Dear PointPay family,

PointPay CEO Vladimir Kardapoltsev participated in a tradition AMA session on February 23, 2023. He discussed PointPay's current plans for action in the marketplace, as well as what has already been done.

Below is a summary of the AMA held on the 23th of February, 2023.

AMA Transcript

Vladimir (CEO): Hello PointPay family. I'm very glad that you're all here today. As usual, we have a lot of news at PointPay. As well, I'm eager to answer all of your questions. Without further ado, let's get started.

Once again, I will be assisted by Diana, who have kindly managed to collect all of the questions for me. Diana, go ahead.

Diana (Host): Hi, everyone, I'm so happy to be here. Let's get started and listen to the latest news and analysis from Vlad.

Vladimir (CEO): February hasn't finished yet. It's a very short month, but we have managed to complete a lot of big things. We have conducted first IEO at our platform, which was the Crypto Airlines. That is an important milestone for our platform showing that we were able to successfully conduct IEO. In the end, the project didn't reach the goal that it was set for itself to reach. But we were able to prove that we as PointPay were able to do such complex undertaking as the IEO. Thanks to everyone who have participated in that.

We have two ways of listing the tokens:

  • IEO, where we propose the token and the community then decides to do an investment or not.
  • Token listing, which we do regularly on our platform. For example, one of them was the BTC Z that we did last month as well.

Moving further, the crypto winter seems to be over, just as the real one. I hope that the crypto winter will be over as the February ends. At PointPay we continue to monitor the market. Altcoins are showing not very stable but a positive trend. Besides that, the Bitcoin this month is approached nearly $25,000 mark for the first time since last June. We see good signs of recovery, which is a great news for us as a company since as the market recovers the trading activities increase and more people start to invest in the crypto market.

As promised, due to the positive trends in the market, we're preparing for the further actions such as a marketing campaign, tier one listing and other. We are ready to have the new users to our platform. There are details that I can’t share with you and things that we've already talked about. You may have seen the revised withdrawal fees for our platform. In most cases, the fees have gone down. It's one of the steps to prepare platform for the new users. As well, our platform starts the gradual return in terms of what we're offering to users before the crypto winter.

In addition, I'm proud to announce that PointPay was listed on CoinGecko. This means that both PXP and the PointPay as an exchange are now listed on the top one (CoinMarketCap) and two (CoinGecko) platforms for monitoring the assets and they cover pretty much 99% of the market. You can track our token prices and the trading volumes on each of those platforms.

After the IEO of the Crypto Airlines, we have another collaboration. As part of it we have listed the Bitcoin Z. News about it was published at the beginning of the month, a couple of weeks ago, if we you've missed it, I do recommend that you go and check them out. Moreover we had an AMA session with them on our telegram chats, which proved to be quite popular among our users.

Even more exciting news — on Friday, 24 February, we have a new collaboration. Our platform will be listing VIB token of the Viberate platform, which allows users to track different statistics of the music artists in their profiles: their media engagement, statistics on averenge fan, number of followers an etc. It's a very popular community driven project which is quite important. More details you can read in our blog.

That all for the main news from our company for this month. Let's move on to the updates from our departments.

User Interface:

  • We have completely stabilized the PointPay US website, now the users stay within the domain that has all of the restrictions;
  • We adjusted the payment system flow for the insufficient KYC levels. That means that when people tried to withdraw, and they didn't have the right KYC in place, there was kind of a confusion within the system. Now it works perfectly;
  • We changed the process of launching automatic commands to synchronize all of the KYC levels within our system. It now corresponds to all of the actions within our system;
  • We've updated the double 2FA so users can now increase the security level by enabling both email and Google Authenticator checks;
  • We have changed the withdrawal fees and limits values for all of the networks in our website. Apart from announcing it, we obviously had to do it physically within our system;
  • We've improved the usability of the crypto bank menu.

Let's move on to our mobiles.

