Dear PointPay Family,
PointPay CEO Vladimir Kardapoltsev participated in a traditional AMA session on May 30th, 2024. He shared the latest news about PointPay, made several announcements, and discussed a lot of events within the platform!
Below is a summary of the AMA held on the 30th of May, 2024.
AMA Transcript
Vladimir (CEO): Hello, ladies and gentlemen. Welcome to our traditional end-of-the-month AMA session. Today is May 30, the last day of spring. We are excited to recap our accomplishments over the past month.As always, Diana is here with me. Hello, Diana.
Diana (Host): Hello, everyone. Let's dive in and hear the latest news and announcements from Vladimir.
Vladimir (CEO): Brilliant. Let's get started. What's been happening in the PointPay ecosystem recently? We have some exciting updates about our staking options. We have adjusted the percentage yields for various assets. For the majority, we have increased the yields, while for some, we had to decrease them based on current market conditions.
We have seen many users actively participating in staking and benefiting from their crypto holdings. If you haven't checked out our staking options, please do so. We update the yields weekly, with the latest update due tomorrow. Stay informed to get the best rates and benefits.
Additionally, we have modified our Momentum Account options. These yields are now updated daily based on market conditions. Our analysts adjust them every 24 hours, ensuring they are dynamic and reflective of current market trends.
Furthermore, we have added new assets for staking: FLOW, FIL, and BNB. Currently, we offer a 30-day staking option for these assets, which presents a relatively low-risk opportunity. If you wish to stake your BNB, FLOW, FIL, or any other supported assets, please visit our website. We offer very competitive rates.
We have several updates regarding our platform's blockchain testnet. We are actively testing the testnet, focusing on token transfer and storage. Previously, I mentioned the imminent activation of the faucet, which is now fully enabled. Developers can request tokens by following the instructions on our website to build on the PXP blockchain in the testnet environment.
We are currently scouting for promising DeFi projects to join our ecosystem. Selected projects will receive benefits, including marketing support, free token listing, and potentially funding if deemed worthwhile.
We are making significant progress in developing our blockchain. For more information, please visit our website.
Regarding the timeline for our blockchain development, I've received several inquiries during my weekly CEO office hours. While I aim to hold these sessions every week, sometimes my schedule necessitates adjustments, such as attending conferences or meetings.
A recurring question is about our blockchain development timeline. While I have been deliberately ambiguous to allow for thorough testing and development, I can now provide an update. We aim to release the blockchain by the end of the year, although it could be sooner. I am 95% certain of a year-end release, with a strong possibility of launching earlier, potentially in the next few months or by autumn.
We began testing in December and have been actively testing since January. While we are eager to take advantage of favorable market conditions, we are also committed to ensuring a fully developed and robust product. Therefore, while we hope for an earlier release, the final deadline remains at the end of the year.
Let's discuss recent listings. I want to highlight three notable tokens.
First, we listed Solala a few weeks ago. This meme coin is based on the Solana blockchain. Initially, I mistook it for Solana itself. It turns out that "Solala" was inspired by the founder's favorite animal, the koala. If you're interested in meme coins, Solala is available for trading on our platform. However, remember that meme coins are essentially jokes and not serious investments. Ensure your portfolio is balanced with both volatile assets like meme coins and stable ones.
The second token is BONK, another meme coin on the Solana blockchain, similar to Dogecoin. It has a significant user base, and the developers are working to add utility.
Finally, we listed Dreyfus today. This project offers a wide range of decentralized financial services, including an exchange, staking options, and NFTs. The Dreyfus token can be used across all these services, making it a versatile addition to your portfolio.
These are the three tokens I wanted to highlight.
In addition to the previously mentioned tokens, we have added ADX, Beta, WIF, and over ten more tokens. Starting this Monday, we plan to add a new asset daily. This initiative will bring us very close to having 200 trading pairs on our platform, a milestone we expect to reach either this week or next.
We recently published an article (email newsletter) about this progress, highlighting our commitment to expanding asset availability. I promised more assets this year, and with the second quarter ending next month, we will release our biannual report as we have done for the past three years since I joined the company. Next month marks my (CEO) three-year anniversary with the company, and this milestone is particularly significant for me. Although I became CEO a few months later, I am proud of our achievements and continued growth.
Back to our topic. Adding more assets is crucial for our platform's development. Please check out these new additions, trade, and deposit these coins. We are also considering a deposit competition for the less traded assets to boost activity, possibly starting next week.
Let's discuss our recent marketing and trading activities.
This month, we launched the Pizza Day Trading Competition with a prize pool of $10,000 and an additional quiz with $200 in PXP. Both events were well-received. Pizza Day commemorates one of the first Bitcoin transactions, where someone bought a pizza for what is now worth around $700 million in Bitcoin. This story, whether true or not, is celebrated in the crypto community.
Additionally, we held the PointPay Family Grow Contest, which involved completing tasks, engaging with the community, and inviting friends to like our Facebook and Twitter pages. Participants earned bonuses for their involvement.
We also recently concluded the PXP Trading Competition, which was incredibly popular. This event saw millions in turnover, temporarily boosting the rating of our token on various platforms. Thank you all for participating.
