Dear PointPay family,

PointPay CEO Vladimir Kardapoltsev participated in a traditional AMA session on May 25, 2023. He discussed the current market situation and also outlined PointPay's marketing and development plans for the coming months.

Below is a summary of the AMA held on the 25th of May, 2023.

AMA Transcript

Vladimir (CEO): Welcome back to our AMA session, PointPay family! Today, we have some exciting news and announcements that we've been keeping secret for the past six months. Stay tuned as we reveal these amazing developments. Diana will be assisting me, collecting and answering your questions in the chat. Let's get started!

Diana (Host): Hi everyone. Let's get started and listen to the latest news and announcements from Vlad.

Vladimir (CEO): Let's discuss the latest news and announcements. In the next few days, we will be unstaking all of the PXP. This is part of a big transition where we need to update our staking program. We will return the body of your staking and credit you the amount due up to that date. A press release will provide detailed explanations. Afterward, you will have the opportunity to stake your PXP again in a regular way. The percentage you earned during the period you staked will be divided by the number of days. It will be a fair process. We encourage you to stake again for the stability of our system. This is one of the major news updates.

Another important update is regarding our exchange. As part of the big update, there will be maintenance, and trading will be suspended for a few hours before returning to normal. We will provide more details through a press release, including information on when not to trade. Please stay tuned for further announcements.

Additionally, there will be changes to the deposit wallets. The wallet addresses will be updated within the next few days. Please ensure that you do not use the old addresses and stay informed about the exact timing of the change. It is essential to check that everything is in place and your funds are secure.

Another significant update pertains to the changing regulations in Europe, specifically the MICA regulations. These new rules require cryptocurrency exchanges to enhance their data storage practices. In response, we are planning to obtain additional licenses in Europe, Asia, and America. To ensure compliance with the updated regulations, we will be requesting all users who have already passed KYC to undergo the process again. The new requirements will involve additional steps, such as facial recognition and logging in through a designated app. Our data storage methods will also undergo slight modifications. This applies to both existing and new users, aligning with the European regulations and our commitment to meeting the new standards. We want everything to be in place before moving forward with major developments, traffic generation, and marketing efforts. This proactive approach ensures a secure and reliable platform. Announcement number four is the need to redo your KYC, including additional verification measures, to reinforce security and prevent impersonation. We have implemented top-tier security measures using industry-standard protocols similar to those employed by banks.

The final announcement is that we have undergone a complete redesign of our exchange, website, and apps. We have rebuilt everything from scratch, including the exchange, banking mechanisms, and back-end systems. With this revamp, our platform can now handle up to 144 million users per day, ensuring seamless trading and automated processes. The new design will be released in the coming days, offering a more intuitive and visually appealing experience. We have gathered feedback from testers and industry experts to create a user-friendly interface comparable to leading financial platforms like Coinbase and Binance. This redesign marks a significant milestone for us.

Moving on to global news, there have been reports of Bittrex filing for bankruptcy. However, this does not affect our users as our token is listed on Bittrex’s global entity, which remains operational. While some assets in the US are being liquidated, the European assets are unaffected. If you have concerns about Bittrex, you have the option to transfer your holdings to other exchanges like Whitebit. Rest assured, we have conducted thorough checks and communicated with Beatrix's CEO to ensure the safety of our users' investments.

In the past month, we have participated in various events in Hong Kong, Asia, and Turkey. We have shared an article detailing our attendance, interactions, and experiences at these events. Feel free to check it out for more insights.

In other news, there have been developments regarding Coinbase's legal battle with the SEC in the United States. We are closely monitoring these events as we anticipate the possibility of unified regulations in the US. Currently, there is inconsistency among different branches of the government, leading to exchanges exiting the US market. While we remain interested in pursuing licenses in the US, we are observing the situation and waiting for more clarity. We already have two licenses in the final stages in Wyoming, although they are not specifically for cryptocurrencies but for money transfers. It is essential to wait until major players and industry giants navigate the legal landscape through lobbying and lawsuits, which involve significant costs.

