Dear PointPay family,
PointPay CEO Vladimir Kardapoltsev participated in a traditional AMA session on December 28, 2023. He shared the latest news about PointPay, made several announcements, and concluded the results of 2023!
Below is a summary of the AMA held on the 28th of December, 2023.
AMA Transcript
Vladimir (CEO): Hello, PointPay family! It's time for our customary end-of-month and end-of-year AMA session. Thank you all for joining us tonight. I'm thrilled to delve into this year's achievements, sharing insights from our upcoming annual report and notable company updates. Alongside me is Diana. Hello, Diana, and hello to everyone tuning in.
Diana (Host): Greetings, everyone. Let's dive into the latest news and announcements.
Vladimir (CEO): Diana has diligently collected your questions from Twitter, Telegram, and YouTube. To begin, let's cover the main highlights from this month and expand into a broader view of our global accomplishments throughout the year.
Our recent achievement includes listing 25 new cryptocurrencies, successfully reaching our target of 200 cryptos and 150 crypto pairs at PointPay. This has significantly expanded our platform's assets. All of them are neatly detailed in our comprehensive annual report spanning four pages.
We're thrilled about two recent significant partnership listings with Bone and Leash. These collaborations have sparked interest and engagement, drawing in new users notably through increased activity on Twitter and other social media. Collaborations with promising crypto projects, especially those related to meme coins, have remarkably increased user engagement.
What’s more, our platform now offers two new staking options: Axie Infinity (AXS) at 10.2% and Tezos (XTZ) at 4.2%. Looking ahead, our focus involves expanding our staking options further next year, aiming to diversify and enhance user opportunities. This year, we've had a range of five to ten staking options, a figure set to expand in the near future.
The popularity of our trading competitions, such as the Hanukkah and Christmas events, has been overwhelming. Due to the enthusiastic response, we're excited to announce the launch of a New Year's trading competition, featuring a larger prize pool of $50,000. It will be going on until January 5, so you still have a chache to grab one of 5 prize spots.
Moveng on! In response to the ever-evolving crypto market, we've made strategic adjustments by reducing commissions for six cases. For example, Stellar's commission rate has seen a significant drop from 0.4 to 0.01 (it’s more than 95% reduce), ensuring our platform remains highly competitive and user-friendly. Our dedication remains unwavering, focusing on sustained growth and engagement through strategic partnerships, diversified staking options, and captivating competitions. Thank you for being a part of this incredible journey.
Our recent commission adjustments for six cryptocurrencies reflect our commitment to adapting to market dynamics. The reductions, ranging up to 90%, aim to enhance our market competitiveness and appeal to a broader user base.
Let's catch up on other recent happenings. December tends to be a month of finalizing KPIs and results, leading to most taking holidays by the 20th. Contrary to the norm, my schedule remains packed; I'll conclude work on Friday and swiftly resume on Monday. While many business associates are away, our team remains committed and active, showing our dedication for the long haul.
Shifting gears, let's delve into the Annual Report. It's set to release, possibly on Friday or Tuesday, signifying our commitment to transparency and accountability. Though not as comprehensive as larger corporations' financial reports, it does offer valuable information about our past achievements and future plans. If you're a PXP holder or an early investor, it's worth a glance for the roadmap and essential details. This report, marking its debut for the upcoming year, contains crucial information often overlooked, offering unique perspectives about our company's endeavors. We've meticulously compiled it and plan to publish it in January across major media outlets such as Yahoo Finance and Bloomberg.
Let's delve into our accomplishments. Initially, we revamped our platform entirely due to scalability issues, system inefficiencies, and disjointed functionalities. The decision was made to rewrite the system, resulting in the new PointPay 2.0 platform. Our focus was on integrating the PXP token seamlessly across the entire ecosystem.
Despite the challenges during the transition, everything fell into place smoothly. We recently shut down the old system after flawlessly transferring all balances, thanks to the exceptional teamwork.
Shifting gears to our ratings, a year ago, securing a listing on CoinGecko was challenging. But today, we comfortably hold a position among the top 30 global exchanges on CoinGecko and aim to crack the top 20 soon. Our team works diligently on enhancing liquidity and validating reserves, crucial steps toward our goal of ranking among the top 15 or 20 exchanges. Our ultimate ambition remains to become a tier one exchange, driven by reliability, ethical practices, and the unwavering support of our incredible community.
