Dear PointPay family,

PointPay CEO Vladimir Kardapoltsev participated in a traditional AMA session on November 30, 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 30th of November, 2023.

AMA Transcript

Vladimir (CEO): Welcome, PointPay family. It’s the end-of-the-month AMA session. We’ve got about a month left, it’s November 30th, the last Thursday of the month. As always, I’m here to answer your questions and recap the company’s month. Diana’s here too, collecting your questions from the chat. Say hello, Diana.

Diana (Host): Greetings, everyone. Let’s dive into the latest news and updates from Vlad.

Vladimir (CEO): Alright, we’ve got a bunch of announcements. November’s been quite eventful, especially in the industry. CZ left Binance due to a court ruling involving data collection and trading with banned countries. He’s staying on the board but stepped down as president and CEO. That’s the major news in crypto.

Moving on to company news, we added two stablecoins earlier this month: the Euro stablecoin (EURT) and the gold stablecoin (XAUT). They’ve been popular among our traders, so dive into these assets if you haven’t.

We caught the Halloween spirit with a trading competition offering a $300 prize. Many of you participated, and we had 33 winning positions. Our system wasn’t built for that many places, but we made it work. Despite a slight glitch, it was a hit. Thanks to all who joined.

We heard feedback on the small prize pool, so we’re upping it in the future. There was also a two-week trading competition for USDT with an $1800 prize pool. Then, for Black Friday, we went big, increasing the prize pool to $40,000. The top prize was $20,000, second was $15,000, and third was $5,000. It was our most popular event in over a year. We advertised it widely, and over 1000 participants joined, 80% of whom were new to our platform. It was a hit, even though we broke even on it.

Moving on. We held a meme competition that gained attraction among PointPay users. It required a specific action: creating a meme about PointPay or PXP and posting it on X with the hashtag #pointpaymeme. The prize was 10,000 PXPs, roughly $300. We had several participants, and the winner was luigipinolichihuahua. Thanks a lot for joining, luigipinolichihuahua!

During Black Friday week, we offered double staking percentages for new PXP deposits. If you deposited PXPs from an external address to the PointPay platform and staked them, you’d get double staking. Existing PXPs weren’t eligible.

Due to our system’s structure, we couldn’t double individual staking, so we’ll double the final amount upon distribution. We notified depositors about this process via email. It was part of our Black Friday activities alongside the meme and trading competitions.

On Cyber Monday, following Black Friday, we launched a trading competition with a $20,000 prize pool: $10,000 for the top spot, $7,000 for second, and $3,000 for third. The Black Friday competition was a hit, and this one just as good. Thanks for everyone who participate!

Within our platform, we’re about to share the most crucial news in PointPay’s history. Brace yourself because this ranks among our biggest announcements ever, right up there with completing the ICO and my assumption of the CEO role. This news is monumental for PXP holders, probably the most significant since our project’s inception.

PointPay is gearing up to launch a new version of the PXP token, one that will be supported by multiple blockchains. Many of you have voiced concerns about PXP’s sole support on Ethereum, citing high withdrawal and transaction costs. We previously discussed the PXP 20 blockchain, but that’s no longer necessary. Hopefully, by year-end or maybe in January, the new PXP token will be compatible with various blockchains. This announcement marks a pivotal moment for us.

The concept behind the PXP token was established in 2018, which feels like eons ago in the crypto industry’s timeline. Back then, Ethereum-based tokens like ERC-20 and BEP-20 were the standard. However, times have changed, and the technology has evolved. The current token structure, in my opinion, is no longer fit for purpose. We aim to align with current industry trends, aiming for PXP to become a global currency akin to BNB. Hence, the timing for this upgrade is crucial, especially before our marketing campaign begins. We want a flawless token and platform when we launch our marketing efforts.

While our platform functions seamlessly, the current token poses challenges. Introducing a new token supported by multiple networks aligns with the current industry standard. We can’t persist with an outdated token from the 2010s when we’re well into the 2020s. This evolution is necessary, especially as we expand PXP’s use cases within our platform, including commissions and the upcoming Kickstarter feature. Increasing use cases will drive platform growth and potentially increase PXP’s value.

Now is the opportune time to invest in PXP as we gear up to introduce the new token. The current stability around 0.8 cents may soon see an upsurge with the launch of the new token. This could be a significant opportunity for investment as we usher in exciting changes for the platform and marketing. That wraps up the news.

Let’s move on to your questions. Thank you.