  • We've released the double 2FA;
  • We released the update for our Launchpad in preparation for the two listings that we had before and one listing that we have tomorrow as well;
  • We have completed the PXP user levels. You can go to your menu -> settings -> PXP Level.  It tell you how much PXP you need to achieve another level, and what levels offers you;
  • We've redesigned the Deposit, Transfer and the Quick Exchange pages;
  • We've improved the Apps user experience in the user interface as a whole which is more intuitive and easier to use now.

Let's move on to our CryptoBank.

  • We added verifications for Buy and Sell orders through partners. It will help to avoid some problems as well as speed up the payment completion process;
  • We've completed work on the Buy/Sell business dashboard. It allows us to receive the right metrics from the websites;
  • We completed and updated the CryptoBank and the Buy and Sell FAQ. Now users have a more complete overview of our platform.

And let's move on to our last department — Legal. I haven't given you updates on it for quite a while.

  • We've finally applied for a VASP (virtual asset service provider) license in the Cayman Islands;
  • Have applied for a money transmitter license in Wyoming as I we finalize our US website. With the money transmitter license, in addition to the licenses that we already hold in Wyoming, that will make us eligible to fully operate within the US market;
  • We've registered a trademark in Singapore;
  • We've identified and acted upon several fraudulent activities on our website when users were creating different accounts;
  • We've applied for the AFSA, a FinTech license in Kazakhstan, we've received the pre application approval, and we are now working towards the full licence application, which will be obtained in the next few months;
  • We got listed on CoinGecko. Our legal department made a very good job;
  • We have finally received the Georgian FinTech license;
  • We are slowly getting those licenses for the last year, which is a hard but needed job. Indeed, that means that we're legal with the Lithuanian and Wyoming license, which will literally cover 90% of the world. With the new VASP, Cayman Islands, AFSA and the other licenses we're planning to obtain will make us more legitimate.In the end we will cover all of our bases with all jurisdiction. That will help us to grow our business, open bank accounts to get new partners, etc.

Those are the main things that we have managed to accomplish in those very short couple of weeks. Let's move on to the questions. Diana, go ahead.

Diana (Host): Bitcoin Z appeared on PointPay after the IEO. Why there was no vote or other activity, just listing?

Vladimir (CEO): We do listings in two ways. IEO, which is when we have a project that never raised money before. Initial means that they've never been listed before. For example, for Crypto Airlines, we had to start from the very beginning. After the initial listings, you have the secondary listing. The Bitcoin Z was the secondary listing, they already an established project with the big community. We already had our IEO and that's why we're moving towards the secondary listings afterwards.

Furthermore it depends on the way that Bitcoin Z is run. There is no company there, no CEO or anything, just enthusiasts who are developing and supporting the project through their own efforts. BTC Z has been on the market for almost five years, it has a very loyal community which benefits us as a company by joining our platform and chats, registering on our platform, etc.

The AMA session that we've conducted with them was incredibly popular, the engagement from the users was amazing. We received a lot of new users who are very active supporters of BTC Z.

As well, not all assets that appear on PointPay are doing so on equal terms. We have Launchpad, the secondary listing, the IEO listing, the community listing options. If you have any projects that you want us to list, send them through. We can list projects in a myriad of different ways.

BTC Z was listed as a secondary listing, the Crypto Airlines was an IEO. In the near future, we have the VIB token that's the secondary listing. They already have a community, they've existed for quite a while. They don't want to raise money, but want to raise the exposure of their project.

Diana (Host): Does PointPay have White Labels for users?

Vladimir (CEO): We do. That's an internal working of our system. White labels are given to users that have already passed all of the KYC and all of their documents are in order. We collect those documents in order for us to receive different FinTech licenses. We have to collect such information just as a regular bank would. We have to collect your proof of address ,ID  and etc. Those things are important to us.

That's also due to the European anti money laundering regulations that we have to adhere. We have to check if you want to withdraw $100,000 from our platform: we will ask you where your money came from. But if you try to withdraw $100 that won’t be a problem. It depends on the amount of money that you want to withdraw. Process might take a while even if you have a white label, because our compliance team  has to check where your funds came from by law. For the majority of the users, it shouldn't be.

