Dear PointPay family,
PointPay CEO Vladimir Kardapoltsev participated in a traditional AMA session on February 29, 2024. He shared the latest news about PointPay, made several announcements, and talked about upcoming events such as Token Swap and Token Booster!
Below is a summary of the AMA held on the 29th of February, 2024.
AMA Transcript
Vladimir (CEO): Greetings, PointPay family! Welcome back to our AMA session. I'm joined by Diana, who has diligently compiled all the questions.
Diana (Host): Hello, everyone. Let's get started and listen to the latest news and announcements from Vlad.
Vladimir (CEO): Thank you all for being here. Today, we'll delve into the exciting news and events that have unfolded recently.
Firstly, our platform hosted several trading competitions, starting with the Super Bowl competition, a significant media event. Following that, we had the Lunar New Year trading competition, with five winners sharing a prize pool of $25,000 as a previous one, totaling $50,000 for both events.
On February 14, a special 24-hour Valentine's Day trading competition took place, awarding a single winner the entire $13,000 prize pool. It garnered impressive participation, thanks to promotions on Twitter and other platforms.
Looking ahead, we've organized a Bitcoin halving Competition. It’s a two-month-long trading competition running until April 20, offering a total prize pool of $100,000, with the top prize being $60,000. The response has been overwhelming, with widespread promotion and numerous participants.
These marketing activities significantly boost demand for PXP, generate substantial traffic, and contribute to increased commissions. Our aim is to be a leading trading platform, and these competitions are proving to be an effective way to engage the community and attract users. We appreciate the thousands of new members joining us; it's a testament to the success of our efforts.
Let's discuss the introduction and listing of new pairs and coins on our platform—a proven strategy for attracting new users. Projects generating hype, such as meme coins, draw significant interest upon listing, enhancing our user base. Notably, paid listings contribute substantial revenue, with tokens paying several tens of thousands for the privilege.
Presently, our platform offers 105 assets and 164 trading pairs, a notable increase from the 100 assets and 150 pairs before the new year. We aim to maintain a round number for user recall. Expanding our offering is crucial for attracting diverse clientele, solidifying our position among the top 30 platforms.
We approach coin listings thoughtfully, prioritizing liquidity, community engagement, and cost-effectiveness. Maintaining numerous coins incurs expenses, so we choose coins strategically. Our goal is to reach around 200 individual coin listings and approximately 300 trading pairs by year-end, emphasizing fair and active trading.
Our current focus is on the upcoming version of the PXP utility token conversions. Simultaneously, we concentrate on listings, including paid ones, and the development of the token booster platform, detailed in the previous AMA session.
Let's proceed to the announcements regarding new trading pairs. We've recently added trading pairs for Ada (Cardano), Avax, Link, and Matic, all paired with USDC. USDC has now become the second primary stablecoin on PointPay, alongside USDT. The popularity of USDC is on the rise, necessitating the listing of several assets on it.
In addition to the trading pairs, we've introduced new cryptocurrencies: STG, JUP, DODO, BAND, and JASMY. These assets are currently traded with USDT and available across all sections of our platform, including trading, buying, selling, and transfers. For detailed information on these assets, we've published a dedicated articles on our blog (blog.pointpay.io).
Furthermore, stay tuned as we plan to list six additional tokens in the coming weeks, starting today. Keep an eye on our website for updates; this is crucial for attracting new members to our platform. Some of these listings are commercial, and others are community-driven, contributing to the overall development of our platform.
Let's discuss recent changes on our website. We've undertaken a complete redesign of the landing page, incorporating badges and highlighting our bug bounty program on Hack Improve. Our ratings on CoinMarketCap and CoinGecko, as well as security ratings from Certik, are now prominently displayed. The main page underwent an overhaul, featuring added buttons for applying for listings.
The redesigned landing page now emphasizes our focus on selling listings, supporting revenue generation and server expenses. Notable changes include renamed sections, such as Crypto Bank now labeled as Vault and Interest Account renamed as Capital Account. These adjustments align with regulatory compliance and industry trends.