Diana (Host): Alright, so here they are. All recent competitions have been conducted using USDT. Could you explain why?

Vladimir (CEO): Well, the choice of USDT for our recent competitions is primarily due to most tokens being paired with USDT. Our aim was to offer flexibility to our users.

Previously, we conducted competitions involving Bitcoin and Ethereum, but those were not as popular. After market research, we realized that USDT was the optimal choice. It allows trading of nearly 90–95% of tokens available as pairs with USDT. This versatility enables participants to trade any pair they desire on our platform, whether it’s Bitcoin to USDT, Ethereum to USDT, or any other token.

The shift to USDT broadens the market, allowing for the trading of various coins, including meme coins and older coins, providing users with more options. Hence, our decision was to facilitate trading in as many coins as possible, keeping options open, and that’s why we opted for USDT over any other token. That sums it up.

Diana (Host): Previously, PointPay used to hold trade-themed trading competitions to honor new assets on the platform. But now, that’s not happening. Should we expect these competitions to return?

Vladimir (CEO): Themed competitions? Absolutely. We’ve recently had the Halloween and Black Friday competitions, both incredibly popular. Currently, we’re running the Cyber Monday competition, and we’re planning a Christmas competition, possibly a New Year’s one too. Additionally, I might think of other themes, like a St. Nicholas Day competition in early December, for instance. The idea is to attract more users to the platform and make it more exciting. It’s not just about hosting a competition; it’s about adding excitement and making it easier to market. Themed competitions tend to generate more buzz and engagement.

We’re planning more themed competitions in the future. In January, it’s my birthday, so there might be a CEO’s birthday present competition, and perhaps a Valentine’s Day competition. Any occasion that can draw more users and is easier to market is on the table.

Furthermore, we’ve got a few listings in the pipeline. We’ve tied competitions to new token listings before as part of our ICO marketing campaign. This strategy effectively promotes new tokens, boosts their trade volume, and encourages more trades on the platform.

But! From our experience, competitions without a theme are harder to market. We’ve been running competitions almost every week, and the themed ones have been the most popular. We might have missed a Thanksgiving competition, but Black Friday seemed to resonate universally, unlike Thanksgiving, which is more American-centric. Expect a Christmas competition and possibly a New Year’s one. I might consult my holiday calendar to explore other themes; perhaps a Handbook Day competition, who knows? The aim is to create excitement, add a bit of fun, and make it easier to market. So, why not? That’s why we’re keen on themed competitions.

Diana (Host): If PointPay intends to significantly expand its range of cryptocurrencies, will you list them all at once?

Vladimir (CEO): We try to avoid that approach. As mentioned earlier, this month alone, we’ve listed around 10 currencies. Listing them individually or in pairs allows for better market targeting and trend observation. It’s easier to attract attention to new, trending coins by spacing out their listings. We plan to add more coins and tokens to our platform, aiming for around 100 pairs or more by year-end. Doing so individually or in pairs aids marketing efforts as it garners more attention compared to listing them collectively.

Additionally, listing coins individually or in pairs helps maintain liquidity and ranking on platforms like CoinGecko and CoinMarketCap. Having more obscure coins listed at once might decrease our liquidity score, which affects our ranking. Our aim is to maintain a liquidity score of four, indicating good liquidity on our platform. For example, our recent addition of new pairs impacted our liquidity score, causing a drop from top 20 to top 30.

We’re cautious about listing all new coins at once as it affects our liquidity, rankings, and market trust. This is why we prefer a gradual approach. It’s not just about liquidity and rankings; it’s also about market targeting and marketing ease. Major platforms have hundreds of pairs, but we aimed for a more limited number to maintain tier rankings. We’ll continue adding more pairs, aiming for at least 100 by year-end and potentially increasing that number significantly in the coming year. Our goal is to include a wide range of cryptocurrencies, ensuring coverage in Ethereum, USDT, and Bitcoin pairs across the board.

Diana (Host): Following Bittrex’s closure, PXP is now available only on two exchanges. Will there be new listings on non-Tier-1 exchanges just for more platform options?

Vladimir (CEO): Currently, our token is available on WhiteBit and BeTrue, both highly esteemed exchanges that have maintained significant popularity. While we almost secured a listing on HitBTC in the past, its standing in the rankings has considerably declined, and its future seems uncertain. Bittrex, where we initially aimed to list PXP, faced challenges and eventually closed. It was a good platform with innovative features like futures options and margin trading, but high overheads and legal costs led to its downfall.

