Dear PointPay family,
PointPay CEO Vladimir Kardapoltsev participated in a traditional AMA session on January 26, 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 26th of January, 2023.
Vladimir (CEO): Hello, PointPay family, it is a great pleasure to see you all again in the new year. Last one was exciting and I hope this year will be exciting as well. “A year to remember for PointPay”, — as we all have very high hopes for the project.
Without further ado, let's start our traditional month-end AMA session, which we do every last Thursday of the month. We have been doing this for almost a year now and it has become a full-fledged tradition. With me today is Diana and she will be assisting me. Diana has collected all the questions and she will be asking them as we go along.
Diana (Host): Hi, everyone, I'm happy to be here. Let's get started and listen to the latest news and announcements from Vlad.
Vladimir (CEO): Let's start with the announcements. As I said, this is the first session of the year. I am incredibly confident that PointPay will be successful this year as crypto is bouncing back. The market seems incredibly positive and it is a great place to start. Last year was a bit sad and groundbreaking. We had some great milestones, some sad milestones as well as the industry as a whole. But now we're in a very confident position to build and expand the platform and invite new people in.
I will start with the first and most important news that we are going to do an IEO with Crypto Airlines on the 27th of January. Crypto Airlines CAIR token helps you to collect your miles, aggregate and buy things related to flying and booking tickets as well. IEO starts on the 27th of January, there will be more announcements today. On 26th January we held an AMA session on our telegram channels. I hope you all know what we're doing by now.
Last year we did our first token listing. This year we're doing our first initial exchange offering - IEO. This is a big stepping stone. And I really hope there will be many more in the future. In terms of business, it makes us grow more.
Let's start with the traditional little announcements. I will go through the main points of what our teams have achieved in the last month.
As usual, I will start with the Web interface:
- We have completely redesigned the user levels. The more PXP you have, the more discounts and perks you get. We have implemented these user levels into our dashboard. It looks great and is even more intuitive.
- We have redesigned the header of our main website. It is now more informative and allows you to search for data.
- We've also implemented the API Management feature, which allows us to generate API keys for people who want to trade through our platform and automate all the trading processes.
- We have significantly improved the stability of KYC on the back end. We have done a lot of background work on how data is presented and how it can be made more secure.
- Next, we have improved the login process on the website. It is now more intuitive and easier to use.
- We've made changes to the user event metrics on the website and apps to improve analytics. We are constantly looking to improve the way you engage with our platform. And these metrics help us do that.
- Moved all front-end functionality into the separate UI Kit packages and migrated PointPay.io to UI Kit. This means that all parts of our platform are now seamless. All the design consistency throughout the app and website is complete.
Let's move on to mobile. Mobile is the second interface on our platform. As I mentioned, we develop Android and iOS apps separately.
For Android have:
- Implemented the User Level display as on the website.
- Redesigned the deposits, the quick exchange and the transfer flows with the new UI update that I've just mentioned.
- We change the way that we display certain numbers.
- We have also changed the way you interact with the trading interface on the exchange..
- The user levels will be added a little later, probably next week.
For both platforms,
- We've updated the Launchpad section for the upcoming IEO. Now you can participate in the IEO process via mobile apps.
- We've added the History tab to make navigation easier for all of the users.
- Added pair search to the exchange.
- Simplified the exchange flow.
Let's move on to one of the pillars of our platform, the CryptoBank.
- We've finished setting up the statistics service and the data collection from the CryptoBank.
- Released the new seamless Mercurio flow for buy and sell. Now you can do everything on our website instead of going elsewhere.
- Improved the user interface of the CryptoBank page.
- We have also introduced the regular page, which brings together all the activities related to your main account. It is now even more intuitive.
- A number of system parts have been refactored and covered with automated tests, as we need to make sure that our platform can tell us when something is wrong.
- We have rewritten many large parts of the platform in the Go language, including CryptoBank and Payments. This will make our platform faster and more multi-threaded in terms of code.
Let's move on to another part of our platform — the exchange.
- We've developed the automatic graph reload to show the correct tick sizes.
- We have completed the hot restart configuration for most services, which means that if the service goes down for any reason, it will restart itself. Just like your computer. If it's broken, turn it off and on again. That would solve most problems for a moment. As far as PointPay is concerned, it gives us more time to fix things if they're broken.
