Dear PointPay family,

PointPay CEO Vladimir Kardapoltsev participated in a traditional AMA session on June 29, 2023. He shared the latest news about PointPay, discussed the current market situation, and made several announcements, as well as answered your questions!

Below is a summary of the AMA held on the 29th of June, 2023.

AMA Transcript

Vladimir (CEO): Hello PointPay family! Thank you for joining us again for our traditional AMA session. I'm delighted to see all of you here today. Diana is with me, and she has gathered your questions, organizing them by importance. She will ask me those questions and select some from the YouTube stream and Telegram. Thank you for joining Diana and me. Let's get started!

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

Vladimir (CEO): Okay, brilliant. Let's get started with the PointPay news. The most important update is that we will be releasing a bi-annual report this Monday. It will be published on various websites, including Yahoo Finance. We believe in transparency within the crypto community, as there are often scams in this industry. We have been publishing annual and bi-annual reports to keep our community informed about our progress. Although the report does not contain detailed financial information since we are not a listed company or a security token, it provides updates on our platform, including UI and UX changes, system optimization, and relaunched projects. The report also covers events, token performance, and showcases the company in a positive light. We encourage you to explore it for useful information. Our commitment to transparency includes these AMA sessions and regular reports.

In the past six months, we have made significant progress in terms of our global rankings. Previously, we were not listed on CoinGecko, but through our hard work, we are now listed on both CoinGecko and Coin Market Cap. On CoinGecko, we reached the impressive position of 45th exchange in the world, which happened just last week. We have consistently maintained a position in the top 50 on CoinGecko over the past month. This is a remarkable achievement, especially considering that we have not yet started our marketing efforts. On Coin Market Cap, our highest position was 53rd for a day, and currently, we are in the range of 80th. While we have been in the 60s and 70s as well, we are actively working to improve our ranking. Nevertheless, it is worth noting that PointPay has achieved a top 50 position as a tier five platform without any marketing efforts, which is a significant accomplishment compared to where we were six months ago.

Also, the PXP token has seen a significant increase of around 80% to 100% in recent weeks, despite the iOS update not being available yet. The new platform and Android app have been well-received for their speed and convenience. However, obtaining approval from Apple for the iOS app has been challenging due to regulatory changes. We are actively working with our legal team to provide the required licenses and comply with their regulations. I contact Apple daily to expedite the process and ensure a prompt release on iOS.

We have made several important changes and updates over the past six months. Firstly, we changed our wallet addresses, so please ensure you use the updated addresses to avoid any fund loss. Additionally, we switched our KYC provider, which has caused inconvenience for iOS users who cannot access the website due to the tie-in with the app. We are diligently working on implementing web KYC, but the timeline for its release is uncertain. We understand the frustration this has caused and apologize for the inconvenience. If you have pending withdrawals and are unable to pass KYC on iOS, we recommend contacting support and informing them of your situation. While we generally require KYC on the app, we may consider manual verification on a case-by-case basis for Apple users. Our team is actively working to address this issue, but for now, we appreciate your understanding as we work towards a resolution.

We have made changes to our saving system as well. Previously, users would receive their savings interest daily, but now it is distributed monthly. Additionally, we have introduced a new feature where users can make up to three withdrawals without losing their interest. This change provides more flexibility for users who may need access to their savings. These updates represent the major changes on our platform in terms of the saving system.

What else? June 29 we conducted the 25th PXP burn, which amounted to 3.2 million PXPs. The purpose of these burns is to help stabilize the value of the token. While we are committed to future burns, we cannot provide specific details regarding the frequency or schedule due to regulatory reasons. In the past, we conducted burns weekly when we started and then shifted to monthly burns last year. Although future burns will be less frequent, we will continue to carry them out. Congratulations to all PXP holders, and we hope these burns prove beneficial to you.

Regarding the overall market situation, the SEC continues its efforts to regulate crypto exchanges and cryptocurrencies, facing counter lawsuits from various groups and companies. There is also growing criticism of the Commission's actions from other regulatory bodies, branches of government, and external observers in the US. Hopes are high for positive changes in cryptocurrency regulation in the US and the EU, as these regions play significant roles in the industry.

On the other hand, significant changes are occurring in the Chinese cryptocurrency market. Hong Kong is actively encouraging exchanges to relocate by offering favorable conditions. CoinBase is currently under sanctions, indicating China's strong interest in leading the cryptocurrency world. While it is a challenging market to enter due to regulatory hurdles, the vast potential makes it an attractive prospect. The EU has taken steps to regulate cryptocurrencies with the MICA regulations, while the US is in a state of uncertainty. China's proactive regulation is noteworthy, and with these three major players, the future of the industry will likely unfold in interesting ways.

