Transcript of AMA with CEO of PointPay – Vladimir Kardapoltsev, April 25th 2024

Dear PointPay family,

PointPay CEO Vladimir Kardapoltsev participated in a traditional AMA session on April 25th, 2024. He shared the latest news about PointPay, made several announcements, and discussed a lot of events within platform!

Below is a summary of the AMA held on the 25th of April, 2024.

AMA Transcript

Vladimir (CEO): Hello, PointPay family. Welcome back to our traditional end of the month AMA session. This is the end of April and here with me is Diana. Hello, Diana. 

Diana (Host):  Hello, everyone. Let's get started and hear the latest news and announcements from Vlad. 

Vladimir (CEO): All right, brilliant. So yes, the last month was incredibly eventful. We were super busy with all of the biz dev, with all of the kind of the development that we were doing, all of the events that we've attended. So let's recap all of the great things that we've managed to do. Yes, so let's do that. 

Yesterday, we achieved a major milestone as PointPay was listed on the MEXC platform. Over a 24-hour period, we successfully finalized the listing process. As of this evening, PXP is now tradable on MEXC, alongside WhiteBit, BiTrue, and our own PointPay exchange.

This listing fulfills our commitment to securing a tier one exchange, positioning us among the top-ranked platforms globally. While MEXC currently ranks at number eleven across Coinmarketcap and Coingecko, it's essential to note that MEXC qualifies as a tier one exchange when excluding US-only platforms like Coinbase and Binance US.

MEXC boasts a robust community and hosts some of the most significant projects in the market, making it a respected exchange. We're thrilled to embark on this journey with them and appreciate the support shown during our Kickstarter campaign.

Looking ahead, we're exploring additional listings for PXP on tier one exchanges, further enhancing our market presence. With PXP now available on four exchanges, including MEXC as a tier one platform, we've fulfilled our commitments to the community.

This achievement marks an exciting moment for PointPay, and we're grateful to everyone who has joined us on this journey. As we conclude the token swap campaign, we're eager to explore new opportunities and continue our growth trajectory.

As mentioned earlier, the token swap is nearly complete, with 98% of active users already swapped. On May 2nd, we'll conclude the active swap campaign. After this date, the swap page will be removed, and swaps will be handled on a case-by-case basis. If you missed the deadline, don't fret; simply reach out to support for manual assistance.

Throughout the two-month campaign, we successfully swapped 95% of participants, achieving an impressive outcome. BiTrue and WhiteBit facilitated automatic swaps, albeit with a slight delay on WhiteBit's end. If you still need to swap, please do so before May 2nd to avoid complications.

To streamline operations, we'll transition to handling swaps individually after May 2nd. While I've aimed to be more present in our chats to address queries, it's essential to note that the swap was announced in December. We've made significant progress since then, and it's time to shift our focus.

Swaps will remain available via support, ensuring accessibility for all users!

This month, we've made further adjustments to facilitate the swap process by lowering the minimum deposit threshold for oldPXP on PointPay to 800 old PXPs, approximately $10. Previously, the minimum was 1700 PXPs, around $20. We hope this reduction will enable more users to complete their swaps.

We've encountered cases where users withdrew their PXPs to their wallets but couldn't deposit them back due to small amounts. For instance, one user had 15 old PXPs in their trust wallet, preventing them from swapping or buying more. To address such situations, we've lowered the threshold.

Though the number of affected users was small, we strive to accommodate everyone's needs. It's all about ensuring a smooth experience for our valued users.

Moving on, we updated our user levels in early April, a significant task as our platform centers around PXP. User levels determine commission discounts based on the amount of PXP held. Transitioning from old to new PXPs took about two to three weeks once 50% of users swapped tokens.

Previously, we had nine or ten user levels, but to streamline and simplify, we reduced them to five, aligning with major platforms like Bybit and Binance. We adjusted PXP holding thresholds and discounts accordingly.

The transition was challenging due to the old system's complexity, tied to PXP value and holdings. We set a 50% threshold for the transition, which we've long surpassed. Simplifying user levels makes them easier to understand and manage, benefiting our community.

One of the top questions in the chat was about the old PXPs. Some users noticed their value showing as zero in the app. This occurred because PXP wasn't traded on any exchange initially. If you hadn't swapped your old PXPs, their value appeared as zero in the app. We then listed PXP on our platform, but this only updated the value of the new PXP.

This issue shouldn't affect 95% of users who completed the swap. However, we still receive inquiries from users who missed the swap announcement. Despite our efforts to notify users through email campaigns and press releases, some remain unaware. If you haven't kept up with company updates, it's easy to be surprised by changes.

