Dear PointPay family,
PointPay CEO Vladimir Kardapoltsev participated in a traditional AMA session on July 27, 2023. He shared the latest news about PointPay, made several announcements, as well as answered your questions!
Below is a summary of the AMA held on the 27th of July, 2023.
Vladimir (CEO): Hello, PointPay family! Thank you all for joining our traditional end-of-the-month AMA session, which we hold on the last Thursday of every calendar month. I'm thrilled to meet you all again. This session is broadcast live on YouTube. Diana is here to assist me with questions collected through the form, as well as questions from Telegram, Discord, and YouTube chats on the right side of my screen. Let's welcome Diana!
Diana (Host): Hi, everyone! Let's get started and hear the latest news and announcements from the CEO.
Vladimir (CEO): First and foremost, we've relaunched our trading competitions, which were previously controlled manually. Now, we have a live table on our exchange where you can see how people trade. To be considered, you must join the trading competition. We had a bitcoin trading competition last week, and this week, it's a dogecoin trading competition. We plan to run competitions every week, and we might do Ethereum next week. The top prize is 5000 PXP, followed by 3000 PXP for the runner-up and 2000 PXP for the third prize. So, it's a great opportunity for everyone to earn some PXP. Join in and trade on our platform; it's recorded in our API and helps us financially. If you hold PXP and have a high user level, you can pay for your trading fees in PXP. Just go to the trading level and select the toggle for paying fees in PXP. It's available on our website and both Android and Apple apps. I encourage all of you to check it out.
Moving on, we've launched a marketing suggestions competition. We want to hear your ideas for a marketing campaign for PointPay. The competition runs throughout August, and the top prize is 5000 PXP. Submit your suggestions through the form at the end of the weekly email. All ideas are welcome but try to be detailed and quantify the cost and potential outcome.
We are also running a bugs and suggestions competition. Despite renewing our platform, there might still be some bugs. Submit your findings, and the best suggestion wins 7500 PXP at the end of each week. It can be a minor or major issue. Your involvement is highly appreciated.
This week, we introduced a significant update to our platform. To provide a recap of the recent developments, we released a new platform version last month. However, until recently, KYC verification was only possible on Android devices, leaving iOS and computer users unable to complete the process. But starting this Wednesday, we've rectified this issue, and now you can perform KYC on your computer too. We acknowledge the oversight and the inconvenience it caused. The implementation took us approximately a month, as rigorous testing was necessary.
Now, users without an iPhone or Android phone can easily log in to their accounts on their computers and complete KYC using the computer's camera. Most laptops nowadays are equipped with cameras, making the process smoother. Additionally, you can perform KYC on your phone's browser, but not on the app. Safari is a compatible browser for this purpose.
We are aware that this caused frustration among some users who couldn't complete KYC and access their funds due to device and jurisdiction issues. But rest assured, now all users can perform KYC on both computers and Android devices and if available in your region, on iOS as well. Stay tuned for more updates on this front.
Regarding the iOS situation, in the last AMA session, iOS was unavailable. Thanks to our legal team's efforts, it was released in Lithuania and the US first, where we are legally registered. We then expanded to the EEA areas, except the UK and Switzerland, due to separate jurisdictions. Recently, we expanded to all non-regulated countries.
What's more, we achieved a record on Coingecko, now ranked 44th, with only 43 places to go. The release of the launchpad and new trading competitions contributed to this success, increasing our exchange volume and website traffic.
Exciting news! On August 8th, we'll add the RNDR token, focusing on modern 3D graphics with computational power for image and video rendering. Listing on our platform will occur on the same day.
Recently, our platform was listed on Meta Threads, and we're actively posting there. Though engagement has been slower, we're trying to follow trends. Our Discord isn't widely popular, as the crypto community mostly sticks to Telegram. Nonetheless, we're present on Facebook and Instagram, striving to stay connected on various platforms. With Twitter's rebranding, we anticipate new features. Telegram's introduction of stories for premium accounts might lead to more possibilities for corporations. We're keeping a close eye on trends. If you have Threads, subscribe to us there, and also on Instagram for updates. Your support is greatly appreciated!
