The Bankera ICO - Numbers and numbers

Today Mr. Positive Blue and Mr. Negative Red meet Mrs. Inquisitive Brown to analyse the Quantstamp ICO. Mr Neutral Black has made a through reading of the document and Mr Technological Green is around just in case.

- What can you tell me about the Bankera ICO?
- In short, from a crypto-currency exchange they want to build a full bank. A very small one as per today standards, but clearly intended to capture the growth of the crypto-market. They have already some relevant licences and they need to get the rest.
- Is it a good product?
-I can't say. The exchange is there, but they plan to offer accounts in crypto-currencies. Why would anyone want to keep Bitcoins, or any other alt, in a bank? Other than that, same products as any bank out there.
- On the positive side, they have an exchange working and a seasoned and large team.
- Why don't we do some numbers?
- Sure. Just a very rough estimate. Tokenholders receive 20% of the net revenue of Spectrocoin and Bankera.
- In their blog they say they are giving 100k a week of net profit as today.
- I wonder how with a team of 50 people to pay for, but let's take their word for it.
- Perhaps the cards business is going well.

- So, if invest..what do I get in return?
- Most likely there will be an initial pump and dump. One way to get something back is to sell it quick.
-  I mean long term.
- We do not know how many tokens will be sold, and you don't really know your stake in the company.
- Let's assume that they reach the hard cap of 152 Million euros.
- That sounds like a huge ICO.
- How does that money go back to the token holders?
- The only guaranteed stream of revenue for the token holders is 20% of the SpectroCoin and Bankera net revenue. Bankera net revenue is likely to be zero for the moment. Spectrocoin last week revenue is claimed to be around USD 100k. 20% of that,  20k, will be divided among tokenholders, that is around USD 1 million a year
- But they will grow in the future won't they? How much does that revenue need to grow to give, lets say, a 10% per year for token holders?
- Currently is 3%, after the ICO, with all that new money... they would need to do really well.
- They would need to grow a lot.
- Do you think that is possible?
- There is a good perspective in the sector. Basically, there is not much of a sector at the moment and is going to be built.
- What happens if they sell much more in the ICO?
- Then is more difficult to reach a interesting return, but also more likely to grow.
- Do you think these numbers are good?
- For a start-up with a running product, yes.
- Is the team solid?
- They are experienced.
- Good advisors?
- I would say ... decent, not excellent.
- I do not know who are the shareholders of Bankera nor Spectrocoin.
- Apparently three entrepreneurs. Is a UK-Lithuanian company
- What could be the problems here?
- Well, if traditional banks are threatened they will develop similar services. Bankera would have the first to market advantage, and may even get bought.
- As a token holder, if it is bought, do I get anything?
- Well you see, there is no guarantee of participating on that. They new owner could potentially decide not to compensate token holders because a token is not a share.
- Well.. that's far away I guess.
- But, is this ICO good or not?
- It looks fine, the problem is that I do not see any institutional investor or if there are, I do not know who are they.
- Also, consider this: since they are selling 20% of the revenue, they are valuing the company at 600 million euros if they reach 150 million euros of token sales. Right now the revenue is 1 million a year. It is a big act of faith to invest with those numbers.