Additionally, we've introduced an Activities section, consolidating various opportunities like trading competitions and news. An Upcoming Listing section provides a countdown for assets scheduled for listing. These enhancements contribute to a more user-friendly and informative website.
I encourage you to explore the updated landing page for a comprehensive overview of these changes.
In addition, we are updating our main logo for a refreshed appearance. The new logo maintains the essence of the old design with a subtle change. The 'P' now features a small dot and departs from resembling a currency, adopting a more distinct look akin to an exclamation mark. This change aligns with the upcoming PXP token swap.
The new logo will be associated with the new token, while the old logo will continue to represent the existing token. Visually, the old logo, resembling a currency, will be replaced by the new design, which features a darker shade and a refined 'P'. We look forward to showcasing the updated banner in the next AMA session, as the current one has served for three years and is due for a refresh.
Moving forward, let's address the upcoming token swap. To ensure everyone is on the same page, a brief recap is in order. By the end of Q1, a token swap is scheduled to upgrade the PXP utility token to a newer version. If your utility tokens are stored externally, transfer them back to PointPay, as the swap will occur on our platform. A dedicated tab labeled "Token Swap" will appear on our website, providing details and an interface for consent. Your approval is essential, given regulatory compliance.
The token swap will unfold over a defined period, aiming to encompass the majority of active users on the platform. After this period, manual swaps will be handled on a case-by-case basis through our support. While the exchange process is free, your agreement via the website is mandatory. Completing your KYC in advance will expedite the process.
Why are we initiating this token swap? Since our establishment in 2018, the crypto landscape has evolved significantly. The ERC-20 technology, while revolutionary, has become outdated and costly. The token swap aims to lower commissions, offer new features, and transition to a more efficient system. The reduction in total supply will make the token more appealing and user-friendly.
Additionally, we are excited to announce multi-chain support for PXP, with Avalanche being the selected network. This transition offers enhanced scalability, faster transactions, and increased accessibility to decentralized applications (DApps). Avalanche's support for multiple chains aligns with our goal to create a diverse and robust ecosystem within the PointPay network.
Furthermore, the token swap will be at a rate of approximately 8.2 old tokens for one new token. Adjustments will be made across the platform, including user levels and discounts, to reflect this change. The reduction in zeros after and before will result in more attractive and familiar prices, improving user experience.
As a significant enhancement, multi-chain support means PXP can be operated not only on the Ethereum blockchain but on various others. We have chosen Avalanche for its popularity, reduced fees, and integration capabilities with DApps. This change positions us for the future, enabling PXP's integration into every aspect of our platform.
Moreover, after the Token Swap, we will be doing the listing of PXP on Tier-1 as a marketing campaign kickoff. This will attract more users and bring PointPay closer to becoming Tier-1 itself.
In summary, the upcoming changes, including a refreshed logo, will contribute to the growth and development of PointPay. After the implementation of these changes, we anticipate increased popularity and the attraction of new users to our platform. Keep an eye out for our detailed article in the coming weeks, providing comprehensive information on the token swap. The dedicated tab on our website will facilitate a smooth exchange process. We are almost 95% ready for these transformative developments.
To recap, the token swap will occur on our platform, and the timeline will be announced in the next few weeks. The new network will be Avalanche, and the swap rate is approximately 8.2. If your PXP tokens are on external wallets, transfer them back to PointPay, and complete KYC to expedite the process.
In addition to the token swap, we are actively engaging in new listings and trading competitions. Currently, there is a $100,000 cumulative prize trading competition, featuring a top prize of $60,000, all in honor of upcoming Bitcoin Halving. Stay tuned for potential competitions before April.
Furthermore, we have plans to participate in several conferences in March and April. Personally, I'll be attending the Token 2049 conference in Dubai during the Bitcoin halving. If you're at the conference, feel free to come and say hello.
Let's move on to the questions.Here you go, Diana.
Diana (Host): Okay, here we go with the first question. I would like to know whether the compromise of not selling team tokens until price reaches 0.5 is to be updated to 4.14?