Regarding our own listing journey, negotiations and compliance procedures took time. Despite fulfilling all requirements, the process was slow, and it eventually resulted in the platform shutting down. However, we anticipated this trend as it showed signs of decline earlier. We’re still standing strong in the market, learning from their mistakes, avoiding over-expansion, and ensuring sustainable growth.

Currently, PXP is on WhiteBit, BeTrue, and even available for trade on UniSwap. We’re looking at a Tier-1 listing very soon, possibly in the next couple of months or by the first half of the next year (Q1-Q2). We’re finalizing deals with exchanges for this listing, intending to introduce the new token version alongside it.

Recognizing the limitations of the current PXP token, we’ve embarked on developing a new version to enhance scalability and utility, aligning it with modern standards in the crypto space. Hence, the delay in further listings until the updated token is ready. Post its launch, we plan to list it on Tier-1 exchanges and later on the PointPay platform itself.

While contemplating an intermediary listing on Tier-2 exchanges, our primary focus remains on the Tier-1 listing, but decisions regarding intermediary steps are yet to be finalized. The market dynamics will guide our strategy in this regard.

Diana (Host): Margin trading was expected to appear on PointPay by the end of 2023, as announced back in spring or summer. Is this still in progress or have there been unforeseen complications?

Vladimir (CEO): The development phase is completed, the coding part is fully done. However, despite this progress, we’re hesitant to roll it out just yet. Our market research suggests that margin trading isn’t as popular as it once was. While some users engage in it on larger platforms, it’s not a top priority for us currently.

Although the coding work is finished, we’re now focused on assessing the risks involved. The crypto market’s continuous volatility poses financial risks not only for users but for the platform itself. So, while the development is done, we anticipate releasing it probably sometime next year. It’s not our primary focus right now as we believe the platform needs to grow and garner more users before margin trading becomes a viable feature.

For margin trading to function optimally, we need a substantial user base. Therefore, our current approach involves careful risk assessment and preparing the groundwork for its eventual release. Initially hoping to activate it by year-end, given the present volatile state of the crypto market, we’re considering a release sometime in the following year. Our focus for now is on preparatory work and risk assessment for this feature.

Diana (Host): What is PointPay’s current development goal? We have a great platform, but there don’t seem to be any major changes.

Vladimir (CEO): I’d have to disagree there. We completely reworked the entire platform last year from scratch — rewriting the exchange, banking, payment systems, and the wallet. That’s a substantial achievement. Also, we’re gearing up for margin trading, expected to be introduced next year, depending on market conditions.

Moreover, we’re rolling out the Kickstarter project on our platform. Listings are huge revenue generators for exchanges, so that’s a key focus. Our main goals are finalizing margin trading, developing a new token, introducing Kickstarter, enhancing our app’s features, hosting more trading competitions, and potentially expanding staking on the platform.

Additionally, we aim to create more use cases for our native token (PXP) within the platform, along with enhancing onboarding procedures and beefing up security measures, although our platform is already highly secure.

We’ll release a detailed development plan for the upcoming year next month. Our primary focus now is the B2B sector, onboarding institutional clients regularly, leveraging our API for trading and liquidity, resulting in a steady income stream. We’re also selling listings on our exchange and might explore secondary listings or even IPOs next year. As for the current year, we might not pursue more IPOs. There’s a level of mystery around secondary listings — some are announced, some aren’t, but they contribute to our plans.

Our sights are set on becoming a tier one exchange, aiming to lead the market and possibly outshine giants like Binance. There’s a strong chance of PointPay ascending to a tier one status next year, and I’m fully dedicated to making that happen. That sums up our development plans for the upcoming year.

Diana (Host): Most of PointPay’s activities are either aimed at token holders or confident traders. Is there a chance to do something for enthusiasts on a regular basis?

Vladimir (CEO): I believe I recall this question, possibly from Michael in one of our chats. Among our frequent activities are trading competitions, staking promotions — currently, we have at least one ongoing. We plan to introduce more staking opportunities and voting features on our Kickstarter platform, where PXP holders can vote for projects using their tokens. These initiatives are designed for PXP holders.

Having a substantial amount of PXPs on the platform offers perks like reduced trading fees. This advantage allows participation in competitions at lower costs compared to those without PXPs, enhancing trading opportunities and potentially earning prizes. Additionally, PXPs can be used to pay commissions, offering flexibility and benefits within the platform.

