COMSA - investment attractiveness report (Digital Rating Agency)

INVESTMENT EXPRESS EVALUATION OF
ICO PROJECT
comsa.io
ICO 02.10.2017
Performed by
Digital Rating Agency
digrate.com

Investment evaluation of the ICO project
COMSA
LIMITATION OF LIABILITY
This report is the intellectual property of DigRate, the following content is intended for informational purposes only. This
information can not be distributed in any way and in any form without prior consent from DigRate and links to
www.digrate.com.
This evaluation expresses the view of DigRate and is not a fact-finding or recommendation to buy, hold or sell those or
other assets, make investment decisions. DigRate assumes no responsibility for any consequences, interpretations,
conclusions, recommendations or other actions directly or indirectly related to the evaluation performed by DigRate’s
rating actions, as well as the observations and conclusions contained in the rating report and press releases, or absence
of all of the above. The only source that reflects the current state of assessments is the official website
www.digrate.com.
The report was made on the basis of unverified open source data.
The DigRate team expresses its respect to all the enthusiasts of the cryptocurrency world.
2

COMSA
About the company
The project team
Investment evaluation
Conclusion
Fraud Rate
Recommendations
4
6
21
22
23
24
CONTENTS 3

COMSA
ABOUT THE COMPANY | general information
▪ The development of the Tech Bureau Company - COMSA - is a platform for the future ICOs that want to exist in the
COMSA ecosystem. The platform is planning to help solve the problems of transferring existing organizations to
public blockchain. COMSA proposes to integrate NEM, Ethereum, and Bitcoin networks together with mijin *
networks, which will be used by organizations. The idea is to unite companies and holders of cryptocurrency, while
companies can have a market to sell their products and services on and continue to develop their own blockchain
solutions to serve a wide range of users. In addition, this symbiosis also allows both cryptoworld and traditional
economy to unite, contributing to the penetration of crypto-economics into "traditional business" and vice versa,
helps the adoption of cryptocurrency by the broad masses.
▪ Regardless of which protocol is used (Bitcoin, Ethereum or NEM), companies will be able to select the appropriate
technology in accordance with their requirements. In addition, COMSA will allow companies that have already
started using any of the protocols to increase the efficiency of additional services and expand their coverage to
other ecosystems offered by COMSA.
Whitepaper of the project – https://comsa.io/download/52847/
4

COMSA
ABOUT THE COMPANY | general information
▪ Tech Bureau is an international Crypto-Fintech laboratory founded by Takao Asayama in 2014 in Japan. In early
2015, Tech Bureau acquired the oldest Japanese bitcoin-exchange "Etwings" and in April of the same year
restarted it as "Zaif". Zaif has become a token-oriented crypto-exchange system since August 2016. Tech Bureau
collected 100 million yen of initial capital from NTVP and 830 million JPY in Series A from a consortium of several
venture companies.
5
*Mijin is a technology platform developed by the same core developers of the NEM project. Based on the NEM protocol, mijin
allows any company to use its private high-performance blockchain based on peer-to-peer network. More than 300
companies test or use mijin in the beta version of CloudChain.

COMSA
THE PROJECT TEAM | Team
The COMSA project gathered an experienced team and enlisted the support of lawyers, well-known investors and
managers of major companies. The heads of the Tech Bureau, legal advisers, and members of the ICO COMSA
committee are indicated in particular. Some of the project developers also developed the NEM project.
Team:
● Takao Asayama. CEO of the Council of Tech Corporation, member of the Council of the NEM Foundation;
● Mitsutoshi Fukunaga. CMO of the Tech Bureau;
● Jaguar0625. Mijin CTO of the Tech Bureau. CFO of the NEM blockchain. Lead Developer of the NEM blockchain
project and mijin private blockchain;
● Kazunobu Hatta. CFO of the Tech Bureau Corporation;
● Ryosuke Hosoi. Zaif CTO of the Tech Bureau Corporation;
6