Starting from around 130, our rise in rankings positions us confidently among tier two exchanges, significantly benefiting our token sales and launchpad operations.
Let's dive into recent updates on the other rating site - CoinMarketCap. Our CMC rating comfortably places us in the top 60, but we're aiming for improvement. It's worth noting that CoinMarketCap focuses solely on trading volume, whereas CoinGecko considers a multitude of factors, often seen as a more reliable method.
This year, we've been active at multiple conferences, notably the Global Blockchain Summit in Dubai. While our reps usually attend, my presence has helped boost our visibility within the crypto community. Our participation won't stop there; upcoming conferences in January and February are on the horizon, including the significant Token 2049 event in Dubai next April.
Fulfilling our promise, we've hit the mark with 100 cryptocurrencies and 150 crypto pairs on our platform. Planning ahead, we aim to double these figures rapidly next year, aligning with user convenience and market demand. So, we want to achieve the mark of 200 cryptocurrencies and 300 crypto pairs, possibly even exceeding these figures by summer.
We're also planning to integrate both regular and AI-based trading signals into our platform, in line with current market trends.
Future developments include the conversion of small balances into PXP after listing the PXP on our platform. This strategic move follows our tier one listing, ensuring an optimized process. Many awaited those developments and finally they are coming!
Moving on. We're getting ready to launch a campaign on our platform called the PointPay Token Booster, which is essentially similar to Kickstarter. This initiative, started by our team, allows users to pledge their PXP tokens before the official launch of projects. After the launch, participants will receive token distributions. We're working on a comprehensive guide to navigate this platform. The PointPay Token Booster is designed for existing projects looking for co-marketing and voting capabilities. Embedded within this is the integrated PXP token, the core of our platform. I've given an overview in our Telegram chat, but stay tuned for a more detailed breakdown. It is currently in development and we expect it to be completed by the end of the first quarter.
Last month, we announced the upcoming launch of the third version of the PXP token on the PointPay platform. Although it's technically the third iteration, for almost all users, it effectively remains the second version. The second version, from the ICO days, is what the majority are currently trading.
Since our platform's inception in 2018, the crypto market has been through numerous fluctuations - highs, lows, and the downfall of once-prominent companies like FTX, Beatrix, and Bit Global. These changes have urged us to adapt; we've revamped our platform, recalibrated our rankings, and realigned our objectives to match the evolving market.
Given our substantial tenure in the market, revitalizing interest in the PXP token becomes imperative. While new tokens often grab attention, older ones face challenges in maintaining excitement. Thus, our aim is to rejuvenate interest, engage users, and boost the trading activity of the PXP token on our platform.
The upcoming changes involve a substantial reduction in the PXP supply next year, though the precise ratio will be revealed in the first quarter. This reduction includes swapping a few version two PXP tokens for a one version three. The goal is to entice new traders and heighten the overall value of the PXP token.
We're also set to introduce more utility to the PXP token through the token booster platform next year. This move aims to integrate the PXP token comprehensively within the PointPay platform, driving value by facilitating trading and burning the token in platform transactions.
Moreover, PXP distribution is on the verge of a significant expansion. We're evaluating options like Avalanche, Polygon, or Optimism for our token stack due to their various advantages like lower gas fees and quicker transactions. To gather your input, we're launching a voting poll this Friday (in our Telegram channel) to decide which network to prefer for the PXP. Simultaneously, we will be initiating a pool where users can propose ways to enhance the PXP token's utility within our platform, offering a 10,000 PXP prize pool.
While we're leaning towards Avalanche or Optimism, your feedback matters. We're open to other network suggestions to enhance the global presence of the PXP.
We're planning significant changes for the PXP token. It's essential to use it within our platform and migrate from the outdated ERC-20 tokens to a more modern network, aiming for multi-chain support and increased utility.
The supply will shrink considerably, and the exact ratio for the swap will be revealed in the first quarter of next year. All of the things will occur at PointPay platform. If your tokens are already on PointPay, no need to worry. However, if they're on external wallets like Bitrue or Whitebit, transfer them back to PointPay for the swap.