- We've completed the market activity redevelopment, allowing users to see the main exchange events within the terminal itself.
- We have improved the way the order book is displayed.
- We have also optimised the performance of the exchange and the databases, which is very important. We have different databases for each of our services. Now all the services within PointPay have the same standard of database, which makes it much easier for us to multi-connect services.
- We've updated and improved the public API for our platform. Now you can connect to it. It's faster and takes into account all the new orders we've created. It's more for professional traders. As I mentioned last month, we're expanding into the B2B market and B2B clients usually require APIs, they don't log into the platform, they connect the exchange to their own trading interface because they usually have multiple ones.
Last but not least, Launchpad.
- We have a new Token Sale IEO.
- We have also implemented token sale functionality in multiple rounds with different settings.
So much for the updates. Let's start with the questions.
Diana (Host): All right, here they are. First: as you know, the market started a strong rebound, would PointPay do anything?
Vladimir (CEO): Bitcoin has been on an upward trend since the beginning of the year. It is currently worth around $23,000, which is a great number. I hope this is a positive sign and not just a short-term rally.
Obviously we will ride this up and unlock our potential if the market continues to go up. If it's not a short-term rally before a big crash, we will step up our marketing activities.
We are watching the market very closely and are ready to go. But at the moment we're waiting because we want to see what's going on and if it's going to last for two months. That will be a big sign for us.
We will start all the marketing and acquisition activities as well as ramping up our development. But at the moment we're just waiting to see what happens.
Diana (Host): When could we expect a marketing company?
Vladimir (CEO): We want to unlock the full potential of PointPay and launch a global marketing campaign that is long overdue. Our products are stable, we have great things to offer our customers. We also have PXP trading levels as an incentive. All of these things combined with a great product will position us quite well in the market.
In the CoinMarketCap rankings, we used to be as high as 85, which is quite good, now we're back at 120. But we will make a recovery very soon. Our trading volumes are increasing, but our liquidity is suffering a bit. I think we will be in the top 100 within a few weeks.
As I said, we're watching the market situation. We have good foundations, good platform, good referrals, etc. We are at a good point and any day we will start marketing activities.
Diana (Host): When are you planning to list on a tier one exchange?
Vladimir (CEO): As I mentioned in the previous AMA sessions, we want to make sure that the exchange is fully reliable before we list. We are seeing a positive trend and it is quite close to being reliable. We just need to fine-tune it for a couple of weeks.
We are in talks with several tier one exchanges, one listing is almost in the bag, which is a good thing. I think it will happen within a few months, by the beginning of the summer, but don't take my word for it.
Now the market and the exchanges have stabilised. All the exchanges we've talked to, have now verified their reserves, which is absolutely great because we don't want our users to move their assets to an exchange that might collapse.
When the marketing campaign starts, we will do the tier one listing. But no date at the moment.
Diana (Host): Another question our customers ask is: Why has my account been blocked? And why am I unable to request a withdrawal?
Vladimir (CEO): There are a number of reasons why your account may be blocked. The first is that you have a very old account on the system. And that's the usual way. We had a referral programme about three years ago and a lot of people have been using that referral programme unscrupulously by inviting a lot of people that, in fact, been fake addresses. This happened to about 3030 users. Most of them have accepted that they have done something wrong. We've let them withdraw money that they've actually deposited.
These people tried to scum us. But we didn't let them. Let's put it this way. These three thousand people are a very local minority. Considering that we have 250,000 people on our platform.
Also, the old team didn't keep very good records. We have managed to verify about 95% of the lost data, but we still have 5% that is still missing. It doesn't affect users who join the platform after the ICO. For certain users, we might ask you to provide the original hash if you've actually deposited money on our platform. 99% of people will be able to comply that.
There are also a lot of scams where people create 30 accounts with PointPay using the same referral links and then claim PXP rewards. But what people don't realise is that we can see your IP addresses, we can see that somehow you've created 30 accounts and then you've moved all the money from those 30 accounts into one account. We have AI software, we know how things move around.