Now, let's move on to updates from our department. Over the past six months, we have been working diligently on a complete redesign of our system. While we have been relatively quiet during this time, it was because we were actively developing our new system and wanted to keep it a secret. We have rebuilt everything from scratch, including the back end, matching engines, and mechanisms. The new PointPay is a finely-tuned machine, unlike the previous version which had various components from different platforms. You will witness these changes firsthand within the next few days.

Let's discuss the updates for our web and mobile platforms.


We have completely redesigned the web interface, rewriting texts and improving the UI/UX. The new design is modern, intuitive, and everything works automatically, greatly enhancing the user experience.

Mobile App

As for the mobile app, we have undertaken a complete overhaul. Starting from scratch, we incorporated the best examples and made significant improvements. The new app mirrors the website interface, ensuring all features are accessible seamlessly. We have thoroughly tested it to ensure intuitive navigation, addressing the shortcomings of the previous version.

We believe the new app will attract a fresh wave of users who prefer mobile access for their financial needs. In today's modern world, a well-designed app is crucial as more people rely on mobile devices for managing their money. These updates will be available to you in the next few days.

Crypto bank

In regards to our crypto bank, we are introducing a new interface with improved utilities. We have revamped our staking system, including formulas and wallets. Within the next few days, we will inform you of the specific date when PXP will be unstaked. You will receive your staked funds and the corresponding interest based on your chosen tier. We highly encourage you to restake the funds, as it will contribute to the improved functionality of our system. The tokens you hold will be fully credited, and you will notice a more intuitive and visually appealing interface.

Additionally, please note that we are changing wallet addresses. It is important to stay informed through our announcements. Sending funds to old addresses may result in difficulties recovering them, as we manage numerous addresses for each user. To avoid any issues, please wait for our announcement or ensure you take the appropriate action at the right time.

Stay updated and exercise caution for a seamless experience.


Within the exchange, we have completely redesigned the matching engine and interface. During the update, the exchange will be temporarily disabled for several hours. Please note that all long-term open orders will be closed. We have undertaken this overhaul to support new features such as margin trading and B2B functionality in the future. The groundwork for margin trading has been laid, and we anticipate its availability on PointPay sometime in the late third quarter or early fourth quarter, but definitely by the end of the year. We are excited for you to experience our new website, products, and app. Stay tuned for more updates.

Vladimir (CEO): To recap, we have made several important updates. Firstly, we are changing the KYC provider to comply with European regulations. All users will need to go through the KYC process again in the next few days. Secondly, wallet address changes will be implemented. Thirdly, the exchange will be temporarily unavailable for a few hours. Additionally, all PXP tokens will be unstaked, and users will receive the principal amount first, followed by the interest rate within the next few days. We encourage everyone to restake their tokens. These updates will occur within the next week, and we appreciate your patience. Now, let's proceed to the questions.

Diana (Host): Why participate in various events? Why does PointPay invest time and resources into them?

Vladimir (CEO): Attending cryptocurrency events brings together enthusiasts and stakeholders from around the world. It provides an opportunity to meet investors, discover new projects, and network with industry professionals. Events help establish credibility and enable face-to-face interactions, which is crucial in a field built on anonymity. The crypto industry is prone to scams, so meeting real people and evaluating their credibility is important. Events also facilitate discussions with potential partners, payment providers, and higher management of exchanges. By showcasing our project and gaining recognition, we can attract genuine investors and forge valuable connections. Furthermore, attending events keeps us informed about industry developments and allows us to learn about exciting projects and technologies. Despite the presence of scammers, these events have proven fruitful, providing opportunities for marketing, establishing partnerships, and staying updated on industry trends.

Diana (Host): Why does PointPay have a KYC provider, don't you collect the data yourself?