Now, let's discuss the main updates for our platform, with the launchpad being the most crucial one. During the update, the launchpad wasn't fully available due to its complexity, involving voting and vesting. To address this, we created a more user-friendly card interface. Now, users can easily track projects they participated in, including token sales with automatic vesting. Previously, this process was manual, but now it's automated, eliminating complexities. We've also expanded options for configuring activities, types, durations, stages, and conditions, making it incredibly easy to use.
As we approach tier three, new projects are expected to join our platform through the launchpad. Additionally, we've introduced a new functionality that allows voting with PXPs for promising projects to be listed on our launchpad. We have two types of voting: limited voting without restrictions, and limited tokens for specific vesting amounts. Our promise of PXP utility for the launchpad will be fulfilled, with full details to be revealed in a comprehensive article on Monday. We're eager to welcome new projects to our platform through these exciting developments.
We've made significant strides in expanding our availability. PointPay is now accessible in America, the EEA (excluding the UK and Switzerland), and 55 countries without any crypto regulations. This includes most of the EU countries and several others such as Colombia, Uruguay, Mexico, South Africa, Taiwan, Sri Lanka, and many more. We are continuously working to bring PointPay to Brazil, Canada, Australia, and other restricted countries.
Regarding iOS availability, if you had the app on your phone previously and deleted it, you can download it again from the previously uploaded apps. However, if you're a new customer in a jurisdiction not covered yet, you'll have to wait until we release it there. Alternatively, you can change your app store location to a supported country to access the app.
We are committed to reaching more users globally and making PointPay available to a wider audience. Stay tuned for further updates and expansions!
Vladimir (CEO): I think that is all for now. Diana, let's get started with the questions. Thank you.
Diana (Host): All right! When will the PointPay conduct more traditional AMA sessions, like other projects, where people can ask real-time questions, instead of pre-approved ones? This approach could be good to offer more transparency.
Vladimir (CEO): We value transparency and believe in fostering an open dialogue with our community. Conducting AMA sessions has become a tradition at PointPay, and we continuously strive to improve the experience. In the past, we experimented with different formats like Telegram and Twitter but ultimately settled on YouTube for better structure and moderation.
While we used to conduct live AMA sessions, we now pre-ask questions to ensure a more informative and organized discussion. This allows us to group questions together, avoid repetitions, and provide well-prepared answers. We collect questions from various channels, including Discord and Telegram, and still address live questions during the session.
Transcripts of the AMA sessions are provided, and we understand that not everyone speaks English in our community. Our goal is to make the AMA sessions as informative and transparent as possible, ensuring that all community members have the opportunity to ask questions and receive comprehensive answers.
We are open to suggestions and feedback from our community. If you have any ideas on how to improve the AMA sessions, please feel free to share them with us. Our commitment is to be accessible and transparent, and we appreciate the active engagement of our community in this process.
Diana (Host): Is PointPay considering any form of reward for investors who have been with the project since the ICO phase, for instance, offering zero fees on the platform for a certain period of time?
Vladimir (CEO): PointPay values its long-term investors who have been with us since the ICO phase. We recently celebrated our five-year anniversary, a significant milestone for the project. While we don't have immediate plans to offer zero fees on the platform for a certain period of time, we are actively considering ways to acknowledge and reward our long-term investors.
Currently, long-term investors can benefit from staking PXP tokens at a high rate, which provides them with attractive discounts within the platform. We are also exploring the possibility of introducing more rewards for PXP holders to enhance the utility of the token. PXP utility has been integrated into our launchpad and point exchange, and we are looking at expanding it to other products within our ecosystem, such as the banking platform.
While offering zero fees might not be feasible, we are open to exploring other ways to reward and incentivize our loyal investors. If you have any suggestions or ideas, we welcome your input. Our commitment is to continually improve and create value for our community, including our long-term supporters. Thank you for being part of our journey, and we will keep you updated on any developments in this regard.
Diana (Host): You released news about the availability of the application in certain regions. However, I already had the application before this, can you explain these changes?
Vladimir (CEO): Earlier this year, iOS changed its policy regarding crypto exchanges, which affected the availability of the PointPay application in certain regions. Due to these policy changes, crypto exchanges were required to have licenses in specific jurisdictions for their applications to be accessible there. Unfortunately, our app fell within this new policy, and we faced some challenges in getting it released.
