Introduction

Business or company valuation is a process and a set of procedures used to estimate the economic value of an owner’s interest in a business. Valuation is used by financial market participants to determine the price they are willing to pay or receive for an interest in the company or business.

The rapid advancement in Blockchain technology opens a host of possibilities to build a comprehensive ﬁnancial services ecosystem in an open and transparent manner. Tapping into this technology, iP2PGlobal aims to introduce a global solution to provide aﬀordable and accessible ﬁnancing to borrowers and attractive risk-adjusted returns to lenders.

iP2PGlobal plans to develop a peer-to-peer (“P2P”) ﬁnancing platform using smart contracts and blockchain technology called iP2PGlobal Personal Financing Platform. This Platform will bring together borrowers and lenders from all over the world and connects them on a single platform in a trusted, fast and easy manner.

In this review we look at the key components of the iP2PGlobal Personal Financing Platform and the people behind the company to determine the company’s capabilities and capacity to weather the challenges of delivering its project, developing its business and in doing so hopefully provide some market guidance to investors and partners on a fair valuation of the TWQ Token.

PEOPLE

A. Management team

Rashdan Ibrahim - Chief Executive Officer

Rashdan has over 24 years of working & entrepreneurial experience, he has worked with household names like Petronas, Deutsche Bank, & Arab Real Estate Co. KSC, throughout South East Asia & the Middle East.

Muhammad Radzi - Chief Operating Officer

Radzi has over 27 years work and management experience in the consumer finance and factoring finance industries, he was also the co-founder of two Shariah-compliant factoring companies in Malaysia.

Afdha Yusof - Chief Marketing Officer

Afdha Yusof has over 15 years of experience in Human Resource and Talent Acquisition in some of the top MNC companies in Southeast Asia and Middle East.

Derek Lee - Head of Business Development

With over 31 years of working experience in banking treasury and factoring financing. He has worked with household names like DBS, Citibank & Deutsche Bank.

Azli Noor - Head of Legal & Compliance

Trained as a lawyer, Azli has over 25 years working experience of which 17 years was in investment banking and trusts industries.

James Loy - Head of Credit Risk Management

James has over 22 years of working experience of which 15 years was as an investment banker in one of the largest banks in Malaysia.

ASSESSMENT:

The management team of iP2PGlobal are predominantly from the banking and finance sector. A closer look at the key managers reveal that they are seasoned professionals in their fields with established track records in conventional banking and finance both in the debt capital and equity markets. The project that they are currently pursuing represents only a small taste of what the management team has experienced and is most likely capable of undertaking. It is quite likely that the team will be looking into migrating other financial products and solutions from the conventional market to the blockchain in the near future. This bodes well for the TWQ Token as its function as a utility token will not be limited to the Crypto Loan product but be expanded into other products and solutions which will invariably increase the demand for the TWQ token and thus apply upward pressure on the TWQ token price in the market. Unlike many projects that have come into the ICO/IEO market, iP2PGlobal has real people with qualifications, expertise, and experience in the field relevant to developing the P2P Loan Platform of this project. For new entrants and people from the conventional financial services sector who are just discovering the blockchain and crypto, it may provide some comfort to these new participants to see seasoned conventional financial professionals who have migrated to the crypto world ahead of them. It is encouraging and builds on the credibility as well as sends a signal to the conventional financial services sector that the blockchain and crypto is something they should not ignore.

B. Advisors

Dr Ahcene Lahsasna

Currently the CEO of Salihin Advisory & he also sits in the shariah advisory committee for Standard Chartered Saadiq Bank & Re-takaful. Dr Ahcene has authored more than 20 books and is the recipient of the Global Business Leadership Award in Islamic Finance in 2017 & 2019.

Azzizi Mohamad Ghazi

Having a long Treasury experience with the largest bank in Malaysia, Maybank and with government owned Valuecap. Azzizi is a co-founder & Managing Director of AbleAce Raakin. He is a member of the Financial Market Association of Malaysia.

Azaraie Mohamad Ghazi

A chemist by profession, Azaraie co-founded AbleAce Malaysia in 1997. He was part of the group that co-founded AbleAce Raakin in 2006. He is a member of Malaysian Oil Scientists’ and Technologists’ Association (MOSTA).