Vladimir (CEO): Certainly. What can I say?
The ongoing token swap is a pivotal update aimed at aligning our token with modern cryptocurrency standards. This process not only marks a crucial step in our full-scale marketing campaign but also introduces a new token with enhanced functionality and a favorable price. Our commitment to transparency is unwavering, and we intend to preserve the value of the token.
Regarding tokenomics, there will be a slight adjustment with the introduction of the new token. The team has no plans to sell any tokens; they remain in a secure vault and have not been vested. We are dedicated to the long-term success of the platform and have not distributed team tokens. The new tokenomics will be shared in a forthcoming document within the next couple of weeks, reflecting improvements for the community.
In essence, the team's commitment is focused on the platform's success, and the upcoming changes are designed to enhance the token's attractiveness and utility within our growing ecosystem. Stay tuned for the detailed document outlining the updated tokenomics in the coming weeks.
Diana (Host): What do you expect for PointPay in one year? Don't you think you have to invest in marketing? Nobody knows who PointPay is!
Vladimir (CEO): Our presence at conferences is gaining recognition, and the ongoing marketing campaign is strategically focused on attracting users to our platform through superior quality, favorable fees, and improved spreads. The current phase of the marketing campaign includes Twitter and Facebook ads, influencer marketing, traffic marketing, SEO efforts, and email campaigns, which have proven successful in attracting a substantial number of daily registrations.
As part of our future strategy, we plan to list on a top exchange after the token swap, which will align with a more extensive marketing push. We recognize the importance of targeting specific segments of the market at different stages of our growth. Currently, our emphasis is on motivated crypto traders, and as we expand, we will target wider audiences, considering factors like customer acquisition cost.
Comparing our approach to established platforms like Binance or Crypto.com might not be apt, as their strategies are influenced by having captured a substantial portion of the market. Our current customer acquisition costs are relatively low, primarily due to attracting individuals already familiar with crypto. While we acknowledge that our trajectory may differ from industry giants, we are content with our organic growth and customer retention rates.
Our focus is on sustainable and organic growth, ensuring a positive user experience and loyalty within the crypto community. In the future, as we continue to grow, we will strategically venture into wider markets to expand our user base. Our goal is to compete at a higher level in the crypto space, but we recognize the importance of measured and steady growth to build a loyal user base.
Diana (Host): Why not use the funds from competitions for marketing or something else?
Vladimir (CEO): Competitions serve as an effective marketing tool, drawing attention through platforms like Twitter and Telegram. Contrary to mere giveaways, our competitions are strategic, ensuring we break even and generate profits. Commissions are earned from trades, deposits, and withdrawals, contributing to our overall financial success. The competitions also impact our ranking on sites like Coinmarketcap and CoinGecko, enhancing our visibility.
The allure of significant prizes in competitions reduces customer acquisition costs, making it a cost-effective marketing strategy. Rather than a financial drain, these competitions yield positive returns, attracting not only attention but active participation on our platform. As we plan a token swap, we intend to elevate these efforts with a PXP trading competition and increased stakings as part of our promotional strategy.
In summary, our approach to competitions is financially sound, contributing to customer acquisition, trading volumes, and market visibility. These initiatives align seamlessly with our upcoming marketing campaign and demonstrate a strategic investment in platform growth.
Diana (Host): Within the upcoming marketing campaign, what selling points does PointPay emphasize? How do you plan to attract new users?
Vladimir (CEO): Certainly, attracting new users is a key focus for us. Our strategy involves full integration of PXP on our platform, expanding its use cases. Marketing efforts, as mentioned earlier, play a crucial role in this initiative. For further details, please refer to the previous response. We're on track and progressing well.
Diana (Host): Okay, let's move on. Is PointPay on Binance a possibility?
