Welcome to the PayAccept AMA with The Gem Hunters. We would like to thank Christiaan for kindly coming to share information on the project with our community.
Q1. To get things started, we would love you to introduce yourself and your background.
I’m Christiaan van Steenbergen, founder of PayAccept and NEXT.exchange. I have already been for 15 years in business and had several companies in fintech, telecom, and software engineering. Since 3,5 years, I’m in the cryptocurrency market with a strong focus on DeFi projects, in which we are creating a bridge between traditional and decentralized finance.
Q2. Please give us also a brief introduction into PayAccept
PayAccept is a decentralized finance (DeFi) and blockchain technology company headquartered in the Netherlands that offers its client cryptocurrency and fiat payment processing, financing, loans, credit issuances, and risk management services. In a nutshell: we make it easy for everybody to create a decentralized wallet for coins and tokens, which can be used in the psychical and digital world by spending them in shops and e-commerce platforms.
Q3. Which problems have you identified within the current state of the cryptocurrency space, that you are trying to tackle with PayAccept?
We all saw how slow the current blockchains could be. With the current DeFi hype, the gas price of Ethereum was going ATH, and transactions were almost impossible. We believe if the masses are coming into the crypto space, they need a good platform, and that is why we developed PayAccept. To make it easy and reliable and trade tokens on a fast underlying blockchain where the decentralized wallet of Payaccept is running on.
Q4. What companies/projects do you see as competitors, and how does PayAccept stand out compared to them?
There are already many wallets, but most of them are in hands with centralized exchanges, which are not giving you the private keys, so you are not in control of your assets. And most decentralized wallets are working with metamask, but are mostly only for the Storage of ERC20 tokens. On the loan part, we have NEXO, which is doing quite well. So yes, we have competitors, but the market is big enough.
Q5. Can you give us a bit more insights on how you plan to expand across the globe, which regions you prioritize and why?
Since we are decentralized, we are already operating worldwide. But we want to create the bridge between the traditional finance and the decentralized one. That is only possible by acquiring the needed licenses, in our case, an Electronic Money Institute one. This gives us the ability to cut out the middleman in this, so we don’t need to have a bank that is mostly crypto unfriendly. I know many of us have the same issue, you want to open a bank account, but if you are a crypto trader, they send you away. And besides what to think about the unbanked people. We want to serve this market on a worldwide scale, but first in the EU, since we have our office in the Netherlands.
Q6. What is the use-case of the $PAY token?
The PAY token has several use cases. First, it can lower the transaction fees on our platform (converting crypto <> fiat) and swapping other assets. Secondly, with PAY, you granted access to a secure environment where you get information about new features and earlier access to tokens/coin, which we are listing. You will also qualify for the airdrop if a new asset is launching on the PAY platform. But the most exciting part is that all holders of PAY are staking. Last but not least, if we acquire the license, it can be converted into a ‘dividend’ token (ERC721).
Q7. Staking is extremely popular amongst crypto investors. Are you going to offer staking for the $PAY Token?
Yes, staking will start from September 1st. All holders of PAY will get up to 10% annually on top of their holdings. For the big investors, we have PayNodes, which will give a 50% annual. On the last one, we have only six slots available, and the collateral is 45000 PAY.
Q8. Since you are currently in the middle of your IEO phase, we would also like to get some information.
- On which platform runs the IEO?
- Were there different sale rounds, and if so — — what was the price per token in each round?
- What is the expected initial circulating supply going to be?
- What is the soft and hard cap for sale?
- We are running our IEO on Exmarkets. Till tonight we have a 20% bonus. Link: https://exmarkets.com/launchpad/payt-btc
- There is only one sale round, which will be up and running till August 20th, 2020.
- Token price is 0.40$ per token
- The initial circulation supply is 25M, in which 15M is on sale, 5M for the team, and 5M for marketing. All unsold tokens got burned. The current supply circulation is around ~375k atm.
- The soft cap is $100k (we are over 90% now), and $2M is the hard cap on Exmarkets.
Q9. Are you already engaged in negotiations with exchanges for the time after the IEO?
Yes, we already have confirmation from 10 exchanges: Cointiger, Bilaxy, and NEXT. Exchange, Hotbit, FatBTC, Probit, Uniswap, Exmarkets, IndoEx, and STEX. They will start making PAY tradeable in September.