Scott Phillips

With more than 25 years’ industry experience, Scott is Co-Creator of Smooth Retirement™. He has worked in various senior roles at Westpac, StatePlus (formerly State Super Financial Services (SSFS)), Bank SA, NEO Financial Solutions and Commonwealth Bank.

Azmin Hassan

With more than 18 years’ experience in banking, venture capital and private equity, Azmin has amassed various experiences in the oil & gas, general aviation, wireless infrastructure and real estate industry. He is the founding member of Qyrin Petroleum Technology.

Abdul Rahman Ibrahim

A computer science major, Abdul Rahman has worked in the animation and telecommunication industries household names such as Rhythm & Hues, Anima Vitae and Xoxzo (Japan).

ASSESSMENT:

iP2P Global has clearly stated that it will collaborate and work with partners who are subject matter experts (SME) in key areas where the management team believes it should leverage the best available technologies and practices in the market. There is no sense in reinventing the wheel when someone else has already established market acceptance and dominance. Additionally, for the iP2PGlobal Personal Financing Platform, being a Sharia compliant product and solution there are clear rules, regulation and requirements that need to be fulfilled in order to be properly recognized as Sharia compliant. As such, several members of the Advisory board are licensed and accredited by the relevant regulatory bodies responsible for Sharia compliance. The other Advisors on the board on the other hand come from industry and provide valuable experience and insights from outside the crypto market that could inject some real-life and real-world lessons learnt from various industry sectors. These Advisors serve as a check-and-balance to the management team and the TWQ project which will potentially improve the market acceptance and applicability of the TWQ project and other financial products and solutions which will be developed by iP2Pglobal following the successful delivery of the Crypto Loan platform. Besides providing oversight and industry input, the Advisors certainly will be involved in new product and solutions conceptualization which will ensure a steady pipeline of new crypto based financial products and solutions that will utilize the TWQ token. The board of Advisors of iP2Pglobal have a balanced mix of subject matter experts who should enhance the already strong team behind the project.

C. Partners

AbleAce Raakin Sdn. Bhd.: Commodity Murabahah Provider

Salihin Shariah Advisory Sdn. Bhd.: Shariah Adviser

ASSESSMENT:

Ableace Raakin is the Global Islamic Finance Award winner for the Best Shariah-compliant Commodity Brokers in 2017. They are also a member of the International Islamic Financial Market (IIFM). The IIFM was formed under Royal Decree No. (23) Dated 2002 of the Kingdom of Bahrain as a neutral and non-profit infrastructure development organization. IIFM is hosted by the Central Bank of Bahrain in Manama. The founding members of IIFM are the Islamic Development Bank, Autoriti Monetari Brunei Darussalam (formerly Ministry of Finance Brunei Darussalam), Bank Indonesia, Bank Negara Malaysia (delegated to Labuan Financial Services Authority), Central Bank of Bahrain (formerly Bahrain Monetary Agency) and the Central Bank of Sudan.

Salihin group offers an integrated and yet wide spectrum of professional services in the areas of auditing and assurance, taxation, business advisory and corporate finance. Salihin has over 70 professionals serving international clients globally. With a formidable pool of competent and experienced professionals they strive to consistently provide high value and high-quality end-to-end services to clients without compromising its integrity. Through insight and foresight, its professionals shape, revive, redirect and set the pace to leverage complexity and dynamism for clients’ sustainable business vitality, viability, profitability, and growth.

iP2PGlobal has partnered with AbleAce Raakin and Salihin to provide Commodity Murabahah and Sharia compliance advisory. This is a clear indication of iP2PGlobals’ seriousness and commitment to providing bona fide Sharia compliant products and solutions to the market and to Muslims worldwide. We have seen a few blockchain projects bandying Sharia products and solutions to investors, but ultimately most if not all did not provide any proof or clear framework for Sharia compliance. In the case of the TWQ, investors especially Muslims can be assured that the platform and the crypto loans are structured to comply with Sharia precepts.

2. PRODUCT & TECHNOLOGY

The ﬁnancing products oﬀered over the platform is based on Sharia ﬁnance principles. Sharia ﬁnance principles mean prohibition of interest and usury, steering clear of uncertainty-based transaction, avoiding gambling and avoiding investments in the production and selling of impure goods and goods of no use or no value. Sharia ﬁnance principles also relates closely to the concept of ‘Ethical Finance’ that emphasise the values of fairness, equality and morality in ﬁnance.