To address this, our legal team worked diligently to obtain licenses in certain regions. We were successful in obtaining licenses in the United States and the European Union, specifically in Lithuania. As a result, we were able to make the app available in those regions. Additionally, because of the recognition of legislation within the European Economic Area (EEA) countries, the app became accessible in other EEA countries as well, except for the UK and Switzerland, which have separate regulations.
Just recently, we expanded the availability of the app to 55 countries where there is no crypto regulation. This includes regions in North and South America, Africa, Asia, and Oceania. However, expanding to additional jurisdictions will be a more gradual process, as it will likely be done one by one in future updates.
We acknowledge that some users may have experienced a brief period of unavailability during this process, and we apologize for any inconvenience this may have caused. Nonetheless, we are committed to making the app accessible to as many regions as possible while adhering to the various regulatory requirements.
For existing users who had the app before the changes, you may still access and use it as before. If you had deleted the app but want to reinstall it, you can find it in the "Previously Purchased" section. Alternatively, if you have an older version of the app, you can manually update it in the "Uploads" section.
Please note that future changes in iOS policies may affect the availability of the app in other regions. However, we are prepared to adapt to any such changes and are constantly working to improve the app's accessibility.
Your support is crucial to us, and we appreciate positive reviews in the app stores, as they help us reach more users and grow our community. We thank you for your understanding and patience as we navigate the evolving regulatory landscape and continue to enhance the PointPay platform.
Diana (Host): Are competitions in marketing, in fact, an announcement of the company's upcoming launch of a marketing company?
Vladimir (CEO): Yes, you are correct. Competitions in marketing serve as an announcement of the upcoming marketing campaigns by the company. And indeed, we are planning to launch our marketing campaign very soon. We value the input and ideas of our community members, and that's why we are actively seeking feedback from them through marketing competitions. We want to ensure that our marketing efforts align with the expectations and desires of our community.
During these competitions, we encourage our community to share their thoughts on what they would like to see in the marketing campaign. Your feedback is crucial to us as it helps us understand which regions and aspects of marketing are most important to our users. It allows us to fine-tune our plans and create a campaign that resonates well with the community.
So please, go ahead and share your ideas and suggestions with us. Let us know what kind of marketing activities you would like to see, which regions you believe we should focus on, and any other insights that you think would be beneficial for our marketing strategy. Your feedback will be immensely helpful as we move forward with our marketing initiatives. We appreciate your active participation and look forward to implementing the best ideas from the community in our upcoming marketing campaign.
Diana (Host): The new trading competitions are very convenient. However, currently, they only involve trading pairs with Bitcoin. When can we expect other variations, for example, Ethereum?
Vladimir (CEO): The new trading competitions have been well-received by the community, and we appreciate your feedback on their convenience. Currently, we are running different competitions every week, providing a variety of opportunities for our users to participate and win exciting prizes. Last week, we held a competition involving Bitcoin trading pairs, and this week, it's focused on Dogecoin.
The prizes for these competitions remain consistent, with 5000 for the first-place winner, 3000 for the runner-up, and 2000 for the third-place contestant. The competitions have been successful in engaging our users, and we have seen a significant increase in trading activity during these events.
To join the competition, you need to visit the trading competitions section and enroll yourself. Your user tag might contain your real name, which is derived from your email. For privacy and security reasons, we recommend changing your user tag to something like "crypto enthusiasts 2023" to maintain your anonymity and avoid revealing personal information.
As for future competitions, we are actively considering various options. The upcoming competitions could involve other popular cryptocurrencies like Ethereum or even introduce innovative trading pairs. I will finalize the decision tomorrow, Friday, and announce the details soon. We want to keep the competitions fresh and engaging, catering to the preferences of our community.
Diana (Host): Can PointPay create a special chat for its investors where special user plans are shared?
Vladimir (CEO): PointPay already has several chat groups catering to different user needs. Here are the current chat groups available:
- PointPay News: This chat group is used to publish company news and updates about three to four times a week.
- PointPay Official Chat: In this chat, community members can interact with each other and discuss various topics related to the platform.
- PointPay VIP Chat: The VIP chat is an exclusive group for old investors and large PXP holders. Access to this group is invitation-only, and interested individuals can contact moderators for consideration.
In addition to these main chat groups, PointPay also maintains regional chats for different language-speaking communities, such as Brazilian, Chinese, Russian, and others. These regional chats allow users to engage in their preferred language and discuss topics specific to their region.