COMSA
THE PROJECT TEAM | Advisory Board
Advisory Board:
● Lon Wong. The head of the NEM.io foundation. CEO of the Dragonfly Fintech, Singapore;
● Kazutaka Muraguchi. The partner of the COMSA. Venture capitalist and CEO of the Nippon Technology Venture
Partners;
● Yokiko Nishimura. Lead PR- and business manager of the MoneyPartnersGroup;
● Jeff McDonald. VP of the NEM.io foundation;
● Yoichiro “Pina” Hirano. CEO of the Infoteria Corp;
● Hitoshi Kano. CEO of the Fisco Ltd.;
● Ryuji Yagi. CEO of the Caica Inc.;
● Kaneto Kanemoto. CEO of the OKWAVE;
● Yosuke Iwai. CEO of the AraraInc;
7
The Advisory Board of the project consists of the managers of the largest Financial and IT companies in Japan

COMSA
THE PROJECT TEAM | Advisory Board (continuation)
● Kunihiro Tanaka. CEO of the Sakura Internet Inc.;
● Osamu Ogasawara. CEO of the ABBALab Inc.;
● Katsuaki Sato. CEO of the Metaps Inc.;
● Yoshitomo Izura. Head of Investment Banking of the Tokai Tokyo Securities;
● Masahiko Ito. Senior Deputy Corporate Planning Department CEO / senior manager of the Center of FinTech
Office Mitsubishi UFJ Trust and Banking Corporation;
● Hiroshi Shimo. CEO of the Consensus Base Inc., Member of Ethereum Enterprise;
● Nate D’Amico. CEO of the Reactor8;
● Ken Shishido. Tokyo BitcoinMeetup Group;
● TetsuyukiOishi. CSO of the United BitcoinersInc;
● Kazuma Ieiri. CEO of Japan's largest crowfunding service Campfire;
● Jin Nakamura. CEO of the MONEY DESIGN Co., LTD.;
● Noriyuki Hirosue. Founder / CEO of the bitbank, Inc.
8

COMSA
INVESTMENT EVALUATION 9
Is this project popular in social networks and thematic forums?
7 6 5 4 3 2 1
Totally
agree
Agree Rather
agree than
disagree
Neutral Rather
disagree
than agree
Disagree Totally
disagree
Bitcointalk - https://bitcointalk.org/index.php?topic=2135331.0 (Russian thread)
Twitter - https://twitter.com/comsaglobal
Facebook - https://www.facebook.com/comsaio/
Telegram – https://t.me/comsa_ru
The project has a significant number of subscribers in social networks, which
indicates its popularity in the media space.
SCORE OF 5
11 166 views
2 690 subscribers
1 031 subscribers
2 268 subscribers

There are a large number of
mentions on thematic websites
both in Russian and English
resources.
COMSA
Is the project widely discussed in blockchain news resources?
● Leading Japanese venture capitalists invested in COMSA and XEM
tokenshttps://forklog.com/vedushhie-yaponskie-venchurnye-kapitalisty-investirovali-v-t
okeny-comsa-i-xem/
● An ICO platform based on NEM will be created
http://trendcoin.ru/nem-comsa-ico/
● Tech Bureau Japan Launches NEM-Powered ICO Platform, COMSA
https://www.financemagnates.com/cryptocurrency/news/tech-bureau-japan-launches-
nem-powered-ico-platform-comsa/
● Japanese startup plans one-stop ICO platform fueled by VC investment and an ICO
https://techcrunch.com/2017/09/08/japanese-startup-plans-one-stop-ico-platform-fuele
d-by-25m-from-vcs-and-a-60m-ico/
7 6 5 4 3 2 1
Totally
agree
Agree Rather
agree than
disagree
Neutral Rather
disagree
than agree
Disagree Totally
disagree
SCORE OF 6

COMSA
Is this project being invested by lead venture investors or funds focused
on blockchain startups?
7 6 5 4 3 2 1
Totally
agree
Agree Rather
agree than
disagree
Neutral Rather
disagree
than agree
Disagree Totally
disagree
SCORE OF 7
● Nippon Technology Venture Partners is one of the leading Japanese companies
specializing in investing in high-tech companies. NTVP is known for its investments in
DeNA and was the initial investor in the Tech Bureau. The portfolio includes robotics,
AI, and blockchain technologies.
● FISCO Capitals (Fisco Ltd.) is a Japanese financial information provider. FISCO
provides information on QUICK, Reuters, and Bloomberg investments to Internet
websites and portals, such as Yahoo !, MSN, and InfoSeek.
● ABBALab is a Japanese fund located in Tokyo and focused on seed investment in
technological startups.
Three venture investors from
Japan have already invested $ 9
million in COMSA