Three ﬁnancing products, an unsecured and a secured personal ﬁnancing products based on Tawarruq contracts and a gold pawnbroking product based on Ar Rahnu contract will initially be oﬀered. In the future, iP2PGlobal aims to add other ﬁnancing products based on other Sharia ﬁnancing contracts, such as Ijarah (leasing) and Musharakah (profit sharing) amongst others.

The TWQ is an ERC20 token that confer the right to the token holder to submit an application for a personal ﬁnancing based on a Commodity Tawarruq Trading program through the iP2PGlobal platform and have it listed in the platform for prospective lenders to view and choose to ﬁnance. The TWQ Token is a pure utility token and does / will not provide any other rights and functions to its holders.

The medium of ﬁnancing in the iP2PGlobal Platform will be in stable coins that pegged its value to ﬂat currency. In its initial stage, the platform will be using PAX, TUSD and USDT in the future more stable coins will be accepted as the medium of ﬁnancing in the platform.

ASSESSMENT:

The TWQ project is built on a marriage of blockchain technology and peer-to-peer technologies, both of which are experiencing high growth and adoption in today’s digital world. Add to this the untapped and unfulfilled demand for Sharia compliant products and solutions not just in the crypto space but also in the conventional market, what we have in the iP2PGlobal platform is potentially an explosive or high growth business. The management team it appears has done a thorough study of the financial services market and the attempts by others to penetrate and introduce Sharia based products and solutions to the crypto market. Many have tried a blanket or shotgun approach hoping to capture overnight a piece of the Sharia market with a population of 2.18 billion Muslims worldwide. The evidence however seems to show that this strategy is ineffective and prone to many shortcomings. There are many critical issues which need close attention by project and solutions developers and providers in order to successfully encourage adoption and regular use of crypto based and peer-to-peer solutions. The blanket strategy does not work effectively in this situation. iP2PGlobal has chosen to develop a single product or solution to address a specific demand and need in the market — crypto loans — and has committed its whole roadmap over 24 months to ensure a world class and commercial grade platform is delivered to the market. The management team could have chosen to be overly ambitious or even greedy but instead they have forgone (for the moment) the larger market and opted to be focused on one segment to the benefit of users and investors. It appears that the management team foresight tells them that success with one product or solution is necessary first to solidify market credibility and commercial basis to develop other products and solutions as and when the crypto market evolves and when the critical demand for more financial services is in place. Unlike most blockchain projects we have seen, this project is very concentrated on doing and delivering one thing and doing it very well. This attitude by iP2PGlobal is admirable and lends a lot of confidence that the project is very likely to be completed and delivered to the market.

The bull run of 2017 saw thousands of ICO’s raise funds based on frail and farfetched ideas, flimsy whitepapers, and aggressive marketing tactics compared to actual working products and a real market. Today the initial hype is over, but the utility of ICO’s and IEO’s still serves an important function. As the crypto market continues to develop, bad coins will cease to exist, while projects with real use cases will thrive. The iP2PGlobal lending platform is an example of a Bona Fide project raising funds through an exchange coin offering that has real-world use case and a real market, in addition to real people with qualifications, experience, and track record.

3. MARKET

P2P is the practice of lending money to individuals or businesses through online services that match lenders with borrowers. P2P is a relatively new industry, with the 1st P2P lending platform only starting in 2005 in the United Kingdom. Prior to the introduction of P2P lending platforms, the main source of any ﬁnancing for individuals or companies was from traditional lenders such as banks and ﬁnance companies.

The main reason why the P2P business model works, is because its operational expenses is lower when compared with traditional lenders. Technology plays a big part in bringing borrower and investors together ensuring that the main culprit of high costs i.e. branch infrastructure is made obsolete. These savings in operational expenses allow P2P players to under-cut traditional lender’s spread thus providing big savings to borrowers via lower interest rates and better returns for investors, compared to savings and investment products oﬀered by banks.