What's more - major financial players like BlackRock, Deutsche Bank, Fidelity, and Charles Schwab have entered the cryptocurrency market, attracting numerous investors and users. The news of licenses and regulatory developments has impacted Bitcoin's price. Britain is considering a digital pound, and Visa, MasterCard, and HSBC are expanding their cryptocurrency services. This involvement by big players signals progress in the industry.

Speaking of development: this month, PointPay has focused on polishing the platform and addressing any issues that arose after the major upgrades. The team has been diligently testing and receiving feedback from the community to fix bugs, improve translations, and enhance the overall user experience. They appreciate the bug reports and encourage users to participate in bug and suggestion competitions. Additionally, PointPay has started developing new features, including reworking the launchpad and preparing for margin trading, which may be released by the end of the year. The team is also actively working on the iOS application to ensure its successful launch. Overall, this month has been dedicated to refining the platform and preparing for future enhancements.

Vladimir (CEO): So let's move on to the question. Diana, please go ahead.

Diana (Host): Alright! Considering the global update and the overall readiness of PointPay as a product, when can we expect the launch of a marketing company?

Vladimir (CEO): I understand that you are eager to know when PointPay will launch its marketing campaign. It's important to note that marketing is a complex and comprehensive process that involves more than just advertising on popular websites and YouTube channels. PointPay is taking a strategic approach to acquire new users through various channels, such as competitions and airdrops, which have proven successful in the past. They are also engaging with bloggers and top marketers in different regions to develop effective strategies.

In terms of readiness, PointPay has been diligently preparing its platform and making sure it is in a state where it can effectively handle increased traffic and user activity. The recent global update aimed to address previous issues with the platform, such as scalability and functionality, to ensure a seamless user experience. The company is currently working on the final touches, including the iOS update, and expects the platform to be around 95% complete.

Before launching a marketing campaign, it is crucial to have a solid platform that can impress and retain users. PointPay wants to avoid spending money on attracting users to a subpar platform, as it could lead to negative perceptions and distrust. The platform needs to work flawlessly and be user-friendly to effectively convert visitors into active users.

PointPay values user feedback and encourages the community to report any bugs or suggestions to help further improve the platform. The company's goal is to create a perfect platform that speaks for itself and ensures a positive user experience.

While an exact timeline for the marketing campaign launch was not mentioned, it is evident that PointPay is making significant efforts to prepare the platform and develop effective marketing strategies. Stay tuned for updates from PointPay regarding their marketing plans and launch.

Diana (Host): What do you think about the fact that major players are entering the crypto space? Will it be harder to develop your product against their backdrop? Or will it only help you in the crypto market as a whole?

Vladimir (CEO): The fact that major players are entering the crypto space can have both positive and challenging aspects for PointPay. On one hand, it shows that bigger companies are embracing change and recognizing the potential of the crypto market. This can be beneficial for the overall adoption and acceptance of cryptocurrencies. Moreover, these companies have the resources and expertise to pave the way for comprehensive regulations and legal frameworks, which is crucial for the industry's growth.

On the other hand, larger companies often face challenges when it comes to innovation and keeping up with rapidly evolving trends in the crypto space. Their decision-making processes can be time-consuming, involving extensive research, consultations, and internal discussions. This slower pace of innovation gives smaller companies like PointPay an advantage. Startups can respond more quickly to market trends, develop new features, and adapt their products to meet user needs.

PointPay is not afraid of competition from these major players. While they have broader capabilities and resources, their slower innovation cycles provide an opportunity for PointPay to stay ahead. Being agile and responsive to market demands allows PointPay to introduce new features and improvements at a faster pace compared to larger companies.

Overall, the entry of major players into the crypto space is viewed as a positive development. It signifies the growing acceptance of cryptocurrencies and can help pave the way for regulatory advancements. PointPay believes that being in the right industry and having the ability to innovate swiftly gives them a competitive edge in the market.

Diana (Host): The price of the PointPay token has sharply increased. Will you be consolidating the result and utilizing the increased value to conduct the listing more effectively?

Vladimir (CEO): It's fantastic to hear that the PointPay token (PXP) has experienced a significant increase in price. The fact that PointPay has been trending on CoinGecko for three consecutive weeks and achieved a top 10 position is a testament to the positive recognition the project is receiving. This increase in token value and recognition certainly works in PointPay's favor and enhances their position in conducting listing negotiations with various exchanges.

