Dear PointPay family,

PointPay CEO Vladimir Kardapoltsev participated in a traditional AMA session on April 27, 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 27th of April, 2023.

AMA Transcript

Vladimir (CEO): Greetings, PointPay family! We're delighted to have you join us for our traditional AMA session held on the last Thursday of every month. We have some exciting news and announcements to share with you today, and I'm glad to be assisted by Diana, who has collected your questions. Hi, Diana!

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 some significant news. We've recently relaunched our Quick Exchange service, which was unavailable for three weeks as we rewrote it entirely. The previous version only supported two pairs, but the new one now features 28 pairs. We had to consult with custodians to ensure the service's proper operation, making it a complex process. The new Quick Exchange is faster and offers the best rates, so give it a try. It used to be one of our most popular products, and we're proud of the improvements we've made.

Moving on, we released our Q1 results a couple of weeks ago, which is unusual for us as we typically only release half-year and annual results. We thought it would be nice to share a summary of our first-quarter achievements, so please take a look.

In industry news, Bitcoin hit a psychological barrier of $30,000, and while it has fallen back to $27,000, we believe the market is doing well. This month, we listed FLOKI, a meme cryptocurrency named after Elon Musk's dog, and received significant engagement from its strong community. We're considering listing more meme coins soon if the interest remains high.

Lastly, I wanted to highlight an important development for Ethereum users. The Shappela update now allows users to stake and withdraw ETH, which is critical for many contracts reliant on the Ethereum network. Congratulations to the Ethereum team on this significant milestone in the industry.

Regarding regulatory frameworks, there have been significant updates in the industry. In Europe, the MiCA bill has been passed, which will create a more unified regulation of cryptocurrencies in the European Union. This is a welcome development as the current regulations are sporadic, with some countries not regulating cryptocurrencies at all and others treating them differently. The new legislation will create a homogenous approach to cryptocurrency regulation.

Our company has a license in Lithuania that allows us to conduct business throughout the European Union, but other countries like Malta have different legislation. The new regulations will integrate the banking sector with cryptocurrencies, which is a step towards global adoption.

In the United States, the SEC has been suing cryptocurrency exchanges like Binance and Coinbase, causing concern in the industry. However, recently Congress has criticized the SEC for lagging behind other countries and is pushing for a more homogenous federal law for cryptocurrency regulation. The lack of a unified approach on a federal level has led to difficulties for cryptocurrency exchanges operating in different states, which can have different regulations. This makes obtaining licenses incredibly costly and difficult, with some states having strict cryptocurrency laws and others having no regulations at all.

A federal regulatory framework would create a level playing field for cryptocurrency exchanges, and allow them to adhere to the same rules regardless of the state they are operating in. This would be a welcome development for the industry and make it easier for exchanges to obtain licenses and conduct business.

That's all the major industry updates from me. Now, let's move on to our department updates.

We'll begin with the interface, which is how you engage with our platform through your computer or mobile phone. On a computer, it's called the web interface, we will start with it:

  • Refactored referral system code, removed outdated methods, and made it more stable and functional.
  • Automated translations of product updates for multiple languages, improving efficiency.
  • Improved navigation between header tabs, making it more seamless and quick.
  • Enhanced onboarding tabs display on the mobile version, resulting in a better user experience and increased retention rate.
  • Increased security by improving stability of two-factor authentication (2FA) code and requesting all users to turn it on before withdrawing funds.
  • Updated popular blog page and email notifications with new designs for a sleek and professional look.

Mobile development divided into Android and iOS versions, which can have slight lag but are usually developed similarly. Let's start with Android.

  • Updated PXP user levels.
  • Improved display of fees and user level progression.
  • Added minimum token purchase for Launchpad.
  • Redesigned and optimized withdrawal flow.
  • Made mobile IPO participation better just like the website.
  • Compulsory to have a PXP token to withdraw.

For iOS:

  • Added ability to hide PXP balances in user level widgets.
  • Improved functionality and onboarding as preparation for further marketing campaign.
  • Tweaks to improve launchpad for upcoming events.
  • Optimized user experience.