Based on Industry Reports by Cambridge Centre for Alternative Finance, Global alternative ﬁnancing has been on a strong growth path over the past few years, registering US$419 billion in total in 2017 compared to only US$43.6 billion in 2014. Based on the 2016 total of US$289 billion raised, P2P lending made up the lion share with 55.8% coming from P2P consumer lending (US$161 billion), whilst P2P business lending and P2P real estate lending was at 23.85% and 2.96% respectively.

The continued growth of P2P lending, in particular P2P consumer lending, which makes up the majority of the online alternative ﬁnance market especially in Asia Paciﬁc, Americas and Europe augurs well for the industry as more people accept the P2P lending model and start to branch out from traditional lenders like banks and ﬁnance companies. The global peer-to-peer lending market is expected to grow tremendously and post a compound annual growth rate of more than 53% by 2020 from 2015.

Since the cryptocurrency lending market started in 2016, over US$4.7 billion loan volume has been originated, but the income generated is low at US$86 million or less than 2%, although the borrowing rate typically ranged from 6%-10% on an annual basis.

iP2PGlobal Platform will open up ﬁnancing to a big Muslim population (estimated population of 2.18 billion), who wants to borrow and lend according to Sharia ﬁnance principles. However, although Sharia ﬁnancing products are sought after by Muslims, this does not preclude or should deter non-Muslims from tapping onto the platform, as the iP2PGlobal Platform is open to everybody regardless of their gender, race or religion.

ASSESSMENT:

The Global Peer to Peer (P2P) Lending market is categorized into consumer lending and business lending. The traditional P2P model generally exists on a large-scale mostly in developing regions. However, this is mainly due to minimum availability of modern technologies which makes companies adopt the P2P model. The industry is projected to reach USD 820.70 billion by 2025. The driving factors influencing the global peer to peer lending market demand are growing awareness among consumers, transparency in process, low-interest rates, process efficiency for easy loan distribution, and demand for loans by small & medium enterprises, real estate sector and other consumer loans. P2P Lending companies are investing in new technologies to make the process easier and efficient. For instance, Faircent has launched e-sign facility in collaboration with eMudhra to reduce the turnaround time for loan distribution by further reducing the human intervention in the process. In the year 2017, consumer lending dominated the overall peer to peer lending market by occupying a 72.2% share. P2P lending has provided easy access to loans due to which there is a rise in personal loans, home loans, student loans, and other consumer loans. However, business lending is also witnessing a significant growth owing to the growing number of small & medium businesses across the globe registering an exponential growth rate over the forecast period. Regionally the global peer to peer lending is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa. In 2017, Asia Pacific dominated the global P2P lending market of which China occupied a major share in this region. However, in recent years there has been an increasing number of P2P lending frauds in China due to which China Banking and Insurance Regulatory Commission has imposed stringent regulations to restrict P2P lending companies from committing crimes. This development is actually a positive indication as the fact that the regulators are paying attention means that the industry is significant to the economy. In Europe, Unite Kingdom dominated the P2P market by contributing more than an 82.3% market share. Zopa was founded in 2005, the first company to launch website for borrowing and lending services. After which many new companies were launched including funding circle and rate setter. The stringent regulations implemented by the Financial Conduct Authority has paved the way for the UK P2P lending market. Moreover, many start-ups are coming into the market as investments are increasingly by venture capitalist. The global P2P lending market is fragmented with many regional and international players across the globe. Here are some of the leading players of the global peer to peer lending market include Zopa, Prosper Marketplace, Lending Club, Funding Circle, Upstart, SoFi, RateSetter, China Rapid Finance, PPDAI Group, Funding Societies. It should be noted that one of the reasons for the fragmentation is due to the limitations and restrictions on Global Fiat Lending or cross-border fiat lending because of the different licensing and regulations in different countries.

The iP2PGlobal Personal Financing Platform will be the first truly Global P2P lending platform as the platform is a CRYPTO LOAN platform and as it is not fiat lending, the platform solves the problems, limitations, and restrictions imposed by country specific regulations on cross-border currency transfer/lending, and fiat currency exchange fluctuations. In terms of market size, market segment growth, and trends in the financial services industry, the iP2PGlobal platform appears to be entering a position that has all the right ingredients for mass acceptance and adoption of the loan platform solution/service.