For those who missed the swap, they can still contact customer support for manual assistance even after May 2nd, when the token swap concludes.

I’d like to step aside a little. We've encountered some interesting situations lately. For instance, a user claimed to have $40,000 worth of PXP on BitGlobal, a platform that went bankrupt last December. Despite our warnings to withdraw funds from BitGlobal, some users didn't heed the advice.

Similarly, another user tried to transfer PXP to their Binance wallet, which doesn't support PXP. These incidents highlight the importance of staying informed about exchanges and assets.

Dealing with such cases is part of our daily routine. While it can be frustrating, we're here to assist users to the best of our ability. Despite these challenges, we've successfully completed swaps for 95% of users. If you encounter confused users in our chats, rest assured, we're here to help them out.

Let’s get back to the point. The token swap will end on May 2nd, but you can still request it manually on our exchange afterward. We've updated PXP's price on CoinMarketCap and CoinGecko, although one of them may still display the wrong emission, which we're working to correct.

It's essential to do thorough research. CoinMarketCap and CoinGecko may not always provide accurate information, as they rely on data from various sources. Additionally, CoinMarketCap charges for listings and rankings, affecting their reliability. Instead, consider using alternative ranking websites with better methodologies and more frequent updates.

During the transition period, some information, including our PXP board on the website, may have been inaccurate due to reliance on CoinMarketCap APIs. However, we've now updated all data to ensure accuracy. You should now see the correct PXP price and market data. Additionally, Coingecko has updated its design for improved usability.

The recent redesign of Coingecko removed the token ranking feature, which is frustrating. Coinmarketcap had a similar issue but later restored the functionality. I used to check the PointPay exchange rating and PXP ranking on both platforms daily, but now it's not available.

Despite this, the price of PXP has increased significantly. It was previously at $0.01, and although it dipped, some managed to buy at a lower price, which is great. My advice is to consider buying when the price dips, as it's likely to rise again. With upcoming developments on our platform, PXP's value is expected to increase further.

Moving on! Let's discuss the updates I announced in the last AMA session. I mentioned the development of the PointPay blockchain, which is nearly complete. Two weeks ago, we launched our testnet, allowing you to test transactions and even build applications in a sandbox environment.

This progress might surprise you, as it came sooner than expected. But! We've been working on it for over six months, and now it's ready for release. While I had hoped to showcase it during this AMA session, the unexpected MEXC listing shifted our plans. Nevertheless, the testnet is live, and you can explore it now.

This development is fantastic for PointPay because it expands our ecosystem. Now, you can use PXP to pay for transactions on the PointPay blockchain, offering a valuable use case beyond our platform. PXP can reduce commissions and fees, be used in applications, and facilitate token exchanges.

I've been adamant about this because it's a remarkable use case for PXP. When Binance introduced their Binance Chain, their token surged in value, and I believe we can achieve similar success. Previously, creating a blockchain was costly, but with advancing technology, it's more accessible now.

Our testnet is live, providing a fully functional blockchain experience. As for the mainnet, we're still deciding on the timing—maybe by the end of the summer or year. I encourage developers to explore and build on it. It operates similarly to Ethereum, being layer one and EVM compatible. This is where the future of PointPay and the PXP ecosystem lies.

We've gone above and beyond to elevate our project beyond just being another exchange. We've developed a comprehensive ecosystem with our own blockchain, setting us apart from the majority of exchanges. The value of PXP is now closely tied to the platform and our blockchain. This was a dream even three years ago, when development costs were too high. But now, technology has advanced, making it possible for us to achieve this milestone.

So, at this point we've covered all the major updates about PXP and the platform. But there are a few more news overall.

In April, we had a special promotion: zero withdrawal fees for PXP on PointPay. This means you can withdraw your pxps from the platform for free. We know many users were frustrated with fees, especially during the swap. So, during this period, we also reduced the minimum deposit fees. However, remember there's still a minimum deposit requirement on PointPay. So, if you withdraw, ensure it's a substantial amount that covers the minimum for re-deposit. We're not suggesting large withdrawals, just ensuring you're aware of the deposit requirements.

Moving on! Last week, I attended the Token 2049 conference in Dubai. I shared updates on Instagram through vlog stories about my experience. The journey was quite eventful. My flight got diverted from Dubai to Abu Dhabi due to heavy flooding. When traveling from Abu Dhabi to Dubai, we encountered numerous challenges, including navigating through flooded streets and witnessing accidents. Upon reaching the hotel, the taxi couldn't find parking, so I ended up walking through flooded areas with my suitcase to reach the hotel. Despite the obstacles, I made it safely. While some worried about potential risks like ringworm, thankfully, everything turned out fine. It was quite an adventure, and even my team members had similar experiences.