Vladimir (CEO): KYC (Know Your Customer) is a standard requirement in the cryptocurrency industry now, whereas, in the past, it was rare. KYC involves uploading identification documents like passports to prove that you are a real person. AI technology is used to verify the authenticity of the documents and to ensure that the person registering is not using a static image. KYC helps prevent scams and protects users from fraudulent activities. The data collected during KYC is encrypted and handled by a designated KYC officer who is responsible for its security. Companies often outsource the KYC process to specialized providers to ensure compliance with strict data protection regulations. Due to legal restrictions and the risks associated with data transfer, it may be necessary to resubmit KYC data when changing KYC providers. This ensures that the company remains compliant with regulations and provides a more robust verification process. While this may cause some inconvenience for users, it is a necessary step to protect personal data and maintain regulatory compliance.

Diana (Host): The price of Bitcoin has once again dropped to $27,000, do you perceive this as a bad sign or simply market movement? That doesn't affect the development of PointPay marketing company?

Vladimir (CEO): Bitcoin's price serves as a reflection of the broader cryptocurrency industry, and fluctuations in its value can evoke both disappointment and optimism among industry participants. However, short-term price movements do not necessarily determine the long-term development and success of the crypto industry. While there may not be a strong correlation between Bitcoin's price and the price of PXP, an increase in Bitcoin's price can generate more interest in the crypto sphere overall. This increased interest may benefit companies within the industry, including the mentioned one, and potentially lead to an increase in the value of PXP. Nonetheless, the company evaluates the market comprehensively, considering various industry factors that contribute to its development. Ultimately, the success of the company is not solely dependent on Bitcoin's price but rather on a range of factors within the cryptocurrency industry.

Diana (Host): By the beginning of summer, you have pledged to increase the number of tokens on the platform. Is this still relevant? And should we expect new assets?

Vladimir (CEO): Adding new cryptocurrencies to the platform is part of our development plan, and it will happen gradually. Our current focus is on transitioning to a new system and website, which will make adding new assets easier. In the old system, it would take up to a day to add an Ethereum-based asset and up to a week for a native blockchain asset. However, in the new system, it will take significantly less time, around an hour for an Ethereum asset and up to four hours for a native asset, depending on the complexity of the network. We recognize the importance of adding new coins and tokens to Point Exchange and plan to do so in the near future. While our current priorities are slightly different, we expect to introduce new assets very soon.

Diana (Host): I staked my PXP tokens a couple of months ago. But now I realized that it would be more convenient for me to use them. Rather than wait for the staking period to end is there a way to cancel my staking and get PXP back?

Vladimir (CEO): Staking involves locking assets for a specific period to earn rewards and support network development. Usually, early termination is not possible to ensure long-term stability. However, we are upgrading our staking system in the next few days, and all staked tokens will be returned. We encourage you to stake them again to maintain stability and avoid negative price impact. This is a one-time event to transition to a new system with improved features and security. Keeping PXP within the system ensures the long-term stability of the project. Undertaking tokens is necessary for the upgrade, and we appreciate your diligence in restaking them on the new PointPay 3.0 platform.

Diana (Host): I like that PointPay organizes competitions, however, do you plan to introduce other activities with rewards?

Vladimir (CEO): Currently, we have the bugs and suggestions competition where users can submit bugs or platform development suggestions. We review them manually and last week, we received an amazing suggestion with code to fix an issue. We encourage the person who submitted a full page of suggestions to resubmit their entry this week. We will have a trading competition with a leaderboard in the new system, allowing users to track their trading volume and compete for top positions. Additionally, we plan to organize limited-time competitions for new assets, including meme coins and Launchpad. As we introduce the new platform, there may be some bugs, so we appreciate users reporting them and rewarding them with 7,500 PXP. Your participation in trading and providing suggestions is highly encouraged.

Diana (Host): I am a beginner in cryptocurrencies and still learning, I wanted to start trading, but I heard about something called KYC. And I don't understand if I can use the platform without it, or if it's necessary for me.