4. PROFORMA FINANCIALS

IP2P GLOBAL PLATFORM 5 YEARS PRO-FORMA FINANCIALS

The above proforma financials of the iP2PGlobal platform is prepared based on information and data provided by iP2PGlobal Ltd in its Whitepaper, and information and data available from reports in the public domain on the P2P Lending market, developments in the Fintech industry, and global trends in the financial services sector. Relevant and applicable growth rates of the P2P lending market and macroeconomic data on the funding-gap globally between the “banked” and “un-banked” market is also referenced and factored into the financial projections.

Assumptions & Observations:

The proforma financials rest on the latest public figures on the P2P Crypto Lending market, and for the 5-year forecast period, the historical industry CAGR was applied at a 50% discount, which implies that the growth will decelerate — this is a conservative position by iP2PGlobal (ii) At the end of the 5-year forecast period, iP2PGlobals’ share of the P2P Crypto Lending market is projected to reach a mere 1.56% which is very conservative given several unique features of the iP2PGlobal platform. (iii) The loan composition used in the forecast is constant at 20:80 between Unsecured and Secured Loans. A higher percentage of Unsecured Loans would yield higher revenue to the platform as the platform fee for unsecured loans is higher than for secured loans. (iv) Total borrowers using the iP2PGlobal platform over the 5-year period is 630,365 borrowers, borrowing a total US$194,667,762 assuming a fixed average loan per borrower of US$1,000. This US$1,000 amount may not be representative of what the platform will actually see as the is no limit on the loan amount that can be submitted. Assuming a low average loan amount discounts the forecast from potentially large loans from businesses and high-volume traders, who may also use the platform. (v) It should be noted that some P2P Lending platforms impose a minimum loan amount as high as US$30,000 whereas the iP2PGlobal platform has a much lower minimum loan amount of US$200 only (vi) Borrower growth and loan growth appear conservative by comparison to the historical CAGR of the market segment which ranges from 30–52%. (vii) Utilization of the TWQ Token starts at a conservative 4.86% of the theoretical total TWQ in Public hands but reaches a utilization of 38.96% by the end of the 5-year forecast period.

5) VALUATION & PRICING

TWQ TOKEN FUTURE VALUATION & PRICING

A. Average P/E Ratio for the Financial Services Industry

Companies that operate within the industry include those focused on brokerage operations, conventional banking, asset management, as well as debt and credit services. Since the financial services industry plays an important role in the overall performance of the markets, investors should be concerned with the average P/E ratio of this sector.

As of August 2018, the average P/E ratio of the financial services industry is 14.26. This metric includes the sector averages of specific financial service categories, including banks with a P/E ratio of 13.51, capital markets with a P/E ratio of 18.83, and insurance with a P/E ratio of 14.64. A smaller sector in the broader financial services category, thrifts and mortgage finance has the highest P/E at 32.17, while the lowest at this time is the mortgage REITs sector at 7.11.

Because of the absence of historical price data, a test of reasonableness cannot be done for the TWQ Token thus the only guidance that is available to assess the forecasted TWQ Token price are industry averages of PE multiples of the financial services industry. The first year proforma PE ratio of the TWQ Token is forecasted at 16.04x which is in the range of PE multiples of companies in the financial services industry that ranges from 7.11x to a high of 32.17x. By the 5th year of the forecast period the PE ratio is forecasted at 20.13x which is slightly higher than the PE ratio for capital markets at 18.83x but still within the range of multiples for the industry as a whole. As depicted in Figure 1 above, the rate of change of the PE ratio curve is not as steep as the TWQ Price curve which indicates that the iP2PGlobal lending platform earnings are forecasted to increase at a higher rate. As stated in the above section on assumptions and observations, the slightly higher PE curve applied may be justified by the fact that the proforma financials do not factor in the untapped Sharia market and the potential 2.18 billion Muslim population.

TWQ TOKEN FORECASTED PRICE & PE RATIO

B. Market Capitalization

When evaluating a token or coin, looking at Market Cap helps give some idea of the potential price performance in relation to the total crypto market capitalization and also similar tokens and coins. An examination of a tokens’ market cap also provides investors an objective tool in navigating through the hype and marketing which is so prevalent in the ICO/IEO scene.

