Korean and Chinese communities launched in dashboard, card view and many Telegram other features to enhance UX/UI Marketing campaign to speed up user registration Business processes for Silverway growth launched Market data updates and extension Partnership with leading analytical platform (in process) streamlined announced Use cases for institutional market 100 new professional market participants onboarded participants prepared Listed on tier-1 exchange 1Q2020 Additional services released on the 500 professional market participants brought to the platform: platform White label sales 30000+ active users registered API Commercialization drive across all sales channels Benchmarking analytics launched based on our largest and proprietary database Tailored research offered Partnership with crypto derivatives providers announced Staking business launched 2Q2020 OTC data provider of choice for all the market leaders / industry standard We have developed a scenario for a go-to-market strategy. The two major areas of focus are marketing and PR. Marketing: PR activities: Direct contacts via email, messengers, and Regular press releases in leading media in North established network face to face meetings ; America, Europe, China, Korea, and Singapore Announcements through key social media Attendance and pitching at leading industry channels to increase awareness and maintain conferences. user interest and engagement Partnership with a leading analytical platform A detailed business plan is available upon request to funds and institutional investors. 27 *
Disclaimer The information set forth in this White Paper may not be exhaustive and does not imply any elements of a contractual relationship. The content of this White Paper is not binding for SDTC Limited (“Silverway” or “SLV”) and its affiliates and Silverway reserves the right to change, modify, add, or remove portions of this White Paper for any reason at any time before, during and after the sale of SLV tokens by posting the amended White Paper on the website. This White Paper does not constitute an investment, legal, tax, regulatory, financial, accounting or other advice, and this White Paper is not intended to provide the sole basis for any evaluation of a transaction on acquiring of the SLV tokens. Prior to acquiring the SLV tokens, a prospective purchaser or Initial Exchange Offering participant (collectively “participant”) should consult with his/her own legal, investment, tax, accounting, and other advisors to determine the potential benefits, burdens, and other consequences of such transaction. Nothing in this White Paper shall be deemed to constitute a prospectus of any sort or a solicitation for investment, nor does it in any way pertain to an offering or a solicitation of an offer to buy any securities in any jurisdiction. This document is not composed in accordance with, and is not subject to, laws or regulations of any jurisdiction which prohibits or in any manner restricts transactions in respect of, or with use of, digital tokens. The SLV token is not a digital currency, security, commodity, or any other kind of financial instrument and has not been registered under the securities laws of Hong Kong or the securities laws of any other country, including the securities laws of any jurisdiction in which a potential token holder is a resident. The SLV tokens are not being offered or distributed to, as well as can not be resold or otherwise alienated by their holders to, citizens of, natural and legal persons, having their habitual residence, location or their seat of incorporation in the country or territory where transactions with digital tokens are prohibited or in any manner restricted by applicable laws or regulations. If such restricted person acquires the SLV tokens, such restricted person has done so on an unlawful, unauthorized and fraudulent basis and in this regard shall bear negative consequences. Silverway neither offers or distributes the SLV tokens nor carries on a business (activity) in any regulated activity in the countries and territories where transactions in respect of, or with use of, digital tokens fall under the restrictive regulations or require from SLV to be registered or licensed with any applicable governmental authorities. Each participant is reminded that this White Paper has been presented to him/her on the basis that he/she is a person into whose attention the document may be lawfully presented in accordance with the laws of the participant’s jurisdiction. It is the responsibility of each potential participant to determine if the participant can legally acquire the SLV tokens in the participant’s jurisdiction and whether the participant can then resell the SLV tokens to another purchaser in any given jurisdiction. Certain statements, estimates and financial information contained in this White Paper constitute forward-looking statements or information. Such forward-looking statements or information involve known and unknown risks and uncertainties which may cause actual events or results to differ materially from the estimates or the results implied or expressed in such forward-looking statements or information. The English language White Paper is the primary official source of information about the project. The information contained in English language White Paper may from time to time be translated into other languages. In the course of such translation some of the information contained in the English language White Paper may be lost, corrupted or misrepresented. The accuracy of such alternative communications cannot be guaranteed. In the event of any conflicts or inconsistencies between such translations and the official English language White Paper, the provisions of the English language original document shall prevail. Silverway expressly disclaims all express and implied warranties and representations as to the SLV tokens and its platform, including any warranties or representations of merchantability or fitness for a particular purpose with respect to the platform, the SLV tokens or their utility, or the ability of anyone to exchange for or use the SLV tokens. The platform on which the SLV tokens may be utilized is still under development and may undergo significant changes over time. Although the project management team intends for the platform to have the features and