These activities have significantly increased engagement and trading on our platform.
Early last month, we were listed on MEXC, which recently climbed to number five in the CoinMarketCap and CoinGecko rankings. This achievement reaffirms MEXC as a tier-one platform, especially considering the inaccessibility of US-based platforms for regular users. Congratulations to MEXC for this milestone.
As mentioned in the last AMA session, we are set to release a new product related to PointPay onboarding. This product, currently in testing, is expected to launch either at the end of next month or in July.
The onboarding product will be a comprehensive portal tied to completing specific tasks on the PointPay exchange, rewarding users with PXP tokens. For example, users will receive rewards for completing KYC, making their first deposit, and completing trading tasks. Additionally, there will be tasks related to our blockchain. This platform is designed to enhance the utility of the PXP token and integrate seamlessly with our blockchain.
We are in the final stages of testing this new feature and look forward to its release soon.
Vladimir (CEO): That's all for our updates. I am now ready to take your questions. Let's get started.
Diana (Host): All right, so the first question is: PointPay is available in many countries. But to be able to buy cryptocurrency with dollars it is necessary to use Mercuryo and MoonPay, which are very good payment methods. However, these payment methods do not work in some countries, where PointPay can be used.
In the future, will there be some additional payment method so that people who live in the USA territories can buy with dollars?
Vladimir (CEO): We understand that Mercuryo and MoonPay cover most markets but have limitations. They are not available in the US, Russia, Iran, and certain other regions. This is due to various regulatory and sanction issues.
For Russia and Iran, the challenges stem from sanctions, making it impossible for us to operate there. We do not have users in Iran, and Russian users cannot use the available payment methods.
In the US, the issue is different. Cryptocurrencies are regulated differently, and companies like MoonPay and Mercuryo do not operate there. These providers cover about 95% of the global market but exclude the U.S. due to regulatory constraints.
We are in discussions with other payment providers to address this issue. However, US users face additional restrictions, such as limited access to certain coins, staking, and daily interest on momentum accounts, due to SEC regulations.
While US users cannot buy cryptocurrencies directly on our website yet, other websites operating in a regulatory gray zone might offer solutions. Additionally, P2P options are available on other platforms. Our limitations are due to our money transmitter license in Wyoming and European Union regulations, which impose strict reporting obligations for transactions exceeding $10,000.
I hope this clarifies the situation and addresses your question.
Diana (Host): When will the Pointpay app be available in Australia?
Vladimir (CEO): The PointPay app is currently available in Australia on Android devices. However, due to Apple’s policy changes about a year ago, the app is restricted on iOS in certain countries, including Australia.
Initially, Apple had a more relaxed policy towards cryptocurrency-related applications. About a year ago, they tightened their policies and required localized compliance. This led to the app being unavailable in many jurisdictions for a couple of months.
To operate in Australia, we would need to establish an Australian entity, obtain a local license, and meet specific reporting obligations, similar to those in the US and EU. Unfortunately, given the current market size and user base in Australia, it is not commercially viable for us to make these investments at this stage.
We may consider expanding to Australia in the future as we grow and aim for a more global reach. For now, we are focusing on the U.S. and EU markets where we already have the necessary licenses.
If you are a PointPay user in Australia, we recommend using the Android app or accessing our platform via a computer. For iOS users, if you have an older version of the app, you can update it manually. However, new downloads on iOS are not possible due to the current restrictions.
Thank you for your understanding. We appreciate the support from our Australian users and hope to expand our services there in the future.
Diana (Host): Is the platform suitable for users who want to engage in arbitrage activities? If not, why?
Vladimir (CEO): Arbitrage in the cryptocurrency market has become less viable over time. While it was more prevalent in the past, exploiting price differences between exchanges is less common now. However, there are still occasional opportunities for arbitrage, albeit limited.
For advanced users interested in arbitrage, our platform offers suitable conditions. With competitive commissions and a wide range of cryptocurrency pairs (over 200), PointPay provides a favorable environment. Additionally, holding PXP tokens can further reduce trading fees.
Users can connect their arbitrage bots to our platform through the API, enabling automated trading strategies. This functionality is freely available and accessible to those with experience and interest in arbitrage trading.
While arbitrage opportunities may arise sporadically, they require vigilance and automated trading tools to capitalize on effectively. For regular users, arbitrage may not be a practical strategy due to its complexity and diminishing profitability.
Overall, PointPay supports arbitrage activities for those equipped to utilize them effectively. Users can leverage our platform's features, including the API, to engage in arbitrage trading if they choose to do so.
Diana (Host): What plans do PointPay have for initial buyers?
Vladimir (CEO): For newcomers to the crypto world, we're committed to providing comprehensive guidance and support. Firstly, we're updating our instructional materials, including videos and articles, to assist with buying crypto assets. These updates are scheduled for next month.
Our platform boasts an intuitive interface designed to streamline the purchasing process. With minimal clicks required, buying assets on PointPay is straightforward. Additionally, our FAQ section and responsive support team ensure any questions or concerns are addressed promptly.
We take pride in our personalized customer support, exemplified by recent instances where our team assisted elderly users in navigating our platform. This hands-on approach sets us apart, offering users a tailored experience.