Market capitalization is a common metric for traditional securities and is now sparingly being applied in crypto. For the benefit of crypto investors, we look at the TWQ market cap in applying a conventional evaluation tool that is a measure of the value of a security. It is derived by multiplying the amount of outstanding stock shares by the current stock price. In crypto, it’s defined as the circulating supply of tokens multiplied by current price. If a coin has 1,000,000 tokens outstanding and is trading for US$1 a coin, it has a market cap of US$1,000,000.

Stocks and bonds are regularly analysed with financial metrics and ratios. Measures like price-to-earnings ratio, earnings per share, the current ratio, earnings growth, and so on are used to examine stocks. In crypto, financial statements are mostly never published.

A market cap is quick way to gauge a coin’s value — healthy market cap is indicative of a strong coin. When combined with other metrics, market cap gives investors more tools to arrive at an investment decision.

The Market Cap of the iP2PGlobal platform in the first year is calculated as follows:

Market Capitalization = TWQ Price x Circulating Supply of TWQ Tokens

= US$0.57 x 50,000,000

= US$28,740,735

It should be noted that the market cap calculation used in the proforma is a 12-month average to smooth out price fluctuations during each proforma year. As can be seen from the formula above, the variable of significant importance is the TWQ Price, and going back to the section above on PE Ratio it has already been established that the proforma TWQ Token price is within the reasonable ranges of PE multiples for the financial services industry.

FORECASTED TWQ MARKET CAPITALISATION

C. Economics

The visuals below essentially show the number of circulating TWQ net of reductions from defaulted loans, in comparison to the total value of TWQ staked on the iP2PGlobal lending platform over the 5-year forecast period. It is a simplistic measure nevertheless highlights an important characteristic of the TWQ Token and the implications on its price trajectory.

FORECASTED TWQ TOKEN SUPPLY VS. VALUE STAKED

What is clear from the chart above is the following:

The supply of circulating TWQ reduces over time

Value of TWQ staked is larger over time

Given,

Perennial reduction in the supply of circulating TWQ due to loan defaults

Growth in the platform use and earnings will be reflected in a price increase of the TWQ

Higher price of TWQ will reduce the number of TWQ needed for loan submission

Thus,

Although the amount of TWQ needed for a loan submission is less because the price has increased, the reducing supply of circulating TWQ combined with the price increase in TWQ will result in a net upward pressure on the TWQ price. This presumption is fundamentally correct as the increase in the utility of the TWQ will support the price of the TWQ which reasonableness has been established based on PE multiple price simulation using financial services industry averages.

6. OVERALL OUTLOOK & CONCLUSION

Unlike investments through bank deposits, P2P platforms connect borrowers and lenders directly through the marketplace, thereby somewhat eliminating the role of middleman. This is what the iP2PGlobal Platform does.

Traditionally, most investors are risk averse and rely more on bank fixed deposits (FDs) as the capital invested is not market-linked and is not exposed to short-term market volatility. However, things are now changing, as investors are not fearful of taking some calculated risks. The iP2PGlobal Platform offers investors/lenders this opportunity.

As a result of the change in investment patterns, apart from savings accounts and bank FDs, P2P investment has been coming up as an alternative among the younger generation. By connecting the borrowers and lenders directly, P2P lending not only brings more transparency, but unlike in the case of banks, also provides opportunities for investors to choose the loans they want to fund, which is essentially what the iP2PGlobal Platform allows.

Additionally, as the middleman (like banks in case of FDs) is eliminated, borrowers can negotiate a better cost of funds rate and investors can create their portfolio of loans as well on the basis of credit ratings and interest rates of borrowers, which may fetch higher returns for them.

Before the introduction of P2P, the options to invest were either market-linked products like equity and mutual funds, which required the investor to have a decent knowledge about the market, or to park the money in banks which had lower returns. Now, with P2P lending, investors may also earn higher returns without having to worry much about the volatility of markets. P2P lending has become an alternative investment destination for those investors who wish to earn higher returns without facing short-term market risks.

It is almost common knowledge now that millennial investors prefer data-backed investment options over the traditional options. As a result, P2P lending has become a go to option for the millennial individuals as P2P platforms use AI and Machine Learning to deploy the investor’s money to generate maximum returns.