If you have small withdrawals they will go automatically, and if you have larger withdrawals our compliance team might email you and ask you to provide certain proof of funds because of the European, Lithuania laws. In the end, it means that within our system, we collect the documents, you pass all of the KYC, we know where your money came from, and we're happy to release this money to you later.

Diana (Host): Does the recent commission decrease on the platform mean that the PointPay has recovered from the crypto winter and beginning to spread its wings?

Vladimir (CEO): It's like, Red Bull commercial? I think the answer is yes. But not quite. Let me explain.

The decrease in the commission is definitely related to the end of the crypto winter. It's obviously a positive trend. It is hard to call it the return of the 2021 market but it already allows us to relax in certain fields — be active and bold.

Last time we reviewed our commission was more than a year ago. The decrease in the commission was long overdue. We decrease most commissions, because most tokens are on the ERC-20 spectrum. But for certain other other coins, we had to increase it slightly since gas fees has increase.We need to make sure that we're not losing money on those transactions.

It's important for us as a business to stay competitive. We did a big review of the commissions of the top 10 cryptocurrency exchanges and came up with those numbers.

We see the positive trend, which is still a bit volatile. If you look at the Bitcoin and total capitalization of the whole market charts — they really decreased but now it's slowly recovering. That's why we were able to do it.

We want to confidently enter the market as we expand our platform. We have to be in the market in terms of the commissions that's why it was important to bring certain bids back.

Diana (Host): Withdrawal fees for ERC-20 tokens are still very expensive. After the merge several big exchanges already decreased withdrawal fees significantly. Will PaintPay consider decreasing ERC-20 withdrawal fees?

Vladimir (CEO): Well, PointPay is not a very large platform. We have about 250,000 user in total and hundreds of users, who are trading daily. We're still in the process of development  and our goal is to meet and to exceed the industry standards wherever possible. So at this point, unfortunately, we cannot lower the ERC 20 commissions now.

We will be able to lower them in the near future. But at the moment, we are happy with where they are. At the end of the day, we still need to make money. After the merge, the commissions went down and we will be lowering them in the future. But at the moment, we didn't find it to be commercially feasible. Let's put it this way.

Diana (Host): When will  be the PXP utility and the price increase?

Vladimir (CEO): At the moment PXP has quite a lot of utility. You can use PXP to pay and reduce your commissions. This functionality will also extend to the bank and the payment system very soon. Else you could vote for your favorite projects on PointPay Launchpad. As we will increase the number of users, the PXP utility will increase as well. Same refers to the new listings.

PointPay and PXP has bright future ahead of itself as the platform will expand andmore users be using the platform. The utility will inevitably increase, and the price will inevitably increase as well.

We have the same model as the Binance. As they expanded their platform, as more people started using it, and as more utility was attributed to the actions on the platfor, the more their prices increased. That’s because people were trying to reduce their fees by holding the BNB token. It’s the exact plan that we're following.

Let's draw a line: as we will increase our activities and as the platform will become better, the price should and will increase.

Diana (Host): Given the economic situation around the cryptocurrency market, can you consider a listing in a tear one and start of the marketing in the next few months?

Vladimir (CEO): Very good question. PointPay is monitoring and analyzing the situation. We have already started the proper preparations for the launch of the marketing campaign and the acquisition of the new users. But I think however, the market might still have a pullback. It is still unstable. We understand that. We're still playing safe and that's why we're not trying to make any big announcement.

Big announcements will come in next couple of months. But at the moment, we're still asking, what is going on within the market and will the current upward trend continue.

We already have all the preparations for the big marketing campaign, we'll be releasing the new version of our website by late spring. Everything will be revamped and work a lot better and quicker. That's when we will be inviting a lot more users to our platform, and obviously doing the tier one listing, since that's part of the marketing campaign.

At the moment, unfortunately, I can not give you any, any dates, or exact deadlines, because a lot of things are simply not down to us.

Diana (Host): Why don't you include the number of staked tokens in the User Level? I think, if you stake the PXP, you're involved in the project, but with the your system, you're not recognized as a good value member.