PointPay naturally caters to cryptocurrency holders, investors, and traders, with an overlap between the two groups. Using the PXP token on our platform is crucial for its utility. Similar to Binance’s success with BNB, active usage of the PXP token within our platform is fundamental to its value and purpose.

Next year, we plan to introduce a feature converting small balances into PXPs on our platform, further encouraging PXP usage. Holding and utilizing PXPs on the platform not only reduces fees but also offers advantages in staking rates and trading fees. So, hold and use PXPs to maximize benefits. Any more questions?

Diana (Host): Yes, of course, regarding the previous listing question. How are things progressing on this matter at the moment?

Vladimir (CEO): We’re actively working in that direction, preparing all accompanying events and processes. Presently, our aim is to launch a new version of the token. This update will significantly expand our ecosystem and enhance the number of use cases within the PointPay system.

Diana (Host): Are there plans to add the option to buy cryptocurrency through Apple Pay? The current providers aren’t as popular, and there’s a desire for something more significant and reliable.

Vladimir (CEO): Currently, we don’t have such plans. Several conventional platforms and banks, like Revolut, are exploring Apple Pay and establishing their own exchanges. Implementing this option might be challenging, not so much technically, but more from a legal standpoint, particularly concerning American regulations. We’ll observe how the market evolves and whether crypto and Apple align their paths. If this method gains popularity, we’ll certainly consider it.

However, presently, there are various alternative ways to purchase PXP. Mercurio and several other payment providers on our platform facilitate PXP purchases. While some of these providers might support Apple Pay, I don’t have the specifics offhand. But you can acquire PXP through exchanges like WhiteBit and BeTrue, both of which collaborate with multiple payment providers. PayPal, for instance, is supported on these platforms, offering various avenues to acquire PXP, including bank transfers. So, while it’s not currently integrated, exploring Apple Pay as a potential option isn’t off the table.

Diana (Host): What is currently happening within the marketing campaign? It’s not very open, and therefore it’s hard to know if there are any successes.

Vladimir (CEO): Our marketing endeavors are going quite well. We’re steadily welcoming more users to our platform, averaging hundreds of new registrations each week. Currently, we’re engaged in targeted marketing, reaching existing crypto holders through platforms like Facebook, Twitter, and even Instagram via targeted ads. Additionally, we recently collaborated with influencers on Twitter, boasting over a million genuine followers, as well as conducting email campaigns which have surprisingly driven a considerable amount of traffic to our platform. Boosting website traffic and hosting trading competitions have also been pivotal. The last competition witnessed over 1,000 participants, breaking even in terms of expenses but effectively bringing in new depositors and traders. Genuine users who actively trade after completing KYC procedures are our primary focus, and our recent competitions attracted quite a few of these valuable users.

As we approach the new version of the PXP token and our tier one listing, we plan to escalate our marketing initiatives further. Our social networks are expanding daily as more people join our platform, and we’re committed to sustaining this growth trajectory. The introduction of regular trading competitions has proven popular, and we intend to continue this trend, possibly incorporating Christmas-related activities. Exploring partnerships with YouTube influencers is also on our radar.

Our approach primarily revolves around targeted marketing on licensed platforms like Facebook, Twitter, and where permitted, Instagram, as well as through email campaigns. While we haven’t resorted to unconventional methods like advertising on buses, our focus remains on effective strategies that yield genuine user engagement. There’s still a multitude of avenues to explore before considering such unconventional methods. Our aim is to sustain the momentum we’ve built this year and continue attracting real users to our platform.

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

Vladimir (CEO): Well, thank you very much for the assistance, Diana.

We’re firmly on track for a tier one listing and establishing ourselves as a top-tier exchange. To recap, we’ll be introducing a new version of the PXP token that will operate across multiple networks, which is a significant development. Our next AMA session will occur towards the year-end, summarizing our accomplishments. Additionally, we’ll release an end-of-year report detailing our progress, including the launch of a new platform, the introduction of a new token, hosting numerous trading competitions, and notably, doubling our platform users from 250 to half a million. This report will encompass all these achievements.

Our focus is on the new PXP token supported by multiple networks, leading us toward success in the crypto space, aiming for the stars and beyond. Now’s the prime opportunity to invest in the PXP token. That concludes my remarks. Thank you, everyone. I’ll see you towards the year-end for a comprehensive overview of our achievements.

Thank you all and have a fantastic day, along with a wonderful weekend. Goodbye!

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