“P2P lending is still in the nascent stage and is expected to grow as there are huge opportunities, with the credit demand and supply gap — as per the estimates of the World Bank — being close to $380 billion’.

One major risk for investors on p2p lending platforms is that the company running the platform becomes insolvent and is unable to continue to operate the marketplace. The importance of the financial health of a p2p lending company for assessing the overall risk is essential. More often than not, insolvency and business failures are due to people and management, and not the business or market itself. In the case of iP2PGlobal it is very clear and evident that the company and project is being developed and driven by real people with relevant qualifications, experience and track records.

CEO of FinTech platform YouHodler stated that “the altcoin market cap is slipping, but it is far from being destroyed. We are amid a new altcoin rebirth. Many, once popular, altcoins will find it very hard to make a comeback to their all-time high, if at all. Yet, there are still many promising altcoins with real use cases and revenue generation models that will outline the new trajectory of the altcoin market”.

In general, most subject matter experts conclude that the future of altcoins is still yet to be determined but will rely solely on a given project’s ability to provide firm use cases. The use case for the iP2PGlobal Platform is crystal clear from the onset — they are moving financial services from the conventional market to the Blockchain.

Using altcoins as collateral for a crypto loan helps users utilize the value of their altcoins without having to sell. If the value of their altcoins increases during the loan term, then the users keep all the profits. If altcoins take a negative turn in the other direction, then users can take comfort since they already have the cash and did not lose any additional money. This feature or utility is often overlooked in its importance as the usual emphasis when people look at P2P lending platforms is on how much of a loan can be obtained and what the costs are. Most overlook the benefit or economic value of being able to get further leverage or utility from the altcoins which they have already expended real (fiat) currency to acquire. Perhaps with the growing understanding of P2P and Blockchain, these benefits will become more prevalent.

We have all seen many companies with fantastic products, technology, ideas, and markets brimming with potential demand yet have fallen short of success. Many have come and gone, and many more will appear to take up the challenge of developing and establishing a commercially viable and sustainable business. The question that comes to the mind of many when we see so few successes of such great ideas and fantastic product and marketing strategies is — “What happened? Why did this company not make it?”. There is no shortage of analyst, consultants, and industry experts that regularly evaluate and review established companies and corporations especially listed companies. In these situations, the task of evaluation is focused more on how these companies are performing as compared to the market and competition. Established companies and businesses by definition are those who have succeeded. Evaluating private and early stage companies and businesses however requires a more dynamic as well as a rigorous thought process and evaluation framework. Oftentimes as these companies are early stage, the only “tangible” or real element that is available for analysis and evaluation are the people behind the company. History has also proven that success of many great companies and products are attributed to the founders and people behind the companies and the product.

This review of iP2PGlobal Ltd and by extension the review of the TWQ Token has in some parts been detailed whereas in other parts general at best. This is a reflection of the absence of generally accepted and established methods for evaluation of crypto assets and the crypto market. The assessment has adopted fundamental as well as some technical analysis methods borrowed from mainstream. In areas where data and information are lacking, certain presumptions and extrapolations were made. One thing for certain however about the iP2PGlobal lending platform is that the company behind the project has real people with real experience and track record. Why this is important is because only real people with relevant experience can navigate the uncertainties and dynamic nature of the real world and real economy. If you are an investor, look at the next big ICO/IEO and try to sift through the hype and marketing, and see if you can find a real and solid team behind the project and solely base your decision to invest on the team and people developing the project. If you are a genuine investor and you struggle with this, then chances are what your instinct is telling you is correct.

In the final analysis, any attempt to evaluate and assess the value of a business, company, stocks, token, and securities will always be incomplete. Having said this, some semblance of a proper and objective evaluation should bring a fresh air to the usual hype and hoopla crowded ICO/IEO market space.

Analysis was done by Azmin Ahmad Hassan

Azmin, is an advisor to iP2PGlobal Platform & TWQ token project, before establishing Qyrin Petroleum Technology in 2013, he has worked mainly in private equity and venture capital industry, amongst others he was a senior analyst with Maybank Venture Capital, he was also the Head of Private Equity for Bank Pembangunan Equity.

Azmin’s linkedin profile page: https://www.linkedin.com/in/azmin-ahmad-hassan-385b923/