PointPay is actively engaging with tier one exchanges for potential listings. While some negotiations may still be in progress or on hold, PointPay aims to secure a tier one listing by the end of the year. This achievement will be an important milestone for the project and can contribute to further growth and recognition.

Community support is crucial during this period, and you can assist PointPay by upvoting and commenting on PXP on platforms like CoinMarketCap and CoinGecko. These interactions help create awareness and generate more interest in the project, potentially attracting additional investors and users.

The increase in the price of the PXP token reflects the development of the platform, the value of the product, and the confidence that people have in PointPay and its team. It's a positive sign of trust in the company and its future within the crypto sphere.

As PointPay continues to progress, the release of the final platform version, including the Apple app, will likely coincide with the marketing campaign and the listing of the token. This coordinated effort aims to maximize the impact and success of these initiatives.

Overall, the increased value of the PointPay token and the recognition the project is receiving contribute to the ongoing development and potential future achievements.

Diana (Host): SEC has actively targeted tokens and exchanges in the United States, does this pose a threat to PointPay US? Or is there no need to be afraid?

Vladimir (CEO): I understand that regulatory concerns can be overwhelming, but it's important to approach the situation with a level-headed mindset. While the SEC's actions and the regulatory environment in the US can present challenges, PointPay is taking steps to comply with regulations and mitigate risks. We are actively working on a new version of the US website and hold licenses to demonstrate their commitment to regulatory compliance.

It's crucial to stay informed about regulatory developments and adapt accordingly. PointPay's focus on compliance and their efforts to navigate the regulatory landscape should help address potential threats and ensure a secure operation in the US market. Remember that regulatory situations can evolve, and it's essential to monitor updates from the SEC and other authorities to make informed decisions.

It's normal to have concerns about regulatory issues, but it's also important to remain positive and focused on the actions being taken by PointPay to navigate these challenges. By staying informed and adaptable, you can help ensure a more stable and secure future for the company.

Diana (Host): The Chinese market is currently experiencing active development, should we expect the emergence of PointPay in the Chinese jurisdiction?

Vladimir (CEO): It's understandable that the Chinese market presents both opportunities and challenges. Entering a market as large and segmented as China requires careful consideration and expertise. While PointPay is closely monitoring the Chinese market, it acknowledges the complexities involved in entering it.

When conducting the marketing campaign, PointPay may seek the assistance of external companies or advisors with expertise in the Chinese market. These specialists can navigate the unique characteristics of the Chinese market, such as different applications like WeChat and media outlets. Additionally, PointPay is exploring the possibility of opening a subsidiary in Hong Kong to leverage tax laws and regulations in the region.

While China's market potential is significant, entering it currently poses risks. However, PointPay remains attentive to developments and may consider expanding its presence in China in the future. Maintaining social networks in Chinese demonstrates the company's ongoing interest in the market.

It's important to approach the Chinese market with caution and seek guidance from experts who understand its nuances. By taking measured steps and leveraging specialized knowledge, PointPay can potentially explore opportunities in the Chinese jurisdiction.

Diana (Host): PointPay conducts token burns, but does it have a real effect  as  the amount of token burn may be significant for individual or even groups of investors but in the context of the overall volume, it may seem insignificant!

Vladimir (CEO): The token burn conducted by PointPay does have a significant impact, considering the circulating volume of the token on exchanges. While the exact current circulating volume is unknown, a few months ago, it was around 20 million tokens. Burning 3 million tokens out of this circulating volume is quite substantial.

PointPay follows a proper process for token burns. They utilize a special trader who gradually buys tokens from the market on a weekly basis and consolidates them in wallets before conducting the burn. This gradual approach prevents sudden price crashes and helps maintain stability.

The token burn is beneficial for investors as it reduces the overall circulating supply, which can positively impact the token price. Additionally, many PointPay users believe in the project and stake their tokens on the platform, further reducing the tradable token supply.

It's important to note that conducting token burns can be expensive, especially as the token price increases. However, PointPay remains committed to future burns, although they may occur less frequently. The primary goal of token burns is to stabilize the token price and ensure fairness.

The process of token burns is carried out gradually over several months, with tokens being deposited into a special wallet before being burned. This approach helps maintain a steady price without sudden drops or increases. Interested individuals can verify the burn transactions on the blockchain.

Overall, PointPay's token burn strategy aims to create stability and fairness within the ecosystem while considering the long-term development of the platform.