COMSA
Are the partners of the project large well-known companies?
7 6 5 4 3 2 1
Totally
agree
Agree Rather
agree than
disagree
Neutral Rather
disagree
than agree
Disagree Totally
disagree
SCORE OF 6
The partners of the company are
well-known companies focused
on the Japanese market
● Infoteria Corporation is the leading software development company that provides
communication between "computers", "people" and "things" with advanced
technologies. Its software ASTERIA already supports blockchain for corporate
companies.
● CAICA Inc. is a Japanese system integrator. CAICA has extensive experience in
developing systems for financial institutions, such as banks, securities companies,
and insurance companies.
● Arara is one of the largest private solutions for electronic money and CRM in the
SaaS market in Japan. Arara provides new more secure and more efficient solutions
that use blockchain technology. In cooperation with Tech Bureau, Arara plans to
develop and provide services related to ICO.

COMSA
Does the team already have a working product that they sell to their
customers?
7 6 5 4 3 2 1
Totally
agree
Agree Rather
agree than
disagree
Neutral Rather
disagree
than agree
Disagree Totally
disagree
● Tech Bureau is currently helping companies with consulting and provides a number
of technical solutions. Now it’s preparing to introduce new platforms to cover almost
all aspects of the ICO process. The scope of ICO's work will cover the development of
an initial technical document (similar to an IPO), technical integration, management of
the sales process, and even community and marketing management. On the technical
side, it’s already using his mijin block code based on the NEM protocol for developers
for the deployment and exchange of bit-cores "Zaif" (one of Japan's largest
crypto-banks, owned by the Tech Bureau).
● There’re already scheduled ICOs on the COMSA platform:
○ Premium Water Holdings Inc. is a company that produces and sells mineral
water in Japan;
○ CAMPFIRE Inc. is the largest crowdfunding service in Japan.
SCORE OF 5
In the report "Impact on the IT
services sector in Japan," Merrill
Lynch writes: "We see the
impact of Mijin's blockchain
platform from the Tech Bureau
on the potential revenue of the
domestic IT sector"

COMSA
Is there a problem that the project plans to solve?
7 6 5 4 3 2 1
Totally
agree
Agree Rather
agree than
disagree
Neutral Rather
disagree
than agree
Disagree Totally
disagree
COMSA will support the companies that enter the ICO market. The
problem definitely exists and it’s very relevant for this period of time due to
the rapid growth of the cryptocurrency market.
SCORE OF 7

COMSA
Is blockchain the solution to the problem?
7 6 5 4 3 2 1
Totally
agree
Agree Rather
agree than
disagree
Neutral Rather
disagree
than agree
Disagree Totally
disagree
Entry into the ICO market is possible only through the use of blockchain
solutions. All COMSA services and services that are targeted at
companies work with blockchain solutions.
SCORE OF 7

COMSA
Is the project team well-known in professional circles?
7 6 5 4 3 2 1
Totally
agree
Agree Rather
agree than
disagree
Neutral Rather
disagree
than agree
Disagree Totally
disagree
SCORE OF 7
The COMSA development team is widely known in the community and
worked on one of the most popular blockchain NEM.

COMSA
Does the project have a strong Advisory Board team?
7 6 5 4 3 2 1
Totally
agree
Agree Rather
agree than
disagree
Neutral Rather
disagree
than agree
Disagree Totally
disagree
SCORE OF 7
The Advisory Board of the project consists of experienced lawyers, famous
investors, and managers of major well-known companies.

COMSA
Did the team present a clear road development strategy (Road Map) and
financial plan?
7 6 5 4 3 2 1
Totally
agree
Agree Rather
agree than
disagree
Neutral Rather
disagree
than agree
Disagree Totally
disagree
SCORE OF 2
A clear plan for the development of the project on the website is missing.
The extended financial development plan also failed to be found in the
open sourсes.