Vladimir (CEO): Well, you are recognized as a good remember. If you stake the PXP it all counted towards your overall PXP balance within the platform. That means your staked PXP still counts and reduces fees.

Staking, voting, paying fees, and reducing fees are all of the ways that users can use the PXP. The utility will be even expanded in the future. We intend to create a balanced system that allows users to provide with each level certain favorable terms and conditions.

The systems serve the same purposes, but through a different ways. For example, if you have staked PXP, you can no longer use them, not able to vote for certain projects, can’t  pay commissions. Still you are able to reduce them, but those tokens already frozen for a set amount of time, and you can not unfreeze them.

We have an activity, opportunity and the rewards for it. Those opportunities and rewards don't really overlap. In case of staking and the user levels is the same situation: if you want to get a certain percentage of return and just lower fees — you stake up PXP; if you're interested in paying your commissions leave your PXP. And if you want to get certain returns in terms of the new tokens, you can vote for your projects on Launchpad.

That's the very first iteration and no doubt it will change as we develop . But right now, it's it is what it is. We are working on improving our systems and conditions, so stay tuned.

Diana (Host): The mass listing of gaining popularity and bullish tokens can noticeably increase the platform's publicity even without any marketing investment. What do you think about this?

Vladimir (CEO): Well, choosing the tokens to meet our requirements is not very easy. You can't just choose a certain token, because it has a certain popularity.

As part of the PointPay ongoing development plans we intend to add new tokens in the future. I have previously announced plans to add a lot more tokens, and even popular ones by the end of the summer, I can't tell exactly which tokens will be added at the moment but we do have plans on expanding its number.

We are constantly monitoring the market. The new tokens will appear as the BTC Z, and the VIB. If they have a big project, we want to share the audience, it's a mutually beneficial cooperation. We will add new projects towards the end of spring, early summer. New projects will appear on our platform, through the secondary listing, voting, etc. This is it.

Diana (Host): Why was it necessary to list PointPay on the CoinGecko, when it's already listed with CoinMarketCap? And why there is no data on the exchange page?

Vladimir (CEO): Listing on various platforms allows us to increase the popularity and recognition of our exchange, as well as attract new users. In addition, you can always find the latest data about PointPay, its dynamics and changes in a particular pair.

CoinMarketCap and CoinGecko covers 99% of the market. It's number one marketing tool for our platform, because a lot of users can find us there. In terms of, for example, the secondary listings that we do, or the IEO listings that we do, trust me, the CoinMarketCap and CoinGecko is the number one marketing tool for the B2B operations, because this is the only thing that they care about.

That's a benchmark. It is important to be listed on both. There are other platforms, but I don't think we will be listed on any more. We were listed on CoinMarketCap, which was number one, and it might be strange that we weren't listed on number two for a long time. Also, we promised to be listed by the end of last year, but it took us a little longer. CoinGecko is much more technical in the way they check the data, the pairs and so on. Listing there was much more difficult in terms of compliance. But we managed it.

About the data you've asked: it's not visible at the moment because it takes some time for them to collect the data from us. We just got listed this week and they need at least few weeks data in order to build their graphs. When we got listed on CoinMarketCap, the same thing happened. We got listed, we didn't have any data for the first couple of weeks. Just wait for a week or two and the data will come in.

Diana (Host): Well, that was the last question. Thanks very much for your answers.

Vladimir (CEO): Well, thank you very much for your help, Diana, it was lovely to conduct the AMA session. Thanks to all of those who sent us the questions. Thank you very much.

We received quite a lot of questions from our Brazilian community. So thank you very much for that. We received quite a lot of questions for from our VIP group. And we received quite a lot of questions from our English official group. If you have any more questions, please do ask me them directly on our Telegram. You can tag me at Telegram as CEO or you can go to the Twitter and ask me questions there.

Thank you very much for all of those who attended the AMA session. You stayed with us until the very end. I imagine that the next few months will be especially exciting for all of us. And something big, I think is about to happen. We're about to break in into this market and get some action.

Thank you the wonderful community and good luck.

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