Furthermore, PointPay offers competitive rates and staking options, consolidating all cryptocurrency services into one convenient platform. Whether accessing via desktop or PointPay Hub, users can access everything they need within the PointPay ecosystem.
Diana (Host): Why do you change stakings?
Vladimir (CEO): Staking adjustments are necessary due to the dynamic nature of the market. We continuously assess market fluctuations, with certain cryptocurrencies witnessing price fluctuations.
Our momentum account rates are updated daily by a dedicated trader who closely monitors market movements. Similarly, long-term staking rates are periodically reviewed to align with market changes and industry developments.
Factors influencing these adjustments include market activity, regulatory changes, and overall industry trends. Similar to how banks adjust interest rates, we adapt to ensure our offerings remain competitive and reflective of market conditions.
Regular monitoring is essential to remain agile and responsive to market dynamics, safeguarding against unforeseen shifts. This proactive approach ensures our staking rates remain relevant and competitive in the evolving cryptocurrency landscape.
Diana (Host): Do you plan to commit any more burns?
Vladimir (CEO): Currently, we're not planning additional burns due to recent tokenomics changes. However, it's not ruled out entirely. Instead, we're focusing on expanding our marketing efforts. Allocated tokens for influencer partnerships will be taken out of circulation.
The possibility of future burns hinges on reaching certain milestones, especially with our upcoming marketing campaigns and product releases. While there's no fixed schedule, it remains a consideration for the future. Once we complete our planned activities for the year, including Mainnet releases and marketing campaigns, we'll reassess the situation.
To sum up, while burns aren't off the table, our immediate focus lies in executing our comprehensive marketing strategy and product launches. Once these are accomplished, we'll revisit the possibility of burns.
Diana (Host): Can we expect expansion or changes in the current referral program?
Vladimir (CEO): The current referral program is functioning effectively with competitive rates. We may introduce special sections tailored for influencers and key opinion leaders in the industry. As we plan upcoming marketing campaigns to promote our Mainnet and PXP portal, we might tweak certain percentages.
Specifically, we aim to provide influencers and key opinion leaders with customized referral links and additional benefits, while keeping the program's core structure intact. Overall, the program works well and may undergo minor adjustments to better accommodate different user segments.
Diana (Host): How is it going with marketing? What are the current results?
Vladimir (CEO): Our marketing efforts are multifaceted, spanning internet marketing, traffic acquisition, email marketing, and upcoming influencer campaigns. We utilize Facebook ads, Google Ads, and Telegram ads to reach our audience. The steady influx of users to our platform, with promising conversion rates, reflects our enviable statistics.
We plan to enhance our marketing further with influencer and key opinion leader campaigns this year. Our focus lies on sustainable organic growth, ensuring that our platform is ready for expansion. Overall, our marketing endeavors are progressing well.
Diana (Host): What is the next big move of PointPay?
Vladimir (CEO): Our next significant steps include the launch of the PXP portal, offering a comprehensive onboarding experience tied to our token and blockchain. Following that, we anticipate the release of the PointPay mainnet.
Additionally, we are exploring the possibility of a second-tier-one listing, although negotiations are ongoing, and outcomes are uncertain. While tier-one listings were once pivotal, today, our focus is on community growth and delivering genuine value to the market. Despite considerations for such a listing, we prioritize allocating resources towards marketing and product development. The potential for a tier-one listing by year-end remains under review, subject to various factors and negotiations.
Diana (Host): Do you plan to add the ability to trade PXP with other cryptocurrencies?
Vladimir (CEO): Yes, possibly within this year. Currently, PointPay PXP is only available as a USDT pair. However, we may introduce Ethereum or Bitcoin pairs based on demand.
Implementing this feature is not overly complex in terms of development. We'll assess the demand and proceed accordingly. As of now, we are content with the existing trading structure of our token.
Diana (Host): Well, I think that was the last question. Thank you very much for your answers, as always.
Vladimir (CEO): Thank you, Diana, for facilitating today's session. Let's keep this concise. We're at the 50-minute mark, so I'll be brief.
Firstly, thank you, everyone, for your participation. Our team is diligently working on developing and testing our blockchain for the mainnet release. Additionally, we're fine-tuning the Point Pay portal, aimed at enhancing user onboarding and increasing the utility of the Point Pay BXP token.
We're also exploring potential listings and actively engaging in conferences and marketing efforts to expand our reach.
Next month, during the AMA session, I'll provide a comprehensive review of our progress over the past six months. We're currently preparing the half-year report.
I'm pleased to share that MEXC has achieved a top-five ranking this month, a significant accomplishment. Despite some skepticism, we've fulfilled our promise of attaining a tier one listing. While this milestone no longer guarantees the same benefits as before, it's still a notable achievement.
I thank each of you for your continued support. The token swap process is ongoing, and I encourage those who haven't yet swapped their tokens to do so promptly. We may close this option by year-end, so please take advantage of it while it's available.
Overall, Point Pay has made significant strides this year, and I look forward to discussing our achievements further during next month's AMA session.
Thank you all once again, and see you next month.
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