During the conference, four team members, including Igor, encountered challenges reaching the hotel in al Bashara, one of Dubai's low-lying areas. Igor, who typically represents us at such events, arrived early but couldn't leave the hotel due to non-functional taxis and flooded streets. With events canceled and supplies scarce, he found himself stranded and hungry for a couple of days. Thankfully, I wasn't in that situation myself.

The following day, we faced difficulties finding a taxi, but eventually, we secured a ride in a sturdy GMC vehicle, which handled the flooded streets effortlessly. Despite water splashing against the windows, we made it to the conference venue. Unfortunately, many of my scheduled meetings on Thursday were canceled due to attendees' travel issues. However, I had fruitful discussions with various exchanges, including MEXC, and finalized several listing agreements and partnerships for PointPay Exchange. Expect announcements regarding these developments by mid-May or the end of spring. Overall, it was a productive experience.

On Friday, we arrived safely without any issues. It was quite interesting to see llamas and even a camel at the event. About 50% of my scheduled meetings took place that day, including some with key decision-makers I was eager to connect with. Additionally, I attended a couple of side events, one at the Palm and another at Marina. Overall, it was a positive experience. We were fortunate to have booked our tickets early, as they were later being resold at much higher prices, reaching up to $7000, which I found quite astonishing.

There were some notable speakers at the event, including Pavel Durov, the founder of Telegram, discussing the Ton project. His speech was a bit controversial, as he mentioned Telegram's openness to both scammers and legitimate businesses, which didn't sit well with everyone. Interestingly, around the time of his speech, there was a noticeable drop in the token price. Despite this, the conference was engaging, with discussions and networking opportunities with exchanges, listing partners, and media companies. In my experience of attending conferences for over five years, this was the largest crypto conference I've seen. Looking ahead, I'm considering attending the one in Singapore in late September, which I hope will be possible.

Recently, I released a video compiling clips from the conference I attended. You can find it on our YouTube channel. It includes reflections on the event that I didn't share on Instagram. Additionally, two weeks ago, I published a CEO diary podcast episode with Igor, who accompanied me at the conference. We discussed crypto and life for about 35 to 40 minutes. The episode received around 10,000 views, which is promising. If you enjoy this format, we might continue with different guests. I'm aiming for two to four episodes a month. I met many interesting people at the conference, and I'll try to invite some of them to discuss their companies or projects. Stay tuned on our YouTube channel, and I'll also look into uploading the podcast on popular podcast platforms for future episodes. Let's keep moving forward!

Let's dive into the latest cryptocurrencies and trading pairs. This month, we focused more on internal company developments, but we still added some exciting assets to our platform. We introduced Acro (Acropolis) and Ach (Alchemy Pay) coins. These additions offer great diversification opportunities for your portfolio and are traded with USDC and USDT. If you're interested, check them out! Additionally, we continue to expand our trading pairs. We've recently added UNI, Atom, BCH, NEAR, DOGE, and LTC, all paired with USDC. Moving forward, we'll mainly focus on USDC pairs as they offer more variety without significant costs.

Also, this week, we're thrilled to announce the listing of Sui, an amazing cryptocurrency we met at a conference last December. We've secured an agreement with them, and they're now available on our platform since Monday. Also, we're launching a trading competition this Tuesday with a total prize pool of $20,000 in Sui, sponsored by them (already ended). Big thanks to Sui for joining our platform. You can explore their offerings and even build applications with their technology. They have an incredible team, and we're excited about this partnership.

We also hosted several trading competitions this month, three to be exact, all ending on April 20th. Winners have been announced, so feel free to check them out. Additionally, we held a meme competition with a total prize pool of 1700 PXP. Winners were contacted by our media team on Twitter. Thanks to everyone who participated!

Just to note. The Bitcoin halving event occurred recently. While many anticipated significant price shifts, it didn't quite happen. Nevertheless, it's a significant milestone for the industry!

Vladimir (CEO): Now, let's address some of your questions because this session is about interaction, not about me talking for hours. Alright, Diana, over to you. Let's dive into them swiftly.

Diana (Host):  The first question is, why did you decide to personally attend the conference this time? 

Vladimir (CEO):  I try to attend a few conferences each year, and this one was the biggest ever. Despite some hesitations due to the weather, I saw it as a great opportunity to network, gain recognition, and engage with industry peers. We often finalize contracts at these events, like the one with Sui. People like to see decision-makers present, and it's a chance for me to meet others in the industry, learn about trends, and see what's new. I really enjoyed the experience.

