Proof of Usefulness Report

VirgoCX

Analysis completed on 2/1/2026

+545

Proof of Usefulness Score

Industry Mainstay

VirgoCX is a legitimate, FINTRAC-registered cryptocurrency exchange in Canada with verifiable operational history since 2018 and a substantial team (43-100 employees). However, the submission quality is extremely poor, featuring hyperbolic claims (e.g., 'most people have used my product') and missing data. While the underlying business utility and scale justify a high score (comparable to or exceeding the benchmark), the score is penalized due to the lack of specific evidence provided in the application.

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Score Breakdown

Real World Utility+225.0

Audience Reach Impact+96.0

Technical Innovation+97.5

Evidence Of Traction+127.5

Market Timing Relevance+80.0

Functional Completeness+2.5

Subtotal+628.5

Usefulness Multiplierx0.868

Final Score+546

Project Details

Project URL

virgocx.ca

Description

VirgoCX is a fiat-to-crypto exchange based in Toronto, Canada, that offers a best-in-class trading experience to both retail and institutional investors worldwide.\nVirgoCX is compliant with FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) rules and regulations.

Algorithm Insights

Market Position

Strong market validation with clear user adoption patterns

User Engagement

Documented reach suggests active user community

Technical Stack

Modern tech stack aligned with sponsor technologies

Recommendations to Increase Usefulness Score

Document User Growth

Provide specific metrics on user acquisition and retention rates

Showcase Revenue Model

Detail sustainable monetization strategy and current revenue streams

Expand Evidence Base

Include testimonials, case studies, and third-party validation

Technical Roadmap

Share development milestones and feature completion timeline