Vladimir (CEO): To comply with European regulations, we are required to collect basic data from users when their account balance exceeds 100 euros. For larger amounts and to adhere to anti-money laundering and data protection regulations, we need additional information such as passport details and residential address. This is necessary to maintain our license and regulatory compliance. Most platforms within the top 50, including PointPay, follow similar practices to avoid legal issues. While small traders may not need to submit data, larger trades require additional verification. We value our position in Europe and aim to meet regulatory standards.

Diana (Host): Does PointPay store all crypto in one wallet or create wallets for each user?

Regarding wallet addresses, we employ a custodian solution where each user has a separate wallet for each blockchain. We do not automatically generate wallet addresses for all cryptocurrencies on our platform to avoid an overwhelming number of addresses. Users can generate addresses within the platform or have them automatically generated when sending transactions between wallets. Coinbase and other platforms follow a similar approach, maintaining control over wallets as intermediaries. PointPay operates as a centralized system, ensuring we have control over the wallets assigned to users within our system.

Diana (Host): Could you please explain the address change again? Do I, as a user need to do anything?

Vladimir (CEO): As a user, you don't need to generate new addresses yourself. However, when sending money to PointPay, you should ensure that you use the updated address provided by PointPay. The address will change within the next few days, so it's important not to rely on any old addresses stored in your wallet or other platforms. Simply copy the new address from PointPay and use it to send your funds. We will handle the generation of addresses for you, so there's no need to worry about that. Just remember to use the updated address when making deposits to PointPay. It's crucial because with numerous addresses in our system, it would be extremely difficult, if not impossible, to recover funds sent to the wrong address.

Diana (Host): Why did you decide to change the application?

Vladimir (CEO): When making changes, we consider various factors including current application requirements and user feedback. Many users expressed dissatisfaction with the previous app, citing issues such as lack of intuitiveness, lag, and inconsistencies compared to the website. Since most people access cryptocurrency wallets through mobile phones, it was crucial to ensure our mobile apps matched the functionality of the website and offered superior usability. We decided to rebuild the app from scratch, conducting extensive testing and collaborating with developers experienced in top exchanges.

The result is a modern, user-friendly, and efficient application that aligns with industry standards. With plans to expand our platform and attract more users, it was important to have an up-to-date app that meets their expectations. We are excited to unveil the new app to the world.

Diana (Host): If I was staking PXP, will I simply receive my tokens? Do I need to restate them?

Vladimir (CEO): When you stake your tokens, let's say 100,000 PXP, the staked amount is referred to as your "body." After a certain period, such as half a year, you will receive an Annual Percentage Rate (APR) as rewards.

The current APR for half a year is 2.25% for that specific amount. Instead of the full duration, which is 180 days, the rewards will be calculated based on the current timeframe, which is around 140 days. You will receive your staking rewards within the next few days, as we need time to calculate and distribute them due to the high volume of transactions. However, the body of your stake will be returned to you immediately. We will provide a statement on our website with detailed information and percentages.

Rest assured that you won't lose anything, and you will receive the promised rate. We strongly encourage you to consider restaking your tokens in the new system to ensure the long-term stability of our platform and the price of PXP. While we couldn't transfer the staked amounts to the new system due to technological constraints, we will pay out everyone accordingly.

Diana (Host): That was the last question. As always, thank you very much for your answers.

Vladimir (CEO): Thank you, Diana, for your assistance, and thank you to everyone who submitted questions. We have exciting plans for the summer at PointPay. Our new website and backend are the result of months of hard work, making it the biggest update in our system's history. We hope you enjoy it. Please note that we will be changing our KYC provider, so users who have completed KYC will need to do it again. Wallets will also change, and we will notify you when the exchange will be temporarily suspended for a few hours. Regarding staking, we will unstake PXP in the coming days. You will immediately receive your staked amount, and the interest rate will follow shortly. We encourage you to restake your tokens to ensure PointPay long-term success.

Thank you all once again, and we look forward to seeing you next month. Have a fantastic summer. Goodbye!

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