For both platforms,

  • Adopted American number format, now all pages have american number format.
  • Added ability to hide small balances less than $5.

Let's move on to one of the pillars of our platform, the CryptoBank.

  • We've added new features to our platform to improve user experience. The contacts module now allows you to add contacts to your whitelist, making withdrawals to trusted addresses faster and easier.
  • We've also enhanced the cryptocurrency purchasing process through our Mercurio service, optimizing the pricing process within our platform.
  • In addition, we added a discount calculation feature that automatically calculates your discount based on your PXP user level.

Let's move on to another part of our platform — the exchange.

  • We rewrote quick exchange and added 28 new cryptocurrency pairs, making it fast and efficient.
  • Our exchange has also been optimized for better performance.
  • We held trading competitions, resulting in us climbing up to the 51st spot on CoinGecko. While we are still behind on CMC, we are now comfortably in the top 100. This will give us a boost in future marketing efforts.

So much for the updates. So let's move on to the questions. Diana, please go ahead.

Diana (Host): All right. So here they are. As we all know, PointPay has many competitors, what unique features does point they have that sets it apart from the rest?

Vladimir (CEO): In summary, we are steadily climbing up the ranks in the top 100 exchanges, which is impressive considering our platform hasn't even fully launched yet. Our ecosystem has four pillars - wallet, banking, exchange, and payment system - which all work well, and we have a wide range of payment providers available. We are planning to release a fully redesigned website and app, with the app being completely overhauled to provide better functionality and usability based on the best design tips from other trading platforms.

We value our community, which is the core of our system and drives us forward. Our PXP token is a significant part of our community, and we believe that is what sets us apart from the rest.

Diana (Host): Will, the PXP token be listed on any exchanges other than the current ones?

Vladimir (CEO): Currently, PXP is listed on five exchanges: CoinTiger, Bittrex, BitGlobal, WhiteBit, and some others. All of these exchanges are in the top 50 and are reliable. The PXP team has been planning to list our token on a tier-one exchange for almost two years and hopes to do so sometime this year. However, it is not up to them as it is the tier-one exchanges that have the final say. Listing on a tier-one exchange takes a long time because these exchanges care about their reputation and want to ensure the token is reliable. Moreover, listing fees for tier-one exchanges are more than a million dollars, and PXP has that kind of money, but they don't want to be listed on an exchange that will collapse tomorrow. Listing on tier-one exchanges is a complicated process, and both sides have to dance to achieve it. Nonetheless, PXP is transparent and has a great community, and we are more than 95% likely to achieve it soon. If PXP is listed on the PointPay exchange, that would make it harder for us to be listed on other exchanges. However, it is still doable, and anything is possible. But for now - no.

Diana (Host): When will the main part of PointPay ecosystem development be completed?

Vladimir (CEO): Our platform is almost completed with regular improvements being made. The exchange, bank, staking, payments system, wallet, and Launchpad are all completed, with some minor redesigning being done to make the platform more user-friendly. In terms of major updates, we plan to introduce margin trading by the end of the year, which is currently being worked on and will require thorough testing before release in September. We're also focusing on redesigning the app and implementing a trading competition board, as well as improving the staking mathematics and savings accounts. Our development priority this year is to complete the platform and maintain it, while also concentrating on attracting new users and marketing the platform. The groundwork is already done, and we plan to focus on business development and marketing in the second half of the year. Our core platform is already completed, and we will be creating new features while maintaining it.

Diana (Host): What do you think of the current price of PXP? What should happen to it in the near future?

Vladimir (CEO): I keep an eye on PXP's price and think we've done well by eliminating the zero. With our recent top 50 ranking and new mobile app, our upcoming marketing campaign, I believe the value will continue to rise.

Our user level system has already caused an increase in PXP's price, and conducting regular token burns will further increase demand and value. By improving its utility within our platform and attracting new users, PXP's value should continue to grow.

This is a proven business model, as Binance did the same with BNB. I cannot provide investment advice, but I am optimistic about PXP's future.

Diana (Host): Since the laws related to the regulation of cryptocurrencies have changed, will PointPay have to re-obtain licenses?