Detailed guidelines, deadlines, and the exchange process will be disclosed next year. There'll be a simple form to confirm the token exchange, ensuring compliance with legal regulations. For tokens on PointPay, they're secure; for staked or in-account tokens, a pop-up window will guide you through the consent process.
This might be an opportune time to consider buying PXP. Our post-swap marketing campaign could propel the token's value, especially as it becomes fully integrated into our platform, offering versatile use cases.
After the swap, we're exploring listings on tier one exchanges. Positive discussions are ongoing, and increased marketing efforts could bolster the token's value. Keep an eye out for the soon-to-be-released Annual Report, detailing our plans.
I guess thats all for now. Let's move to the questions!
Diana (Host): Okay, so here we are, according to PointPay's plans for 2024. You're planning to develop AI functionality? What's the reason for choosing this particular direction?
Vladimir (CEO): Well, first, PointPay aims to become a tier one exchange, emphasizing our goal to be market leaders. We've made substantial progress in platform improvements and expanded our offerings. We're focusing on the upcoming token overhaul as well.
We identified the need for innovation within the crypto sphere. Currently, most top crypto exchanges only offer chat GPT support, which we find inadequate. Thus, we're working on AI-based trading signals by creating an engine that analyzes news from popular channels. This AI functionality will provide popup notifications and Telegram trading signals, a development we're actively pursuing. We believe AI holds enormous potential in the tech and FinTech industry, especially within blockchain.
Additionally, we're contemplating AI-based portfolio management, allowing users to select their risk preferences and desired tokens to create an ideal portfolio. However, due to legal considerations in managing assets, this initiative is still in the exploratory stage. Yet, we're well-versed in integrating AI into this concept, aiming to distinguish ourselves in the market. We envision AI trading signals and possibly AI portfolio management, provided legal issues are resolved, as exciting ventures to set us apart.
Diana (Host): In the tier one listing theme, is it already a confirmed fact? Can we be certain it will definitely happen?
Vladimir (CEO): It's not a confirmed fact yet. Achieving a tier one listing isn't as straightforward as a company merely stating they'll obtain it. The process involves extensive due diligence and meeting specific criteria, especially with reputable exchanges like Maxi, Bitrue, Okex, and others. We've held advanced talks with several exchanges and are at the advanced stages of negotiation with three.
However, securing such listings can be unpredictable. Even with agreements in principle, as happened in the past, arrangements can fall through abruptly. While we've had positive discussions and engaged partners, the final tier one listing depends on these companies. We're optimistic about our progress, having met with some partners, but finalization is contingent upon their decisions.
Diana (Host): If I don't do the token swap, will I lose all of my PXP tokens?
Vladimir (CEO): No, the process is straightforward. You won't lose any PXP tokens. Even if you haven't heard about the swap or not followed our updates for some time, you'll still have the opportunity to swap your tokens later. The process remains open to everyone.
If your tokens are on our platform, you simply need to consent to the swap. However, if your tokens are on other platforms, you'll need to transfer them back to PointPay for the swap. This won't incur any fees; it's automated within our system.
Consent is required as per legal advice, ensuring the process complies with regulations. We'll handle the exchange for you.
As we're reducing the overall supply, there'll be a ratio for exchanging the current PXP tokens for a reduced number of the new tokens. Both versions will coexist for a period, but eventually, the demand for the older version will diminish, leaving the newer version prevailing. The transition will be seamless, and the newer tokens will be pegged. Rest assured, you won't lose your tokens regardless of the swap process.
Diana (Host): Currently, trading competitions have rewards in USDT. Perhaps it's worth adding a reward in PXP as well, or giving the winner a choice between USDT or the equivalent in PXP?
Vladimir (CEO): That's more of an idea than a question, and it's a pretty good one. We did try offering rewards in PXP previously, but they weren't as popular.
When we offer USDT rewards, more users tend to join our platform. We promote these competitions on external networks, attracting individuals who might not be familiar with PXP but are interested in the reward. That's why we stick to USDT rewards – they have broader appeal within the community and entice external users, who are crucial for our platform's growth. While they might not have heard of PXP, the prize's value matters most to them.
Diana (Host): What is considered a small balance? I wouldn't want part of my assets to be forcibly converted into PXP.