COMSA
INVESTMENT EVALUATION | Conclusion 19
Is it worth investing in this project?
7 6 5 4 3 2 1
Totally
agree
Agree Rather
agree than
disagree
Neutral Rather
disagree
than agree
Disagree Totally
disagree
Average score of the project = (5+6+7+6+5+7+7+7+7+2)/10 = 5.9
Satisfactory level of investment attractiveness.
Moderately high probability of investments, sensitivity to market environment is
average.
AVERAGE SCORE
OF
5.9

COMSA
20
High level
High probability of investments,
low sensitivity to market
environment
score of 6.1 - 7
RATING SCALE OF INVESTMENT ATTRACTIVENESS
Satisfactory level
Medium high probability of
investments, sensitivity to market
environment
score of 5.1 - 6
Satisfactory level
Real risk exposure, high sensitivity to
market environment
score of 4.1 - 5
Low level
Low development potential, eventual
speculative investments
score of 2.1 - 4
Low level
High default risk in the short term
score of 0 - 2
Low level
Default

COMSA
The token auction participants will receive 1 COMSA token, which is equivalent to 1 US
dollar. Restrictions on the total number are not established.
At the end of the sale, based on the number of tokens issued for participants, COMSA
will receive an equal number of CMS tokens, after which the issuance will be blocked. In
other words, 100% more tokens will be issued from the requested amount.
10% of 100% will be distributed as referral bonuses for referral sales of tokens. 40% will
be distributed between the existing management team, stakeholders, developers,
employees, contractors, and the COMSA-ICO committee. 50% will be retained by Tech
Bureau Corp. for future development, marketing, affiliate programs, compensations, and
extensions.
As a result, 55% of the total amount will be distributed among the participants. Pre-sale
of CMS tokens with a 20% bonus will be available to participants who intend to deposit at
least $ 100,000 in a cryptocurrency equivalent.
21
The absence of
restrictions on the
maximum number of
issued tokens may limit
the growth of the
company's
capitalization
immediately after
entering the exchange
INVESTMENT EVALUATION | Tokens

COMSA
CONCLUSION
The COMSA project has a highly qualified development team, and it’s supported by a
number of well-known financial partners and investors.
In addition to its high popularity and wide support, the project team has one of the biggest
blockchain exchanges in Japan and also uses its block-code "mijin" based on the NEM
protocol, which is tested and used by more than 300 companies.
At the same time, it should be understood that the project team does not limit the number
of tokens that can be purchased during the ICO, which will allow anyone to purchase
tokens. This fact can limit the growth of the value of tokens at the initial stage after the
release of COMSA tokens on the exchange (everybody who wants to buy will buy during
the ICO). Nevertheless, the project is promising and in the long term the growth of the
project's capitalization can be expected.
22
Medium high
probability of
investments, sensitivity
to market environment

COMSA
COMMENTS 23
How do we evaluate the Fraud Rate?
Advantages:
● The founders of the project have a core work experience;
● The founders of the project have experience in business management;
● The company has one of Japan's largest crypto exchange;
● The Advisory Board of the project consists of the managers of the
largest financial and IT companies in Japan.
Disadvantages:
● The project team did not submit a clear Road Map with a strategy and
financial development plan.
Fraud Rate
Low

COMSA
COMMENTS 24
How do we assess the competitive environment of the project and the
risks?
Competitive environment:
● The main competitors of the company are such companies as
KICKICO, FundYuorSelfNow, Starbase, Waves. These companies also
plan to conduct ICO on their platforms, but they do not have a final
product yet. The COMSA project is more promising, as the company
has its own crypto exchange and blockchain protocol mijin, which is
already tested by more than 300 companies, also the cryptocurrency in
Japan has a legal status.
Risks:
● The project may be risky for short-term investors, since the number of
tokens for purchase during the ICO is not limited, which can
immediately lead to a falling value after entering the exchange.
Fraud Rate
Low

COMSA
RECOMMENDATIONS
1. Provide a roadmap with a detailed development plan of the COMSA
platform;
2. Disclose the estimated revenue and expenditure budget;
3. Describe the competitive environment and the benefits.
25
What can be done
better?

CONTACTS 26
+7 (495) 175-1024 (Russia)
+41 21 588 02 23 (Switzerland)
info@digrate.com
digrate.com

COMSA - investment attractiveness report (Digital Rating Agency)

Recommended

Recommended

More Related Content

More from digitalrating

More from digitalrating (20)

Recently uploaded

Recently uploaded (20)

COMSA - investment attractiveness report (Digital Rating Agency)