Diana (Host): Why did you choose MEXC specifically for listing PXP? 

Vladimir (CEO): MEXC is a fantastic exchange, very innovative and with a vibrant community. Unlike some older exchanges, they're constantly evolving and engaging with their users. We've had a strong agreement since meeting at a conference. Their active community and marketing efforts stood out, along with their Kickstarter platform, which we somewhat replicated with our token booster. They offered competitive terms, and considering their track record with other exchange tokens, it seemed like a natural fit for us. We're thrilled to be part of their journey, and they seem equally pleased to be part of ours.

Diana (Host): Will the price of PXP rise in the near future? Should earlier investors expect a return to profit?  

Vladimir (CEO): I don't give investment advice, but I can tell you that the value of PXP is tied to its utility on the PointPay platform. The more it's used for perks and discounts, the more valuable it becomes. As we introduce new platform features and our proprietary blockchain, PXP's use cases will grow, potentially increasing its value. My advice? Engage with the platform, trade, and utilize PXP to its fullest extent.

Diana (Host): When will the token booster be operational? I'm really eager to try it out. 

The platform's ready, just waiting on the perfect project to kick things off. All the groundwork done, mechanics sorted—it's good to go. We're scouting for the ideal project to debut, hopefully by the end of spring. It's a fantastic showcase for our community and the token. Plus, it's a major use case for PXP on our platform—essential for participating in events and benefiting from airdrops.

Diana (Host): What are Pointpay's current goals and objectives, let's say for the next month or two?

Vladimir (CEO): We're focused on several key objectives. Firstly, we aim to boost our ranking on CoinMarketCap and CoinGecko while enhancing the PXP price. Additionally, we're striving to finalize a new product, which I'll reveal in the next AMA session. Improving onboarding is crucial—we want more users actively engaging with our platform and testnet.

On the development front, our team is tirelessly working to roll out new features. Boosting sales and securing more listings are also top priorities. Regarding Coingecko, there's been an issue with PXP's rating—it's seemingly vanished from their interface. We're actively trying to resolve this, so if you have any ideas, please reach out to me on Telegram at Ceopointpay.

Diana (Host): Three trading competitions ended over the weekend. Perhaps you could hint when to expect new ones. 

Vladimir (CEO): Currently, we have the Sui trading competition with a $20,000 prize pool. Next week, get ready for the Pizza Day trading competition—always a hit among traders. And rest assured, we're planning additional competitions to roll out by the end of spring. Stay tuned for more updates!

Diana (Host): Why is the new video podcast format needed?

Vladimir (CEO): The new video podcast format serves several purposes. Firstly, it's an experiment to gather your feedback and enhance transparency. In traditional AMA sessions, interaction can sometimes be limited. By bringing in someone from our team or even from another company, we aim to diversify perspectives and generate engaging content. The trial run was a success with 9000 views, so we're planning to release more episodes regularly on podcast platforms and involve more participants.

Diana (Host): Can you confirm that PointPay has essentially just copied the Ethereum blockchain? 

Vladimir (CEO): PointPay's blockchain is based on the ERC-20 protocol, which is similar to Ethereum. However, it's not merely a copy; it's built on its own blockchain. Being EVM compatible makes it easier for integration and application development. Creating a proprietary blockchain could pose challenges for future integration and application building. So, while it's based on a standard, it's not a direct copy.

Diana (Host): Pointpay is creating its own blockchain. But how do you plan to attract developers there? 

Vladimir (CEO):  PointPay aims to attract developers to its blockchain by offering low fees and a less congested network, making it appealing compared to other solutions. While grants or profit-sharing programs may be considered in the future, currently, the focus is on providing an efficient platform for development. As PointPay grows, opportunities for developers may expand, potentially including grant programs or profit-sharing agreements. However, for now, the main draw is the ability to pay gas fees in PointPay tokens and benefit from minimal commissions within the system.

Diana (Host): I guess that was the last question for today. Thank you very much. 

Vladimir (CEO): Thank you, Diana, for your patience and participation. Apologies for the rushed responses, but I'm glad we covered a lot of ground. 

Just as a small recap. Today, we're thrilled about the MEXC listing, so hop on and trade with us. We've secured a listing on their Kickstarter platform and it’s very cool! Also you can now explore our testnet with transactions and much more: make sure to check it out. 

Exciting developments are underway, including new applications and our mainnet by the end of the year. PointPay is thriving, and your support means the world to us. Keep trading across all our platforms and stay tuned for more updates. 

Thanks again, everyone, for joining today and see you at the end of May.

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