specifications set forth in the White Paper, changes to such features and specifications can be made for any number of reasons, any of which may mean that the platform does not meet expectations of holder of the SLV tokens, as well as changes may be made, including, but not limited to, the Silverway business model, tokenomics, token distribution and roadmap. The SLV token referred to in this project as a digital asset is not contained in the project team’s server has a complete and independent value separate from the project team. The value of the SLV token is completely determined by the recognition of the value and exchange value of the relevant market participants. It should not be regarded as bonds, securities, or any form of securities, nor is it a project team’s, company’s equity, shares, ownership or control. Based on the SLV token generated by this project, the value of SLV token is affected by the market environment and the degree of acceptance of market entities. The project team cannot guarantee the value of the SLV token. The SLV token has the risk of being lost, tampered with, stolen or mishandled. The project team cannot guarantee the storage, retrieval, and modification of the relevant virtual property. Copyright Notice This document is copyrighted by Silverway. No part of this document may be reproduced, abstracted, backed up, modified, translated into another language, or used in whole or in part for any commercial purpose, in any form or by any means, without the prior written consent of Silverway. Release Statement For different versions of the Silverway White Paper, the latest version shall prevail. Right of Interpretation Silverway has the final power of interpretation of this White Paper. 28
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Sources [14] — Institutional Traders Shift to Over-the-Counter Trading Desks? Diar, Volume.2 Issue.49, December 17, 2018 [https://diar.co/volume-2-issue-49/] [15] — Uncharted Bitcoin OTC Markets Gear Up For Institutional Inflows. Aaron Stanley, Forbes, Forbes Magazine, October 24, 2018 [http://www.forbes.com/sites/astanley/2018/10/23/uncharted-bitcoin-otc-markets-gear-up-for-institutional-inflows/#5 a92db767bac] [16] — Bitcoin Bulls Are Storming Wall Street's Crypto Trading Desks The Block Crypto, January 8, 2019 [https://www.theblockcrypto.com/2019/01/08/bitcoin-bulls-are-storming-wall-streets-crypto-trading-desks/] [17] — OTC Volume of Bitcoin Is Rising: Are Institutions Buying? NewsBTC, January 11, 2019 [https://www.newsbtc.com/2019/01/11/otc-volume-of-bitcoin-is-rising-are-institutions-buying/] [18] — Genesis Trading's OTC Volume Is up 50% Year-over-Year The Block Crypto, January 10, 2019 [http://www.theblockcrypto.com/tiny/genesis-tradings-otc-trading-volume-is-up-50-year-over-year/] [19] — Genesis - Digital Asset Lending Snapshot Genesis Capital, Q3 2018 [http://genesiscap.co/q3-insights/.] [20] — Grayscale Digital Asset Investment Report Grayscale, Q4 2018 [https://grayscale.co/q4-2018-digital-asset-investment-report/] [21] — Binance CFO: Big uptick in over-the-counter Bitcoin trading volume Tim Copeland, Decrypt, Apr 17, 2019 [https://decryptmedia.com/6565/binance-cfo-otc-trading-on-the-up] [22] — Goldman Sachs Has Been Handling Billions Worth Of OTC Trades Rogue Trader, Abacus journal, January 14, 2019 [https://abacusjournal.com/goldman-sachs-otc-whales-goldman-sachs-has-been-handling-billions-worth-of-otc-trade s-buy-side-volume-in-2019-is-increasing/] [23] — Major Crypto Exchanges Launch OTC Desks Despite the Crypto Winter Henry Linver, Cointelegraph, February 11, 2019 [https://cointelegraph.com/news/major-crypto-exchanges-launch-otc-desks-despite-the-crypto-winter] [24] — Bitcoin Whales and the Rise of Crypto-Fueled OTC Desks in 2018 Jamie Redman, Bitcoin.com, December 30, 2018 [https://news.bitcoin.com/bitcoin-whales-and-the-rise-of-crypto-fueled-otc-desks-in-2018/] [25] — Circle 2018 Accomplishments and 2019 Themes Neville, Sean, et al., Circle Blog on Medium, January 3, 2019 [http://medium.com/circle-blog/circle-2018-accomplishments-and-2019-themes-a58706d4d33e.] [26] — Crypto Exchange Poloniex Launches Institutional Trading Services De, Nikhilesh, CoinDesk, December 4, 2018 [http://www.coindesk.com/crypto-exchange-poloniex-launches-institutional-trading-services] [27] — Coincheck Launches Bitcoin OTC Trading Desk for Large-Scale Clients Marie Huillet, Cointelegraph, April 2,. 2019 [http://cointelegraph.com/news/coincheck-launches-bitcoin-otc-trading-desk-for-large-scale-institutional-clients] [28] — Coinbase Launches Trading Desk For Institutional Investors Cheddar, November 28, 2018 [http://cheddar.com/media/exclusive-coinbase-launches-otc-trading-desk] [29] — Bittrex joins booming OTC market - but who is driving demand? Kieran Smith, BraveNewCoin, January 20, 2019 [https://bravenewcoin.com/insights/bittrex-joins-booming-otc-market-but-who-is-driving-demand] [30] — ICOs are increasingly just for venture capitalists Jon Russel, TechCrunch, December 9, 2018 [https://techcrunch.com/2018/09/12/icos-are-increasingly-just-for-venture-capitalists/] 30
Sources [31] — Who dumped your token and how to avoid it next time Neima Jahan, Hackernoon, November 13, 2018 [https://hackernoon.com/who-dumped-your-token-and-how-to-avoid-it-next-time-21e435438133] [32] — Primer, Telegram Published at ICO Rating [https://icorating.com/upload/whitepaper/gNQ7e9z3lCGi519Wz8mmC0Kg8aA0goeZKAQ802vo.pdf] [33] — Crossing the chasm: 10 green shoots of Recovery. The State Of Blockchains 2019 Joel John, Outlier Ventures, January 2019 [https://outlierventures.io/wp-content/uploads/2019/01/State_Of_Blockchains_2019.pdf] [34] — ICOs Have Raised Billions — But Now VCs Are Swooping Research report, June 12, 2018 [https://www.cbinsights.com/research/blockchain-ico-equity-financing-vc-investments/] [35] — The SAFT project: toward a compliant token sale framework Cooley, October 2, 2017 [https://www.cooley.com/news/insight/2017/2017-10-24-saft-project-whitepaper] [37] — What was the ICO market like in Q3 2018 InWara report, CoinMarketCap, November 2, 2018 [https://blog.coinmarketcap.com/2018/11/02/what-was-the-ico-market-like-in-q3-2018/] [38] — 2018 Crypto Retrospective Ria Mrinalini Bhutoria, Circle Research, January 2019 [http://research.circle.com/wp-content/uploads/2019/02/circle-research-2018-crypto-retrospective.pdf] 31