Vladimir (CEO): The EU's new regulatory incentives are welcomed, but not yet enacted. We currently operate under a Lithuanian license, and should be good for another year or two with a grace period to transition to the new system. We have all the necessary documents and policies in place, making it likely that we will obtain the European license without any issues. We have also made progress in obtaining a license in Wyoming and New York, and will apply for federal cryptocurrency legislation in the US when it is introduced, which may take some time. For now, we adhere to US data protection and data collection laws, and have an American website for American users. With an office in America and transparent operations, we are good in both Europe and the US.

Diana (Host): Do you consider meme currency a good investment decision?

Vladimir (CEO): Regarding the meme tokens, they are highly volatile assets with no backing, and investing in them is risky. If you're interested in the thrill of constantly changing prices and want to trade for a short period, it's fine to allocate a small percentage of your investment portfolio to them. However, never invest more than you're willing to lose, and don't invest all of your life savings. Meme coins are the most volatile assets in the cryptocurrency market, and investing in them is like buying a lottery ticket. It's important to evaluate your risks and make informed financial decisions.

As for our business, we will list meme tokens because they have a lot of social following, and it increases user engagement. But from a personal finance perspective, investing in meme coins is risky and not recommended.

Diana (Host): What are the next changes for PointPay?

Vladimir (CEO): We have a roadmap outlining our goals for the year, including a mobile and website redesign, margin trading, and improvements to staking, banking, and payment providers. We'll also focus on business development and marketing, with the goal of a tier one listing by year-end. Our progress is tracked on a live roadmap and weekly reports are published every Friday. Check it out for more details.

Diana (Host): Having the marketing campaign be conducted, what are you planning to do?

Vladimir (CEO): In terms of marketing, our main goal is to improve our tier one listing and achieve a top 50 or top 40 ranking on coin market cap and coin Gecko.

We plan to increase website traffic through advertising in publications, interviews, and attending conferences. We also plan to use social media advertising on Facebook, Instagram, and Twitter. However, having a great product is crucial for effective marketing. We also plan to partner with other companies for cross-platform engagement and list big tokens to attract new users and generate revenue. This will help us gain more traffic and revenue for our platform.

Diana (Host): Next question is about PointPay competitions: is it allowed to participate in them more than once?

Vladimir (CEO): We have two ongoing competitions: bugs&suggestions, and trading. For the bugs competition, find and report any issues with our platform and include as much detail as possible. For suggestions, provide detailed feedback and examples from other websites. The winner gets 7,500 PXP. The trading competition is based on volume and runs from Thursday to Thursday. The winner gets 5,000 PXPs. We'll soon introduce a trading competition board. You can participate every week, and some people have won twice. Earn PXPs for free now to pay for future trading commissions and withdrawal fees.

Diana (Host): That was the last question. Thank you very much for your answers.

Vladimir (CEO): Great, thank you so much, Diana, for helping with this AMA session and for gathering all of these fantastic questions from the community. And a big thank you to everyone who participated on YouTube and submitted questions.

Just a quick reminder, we have ongoing competitions for bugs and suggestions as well as a trading competition. So don't miss out on the chance to win some fantastic prizes. We'll be announcing the winners of this week's competition shortly, but don't worry if you missed out this time, you can still participate next week. So mark your calendars for Friday and get ready to trade and share your suggestions.

Once again, thank you all so much for joining us today, and a special thank you to Diana for doing an amazing job helping with this session. We'll see you all next month. Goodbye!

🔥 Buy PXP tokens on Bittrex: https://bit.ly/32VWsci

🔥 Buy PXP tokens on Bitrue: https://bit.ly/3JEreHu

🔥 Buy PXP tokens on WhiteBIT: https://bit.ly/3qJrjRH

🔥 Buy PXP tokens on CoinTiger: https://bit.ly/3pnv6ny

💰 Earn up to 7% yearly with PXP staking program in PointPay Bank: https://bank.pointpay.io/staking

💡 Check PointPay Live-Roadmap (PointPay development in real-time): https://pointpay.io/live-roadmap/

🏦 Remember, we are PointPay, and we are beyond banking!