While the chat groups do not provide insider secrets, they are a valuable resource for staying up to date with the latest platform developments. Reading weekly updates, announcements, and participating in AMA sessions, like the one you're currently attending, are great ways to gather important information and insights directly from PointPay's team.
By staying informed through these channels, you can get the most current and reliable information about the platform and avoid asking repetitive questions that have already been addressed in previous communications. Your active participation in the chats and staying informed will help you maximize your experience as a PointPay user and investor.
Diana (Host): In the past, the weekly update included changes in different areas and items of the PointPay platform. Now it has a more user-oriented form format. Is there any plan to return to the previous format? And if not, why?
Vladimir (CEO): You are correct in noticing the change in the format of the weekly updates. In the past, the updates were more frequent and detailed, as the PointPay platform was in an active development phase, with constant changes and improvements being made. However, the platform has now reached a more mature stage, and the focus has shifted to maintenance, bug fixes, and perfecting the existing features.
As a result, the weekly updates now have a more user-oriented format. The team is still actively working on the platform, but major updates and changes are not as frequent as before. Instead, new features and significant developments are announced as they are completed, and the team concentrates more on marketing and business development.
The decision to change the format of the weekly updates was made to avoid overwhelming users with constant minor updates and to provide more substantial and meaningful information when significant changes are made. The marketing emails are now sent on Monday, Wednesday, and Friday, with the Friday email serving as a recap of the news for the week.
The team is committed to continuous improvement and will continue to notify users of important updates and additions to the platform. However, the format of the updates will remain more user-oriented and focused on providing valuable information.
Diana (Host): What are your thoughts on the situation with a Ripple winning over the SEC as the CEO of a cryptocurrency platform?
Vladimir (CEO): As the CEO of a cryptocurrency platform, my thoughts on the situation with Ripple and the SEC are that it is a largely positive decision for the company and the industry as a whole. While it may not be classified as a complete victory for Ripple, it is a positive outcome that allows XRP to be traded on exchanges without being considered a security.
However, it is essential to note that the situation remains complex and ambiguous. Some of the SEC's demands were met, but others were not. For example, if XRP is offered to institutional investors, it could still be subject to regulation as a security. The resolution of this issue will depend on the cryptocurrency laws within the United States and how the federal court interprets and shapes them.
The current state laws vary, and regulation is still unclear, creating challenges for the industry to navigate. Nevertheless, the decision sets a precedent for other cryptocurrencies, making it easier for them to be listed on exchanges and clarifying the distinction between security and utility tokens.
Overall, I consider this development to be about 70 to 85% positive for the industry, but the specific implications will depend on how further regulatory measures are taken by the federal government and how cryptocurrency laws evolve in the future.
Diana (Host): Should we expect any more significant innovations, like competitions in the near future? What are your plans?
Vladimir (CEO): Looking ahead, we do have significant innovations planned for the future. One of our main objectives is to introduce margin trading to the platform. We're actively working on its development, and while we aim to have it available by the end of the year, we are also mindful of potential risks and challenges that might affect the timeline.
In terms of the platform's overall development, we believe that approximately 95% of it is complete, and we don't anticipate any major updates in the near future. However, we'll continuously work on improving the user experience (UX) to ensure that our platform remains user-friendly and efficient.
Our focus will also be on legal compliance and expanding our presence to more countries. We want to provide our services to users in as many regions as possible and ensure that we comply with regulatory requirements in each jurisdiction.
On the marketing front, we are determined to expand our global reach and enhance our visibility in the industry. We aim to improve our rankings on platforms like CoinMarketCap and CoinGecko, as well as gain recognition in reputable business publications.
Diana (Host): Well, that was the last question. Thank you very much for your answers.
Vladimir (CEO): Thank you, everyone, for joining us today. I appreciate your presence and participation in this session. I'm glad we could wrap it up in under an hour, considering the cold I've been dealing with. But I'm not bidding farewell just yet. I look forward to seeing you all again next Thursday, which will be the last Thursday of August.
Don't forget that we have exciting marketing, trading, and bug&suggestions competitions going on. Keep an eye out for updates on the platform and make sure to update your app on Android and iOS.
Once again, thank you for being a part of PointPay's community. Your support and engagement are crucial to the success of our platform. See you next time, and have a great day! Thank you.
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