Vladimir (CEO): Binance is a potential competitor, and we're not currently in talks with them. Regulatory conflicts and the high listing cost, likely in millions, make it economically unviable at this stage. Our focus is on platform development, marketing, and user acquisition. Binance's legal troubles and our assessment of their current influence suggest other platforms dominate the market. While a future listing isn't ruled out, it would depend on substantial growth, potential free listing, and when the PXP token becomes a top cryptocurrency.
Diana (Host): PointPay has slipped in the CoinGecko rankings recently. What is the reason for this?
Vladimir (CEO): There was a brief shift in rankings on CoinGecko, with several platforms, including Mexc, experiencing a drop. We also slipped temporarily but have since returned to our previous position around number 34 or 35. This issue seemed to be on their end, and we didn't make any changes. We are actively working to enhance our ratings on both CoinGecko and CoinMarketCap as part of our ongoing efforts. The situation has been resolved, and we are back to our expected position.
Diana (Host): Why the complications with forms and their completion? Can't we just exchange all PXP tokens at once for everyone?
Vladimir (CEO): No, automatic exchange of all tokens is not possible. Compliance is a top priority for us as a regulated exchange. A legal opinion dictates that users must actively consent to the token exchange, and KYC data collection is mandatory. We adhere strictly to these legal requirements. The process will be free for tokens on the PXP platform, and if you've completed KYC, it will be free for you. Simply pass KYC and consent to the PXP token swap by clicking a few buttons. This procedure ensures regulatory compliance and security. If you've already completed KYC, the swap will be instant, allowing you to manage the new tokens in your balance freely.
Diana (Host): Don't you think PXP coin sounds better than PXP token? Is it possible that PointPay will transition to its own blockchain, either fully or as one of the alternatives?
Vladimir (CEO): Semantics aside, whether it's called PXP coin or PointPay coin doesn't impact its fundamental nature. The distinction between "coin" and "token" often relates to utility versus cryptocurrency. As for transitioning to our own blockchain, it's a possibility, but currently, with our move to Avalanche, there's no immediate need. Maintaining a blockchain is expensive, and Avalanche provides cost-effective transfers. While it may be considered in the future if demand arises and we become a significant cryptocurrency exchange, the current low transaction fees and the requirement for a substantial user base make it impractical at this time.
Diana (Host): Well, I think you've already answered this one, but however, Ethereum's blockchain lacks support for multi blockchain. Does this mean that Coinpay will move its token to another blockchain? For example, Polkadot Cosmos? Avalanche?
Vladimir (CEO): Indeed, someone asked about this before my announcement I guess. We've chosen to transition to Avalanche. This decision stems from its support for multiple blockchains and cost-effectiveness. Avalanche aligns with our goals for the token, making it a suitable choice.
Diana (Host): Quick question. How did point pay become point pay? Where did this name come from?
Vladimir (CEO): The name "PointPay" is derived from the concept of "point to pay," reflecting our initial positioning as a crypto bank. While we have evolved to offer more exchange services with some banking capabilities, the name originated in 2018 with the idea of providing a centralized platform for all crypto services under one umbrella—PointPay. This aligns with our motto: "All crypto services in one place, PointPay at one point." The name captures the essence of our comprehensive services, and I find it quite appealing.
Diana (Host): All right, well, and that was the last question.
Vladimir (CEO): Thank you, Diana, for your assistance. Let me recap some of today’s topics before we round up.
I acknowledge the ongoing Bitcoin halving competition with a prize pool of $100,000. Participants have the chance to win $60,000 for the 1st place, and the competition runs until mid-April (April 20th).
Additionally, a token swap is in the pipeline, and comprehensive details will be shared in a separate document and on our website within the next few weeks. I appreciate your understanding, and I regret any inconvenience caused by the extended duration.
Thank you all for joining me today. Wishing you a fantastic week and weekend. Today is unique as it marks the leap year, and it's unlikely we'll have an AMA session on February 29 again. Let's look forward to a fortunate year ahead. We have exciting plans, including token listings, the PXP token swap, a listing on a top exchange, and extensive marketing campaigns.
Stay connected with us for updates. Once again, thank you for your participation, and have a wonderful day. Goodbye.
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