Vladimir (CEO): There won't be any forcible conversion of PXP. Firstly, this conversion will only happen after we list PXP on our platform, not before.
Secondly, your consent is essential. Similar to how Binance allows you to convert small balances into BNB by clicking a button and confirming, our process works similarly. It's not a forced conversion. You'll have the choice to convert those small balances voluntarily into PXP by clicking a button and confirming. You have to consent to it; it won't happen automatically as that would be illegal. And in terms of what's considered 'incredibly small,' it's subjective.
Diana (Host): Doesn't PointPay earn enough to develop new features? Why collect money through Kickstarter?
Vladimir (CEO): Kickstarter isn't for PointPay's fundraising; it's for other companies to launch or market their products on PointPay. It's not about running another ICO version or anything like that. The concept involves projects being voted for using PXPs, and participants in these listings get airdrops. It's aimed at high-quality projects and introducing airdrop benefits to the PointPay platform.
Users vote on projects by staking coins and receive airdrops accordingly. It's about CO-marketing activities popular now. With our growing community of half a million users, leveraging the PointPay family's strength benefits other projects. Staking PXPs allows participation in airdrop events, expanding our community and involving people from other projects.
This initiative isn't for PointPay to raise development funds; we might get compensated in native tokens but mainly focus on CO-marketing, community growth, and involvement in airdrop activities for other projects.
Diana (Host): Why did you change the user levels?
Vladimir (CEO): I'm terribly sorry about the glitch that affected the user levels over the weekend. There was a temporary issue where it seemed like the levels changed drastically. For example, the zinc level appeared to shift from one PXP to 150,000 PXPs. However, this was a display problem, not an actual change in user levels.
The glitch was due to some adjustments we were making to our website's commissions. It looped the formula and caused miscalculations, but please rest assured that no one lost any money, and the levels reverted to their original settings on Monday.
After the PXP token swap, your user levels will remain consistent, just in the new tokens. The glitch affected the display, not the actual rewards or user statuses during trades or competitions. Everything functioned as usual despite the erroneous display.
Diana (Host): What is the probability of the PointPay token being launched on Binance?
Vladimir (CEO): Binance is indeed a highly popular tier one exchange, and many would be thrilled if PointPay were listed there. However, despite its popularity, Binance has faced regulatory issues and questions about its funds, including liquidity concerns in recent years.
At the moment, we are not considering Binance as one of the exchanges we're in discussions with. We're more inclined toward choosing a reliable exchange that has been established for a while. Nonetheless, if Binance were to present a favorable offer, we might reconsider.
Diana (Host): Will we be able to use the old PXP on the platform or only the new ones?
Vladimir (CEO): Only the new tokens will be utilized eventually. There will be a transition period outlined next year during which both old and new tokens might be used. However, the plan is to ultimately transition completely to the new tokens.
Diana (Host): Well, that was the last question. Thank you very much for your answers. And happy holidays, everyone.
Vladimir (CEO): Thank you, everyone, for being part of this AMA session.
It's been an exciting year for us, relaunching our platform and witnessing incredible growth. As a company, we're on an upward trajectory and the journey continues. In the coming year, expect the launch of our new token with reduced supply, seamlessly exchanged on the PointPay platform. For those holding PXP on PointPay currently, there's no need to worry—just a simple confirmation pop-up.
Looking forward, we aim to achieve tier one exchange status, adding numerous new tokens and coins to our platform, expanding cryptocurrency pairs extensively. We're committed to leading the market, and I'll guide us toward that goal.
Wishing everyone Merry Christmas and a fantastic New Year! 2024 is poised to be PointPay's year—we've laid the groundwork, resolved challenges, and our trajectory is only upwards. I'm thrilled and certain about the journey ahead. Thank you all, and enjoy the New Year celebrations!
🔥 Buy PXP tokens on Bitrue: https://bit.ly/3JEreHu
🔥 Buy PXP tokens on WhiteBIT: https://bit.ly/3qJrjRH
💰 Earn up to 7% yearly with PXP staking program in PointPay Bank: https://pointpay.io/staking
💡 Check PointPay Live-Roadmap (PointPay development in real-time): https://exchange.pointpay.io/roadmap
🏦 Remember, we are PointPay, and we are beyond banking!