Also, a lot of people don't have KYC. So you have to pass KYC to be able to withdraw. But for 99.9% of users it doesn't affect them at all. Their transaction is usually processed within 24 hours. It's also automatic for small amounts. If you have a big number, like $10,000, we might go and check that everything is complete. It's just something we have to do by law.
Transactions under $300 are processed within seconds, larger ones might take a bit longer. All you have to do is pass KYC.
Diana (Host): Will we see any partnerships in the near future?
Vladimir (CEO): We have a number of payment providers that we want to integrate into our platform. We are working with other B2B providers. As I said, we want to expand into the B2B sector.
We'll also be launching P2P within the next few months. We will have some payment providers who will help us with P2P. We have partners that help us with our security, KYC, conferences. We are always looking for great partners. For example, a big provider called PIX is also now integrated into the PointPay platform just as been ask by our Brazilian clients.
Our business development team is now working hard to find new listing partners for listing. As one of the currents results, our Business Development Manager found Crypto Airlines and they're now listing on our site.
Diana (Host): When can we expect the first project to be launched on Launchpad?
Vladimir (CEO): The first project token listing was launched last year. We had the Pitbull token, which was quite a successful listing. As I mentioned, on the 27th of January we will have the first IEO listing on our platform - Crypto Airlines. We already have 2 types.
As for a future, we introduced the functionality of battles between projects in order for them to compete against each other for a listing on our platform. We've also introduced the functionality of different rounds of sales. When we will have one or two successful cases, it will be much easier for us to get more business.
Of course, the CoinMarketCap rating is probably the biggest marketing tool. The more our rating on CoinMarketCap increases, the more business we will be able to drum up at business conferences, etc.
Diana (Host): When will other chains be implemented at PointPay?
Vladimir (CEO): Some chains already implemented on PointPay. You'll be able to use multiple chains when making withdrawals and deposits. We have ERC 20, BEP 20 and Tether chains. It's already implemented.
We will be introducing many more very soon. But for now I think we have enough of the main chains. We'll probably implement new chains towards the end of the summer.
Most of the coins are ERC 20 coins. We support all of them and we have all the other types of newer popular chains. Towards the beginning of the summer we will have more than 100.
Diana (Host): What can we expect in 2023? How is PointPay progressing?
Vladimir (CEO): We are making good progress. We've stabilised our entire platform. You can see our progress through the weekly updates or the live roadmap, where we have completed all the points for last year and even some for January 2023.
That's what we're going to do:
- introduce margin trading
- Reintroduce P2P to our platform
- Release a new version of the website
- Release a new version of the PointPay app
- Slightly redesign the main interface
- Introduce new order types
All of this will be unveiled towards the beginning of the summer.
With all of PointPay's products now stable, we are able to expand our platform into different markets and into the B2B segment, as well as undertake many new marketing activities. Big plans ahead.
Diana (Host): When are you planning to conduct the next token burn?
Vladimir (CEO): The last one was in December and that was the highest number of PXPs we've ever burned. We are not going to stop, there will be more token burns this year. But we have decided to sort of reduce the frequency. I have a schedule in mind, but no public announcements.
A year ago, after the ICO, we burned every single week, then for the first half of 2022 we burned every single month, then we burned once a quarter. Starting this year, unfortunately, it will be much less frequent.
On the other hand, we are going to expand the marketing activities, so the token should bounce back. We took our time to develop our platform last year and now we have to deliver the results. When we will do that, the price of the token will go up.
Diana (Host): There was a question about security from our users: could PointPay add a PIN for actions on the platform?
Vladimir (CEO): We already have similar functionality. We require 2FA for withdrawals and you can enable it in your security settings. 2FA can be set up via email, Google Aunteficator or both.
In other words, we already have the PIN code generation functionality in place, so all you have to do is turn it on. We don't plan to change that. It is great where it is.
Diana (Host): That was the last question. Thank you very much for your answers.
Vladimir (CEO): Thank you, Diana, for your help. Thanks also to all those who sent questions. I was incredibly happy to answer them. Thank you to everyone who joined the AMA session live or watched the recording. Thank you for coming and being part of our project. I think this is going to be a very special year for the whole PointPay team and family. We have a great future ahead of us and I'm incredibly optimistic about PointPay and our prospects in the crypto industry.
Thank you all very much. Have a great day. Have a great weekend and see you next month.