Diana (Host): There have been several questions regarding the withdrawal time from point paid, users have noted that a normal withdrawal time for them is 24-48 hours. And they're interested in the possibility of reducing this time.

Vladimir (CEO): PointPay aims to process withdrawals within 24 to 48 hours, and for the majority of users, the withdrawal time is even shorter. Small withdrawal amounts, such as $100, can be processed instantaneously. However, for larger amounts, additional checks and verifications are required due to legal and regulatory obligations.

When users request withdrawals of significant sums, such as $10,000, PointPay must conduct thorough checks. This includes verifying the user's account, ensuring KYC compliance, and sometimes requesting proof of funds or original hashes. The time required for these checks can extend the withdrawal processing time.

While the withdrawal process may take longer for larger amounts, it is necessary to comply with regulations and maintain fairness. PointPay aims to ensure that all transactions are legitimate and meet regulatory standards. As the platform continues to improve and optimize its processes, the withdrawal time is expected to decrease.

It's worth noting that the majority of users, around 99%, experience no issues with withdrawals and can expect their requests to be processed within 24 hours. In some cases, particularly for small withdrawals, the process can be completed within seconds. PointPay strives to provide a smooth withdrawal experience for its users.

Diana (Host): PointPay is primarily an Exchange or CryptoBank?

Vladimir (CEO): PointPay is an ecosystem that encompasses both an exchange and a crypto bank. While the company initially started as a crypto bank and offers blockchain wallet services, the heart of its platform is the exchange. The exchange and the crypto bank are interconnected and work together to form a comprehensive financial ecosystem. This approach allows PointPay to diversify its revenue streams and provide users with a wide range of services within a single platform. By offering multiple services, PointPay aims to create convenience for users by eliminating the need to switch between different platforms for different financial needs.

Diana (Host): If it's not the right time for a marketing campaign yet, could you put a waitlist, at least on a more major exchange, like Coinbase perhaps?

Vladimir (CEO): Regarding the timing of a marketing campaign and getting listed on major exchanges like Coinbase, it's important to note that these processes require careful consideration and cannot be done immediately. We have plans to pursue tier one exchange listings by the end of the year, but it's not solely up to us. Compliance, negotiations, and other factors come into play.

Diana (Host): What are the future steps for PointPay in terms of the development of the platform?

Vladimir (CEO): As for the future steps of PointPay, we have several goals. Firstly, we aim to refine and improve our platform, addressing any bugs or issues to ensure a seamless user experience. Additionally, we plan to introduce new token listings on our launchpad and develop margin trading capabilities, potentially for Coinbase in the future. However, the release of margin trading will depend on market conditions.

We also have plans to reintroduce peer-to-peer (P2P) functionality and explore new partnerships and related products under separate branding. Our overall focus includes polishing our existing services, launching new offerings, conducting a marketing campaign, and ultimately achieving a tier one exchange listing.

Diana (Host): Users have recently noticed that PointPay had its fifth year anniversary, and managed to stay afloat since 2018. How did you manage to do that whilst most companies in the industry went bust?

Vladimir (CEO): Thank you for acknowledging PointPay's fifth-year anniversary and our ability to sustain ourselves since 2018. It's indeed a significant milestone. Despite the industry's challenges and the demise of many companies, we have persevered. Our achievements are the result of hard work, a dedicated team, and a commitment to transparency.

We prioritize conducting business ethically and by the book, rather than seeking quick gains or engaging in questionable practices. Our transparency and consistent communication with clients, such as these monthly updates, contribute to our credibility and longevity. We've learned from our mistakes along the way and continuously improve.

Building a strong team of professionals from various industries, including finance and project management, has been instrumental in delivering the high-quality products and experiences our users enjoy. Our recent platform updates, released on the occasion of my two-year anniversary as CEO, reflect the long-term planning and dedication behind our work.

Moving forward, we see a bright path ahead and look forward to continuing our journey. This is certainly a piece of good news to celebrate.

Diana (Host): That was the last question! Thanks for your answers!

Vladimir (CEO): Thank you, Diana, for your assistance today. It was a pleasure working with you.

I want to remind everyone that our biannual report will be released on Monday. It's a concise document of around 25 pages highlighting our achievements over the past six months. I encourage you all to take a look. Thank you for joining us today, and we'll reconvene next month. Don't forget to participate in our trading competition and share any bugs or suggestions you have through the Bug&Suggestions competition form.

Have a great day and enjoy your weekend. Thank you all once again. Goodbye.

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