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Cryptocurrencies have been in vogue for nearly a decade now since the coming of Bitcoin on the scene in 2009 but they have not entered mainstream use till now. While there is increasing trade of these currencies and discussion on them, we are still far from the time when you can walk into any store and use them to buy let’s say a bar of soap. What would it take to change this scenario? Now PayCent, a financial platform that includes a multi currency crypto and fiat wallet is attempting to bridge the gap between cryptocurrency users and digital money. PayCent will combine the ease of converting these currencies within the wallet with a myriad of other financial services such as microloans and mPOS services that will bring cryptocurrencies into everyday use and allow people to experience a great deal of financial freedom.
An ICO in phases will fund PayCent Platform
PayCent are in the process of holding an initial coin offering (ICO), which began on November 2, 2017. The token sale is unique in the respect that it is the first ever ICO that is being held in phases. PayCent ICO will take place in 8 phases spanning 4 years. Every phase will have its own hard cap with the current phase having a hard cap of 30 million PayCent (PYN) tokens. PayCent ICO is being held in phases due to the advice of the PayCent community as well as advisors. One of the advantages of holding the token sale in this way is that investors will be able to take stock of the progress of PayCent as every phase has its own stated aim. As the project moves forward in the future, investors can have complete transparency and can make an informed decision.
Early investors in the token sale and in the first phases of the ICO will get bonus tokens as a reward. In the phase that is in progress and due to end on November 30, 2017, investors can get 18% extra tokens. PayCent are accepting cryptocurrencies like Ethereum, Bitcoin, Litecoin and Bitcoin Cash for the sale of PYN tokens. Each ETH token equals 600 PYN. The ICO has already reached 22% of the total cap.
Token sale investors get a cut of profits
Investors in the ICO will stand to gain as they will receive 33% of aggregate revenue that arises from the internal conversions between fiat and cryptocurrencies within the wallet. Further PayCent will also have a microlending business and the investors will be receiving 33% of the revenue generated from the interest on these loans. There is a fixed cap on all of the phases of the ICO combined and no new PYN tokens will be launched post ICO. All unsold tokens will be burned. This will give rise to scarcity and may appreciate token price on exchanges. Interestingly since the wallet is acting as a bridge between crypto and fit, it is a self-contained product and many users may choose to convert their currencies within the wallet giving rise to the possibility that this feature can raise a significant amount of revenue. A side benefit is of course that more people will end up using cryptocurrencies if conversion to and fro from fiat is made simpler and more convenient.
PayCent platform is an ecosystem in itself
The PayCent wallet is unique in the sense that it allows for conversion between cryptocurrencies as well as fiat. There are other benefits attached as well. PayCent are offering a mPOS service which allows users to pay for utilities such as water and electricity as well as cable TV with the wallet. Users will be able to pay for goods and services internationally using PayCent as well. This allows for more use of digital currencies across board. However, we wanted to know how the exchanged process works and how much it costs. A PayCent spokesperson we talked with explains, “The conversion of fiat to cryptocurrency is simple with PayCent. User clicks on “exchange tab” on the PayCent app,chooses the particular digital currency he/she wants to purchase and enters the amount. Voila, the purchase is successfully within a few seconds. Also, the rate is very nominal – 1.5% of the amount.”
There are also plans afoot to launch debit cards in Asia Pacific, CIS, EU and the UK starting April 10, 2018. Early investors who have invested more than 500 ETH and 100 ETH will be receiving PayCent Solitaire and Sapphire cards for free. These cards will fit in and serve the needs of users who need to use more than just the wallet and make the PayCent account even more central and relevant to them. The platform will also allow PayCent to create credit profile of their users, which will enable them to start their microlending operations. Users will be able to get increasing amounts of credit depending on their profile.
A solid team builds a strong platform
The team at PayCent and their advisors come from diverse backgrounds with long carriers and proven track records. The PayCent team is lead by the President and Co-founder Sumedha Goel, who is herself a Bitcoin enthusiast. Sumedha has been the co-founder and CEO for over 9 years at the Asian Investments Group in the Middle East. The Vice President and Co-founder Svetlana Umarova is the founder and president of the Asian Investments Group Middle East and has helped it grow into a billion dollar conglomerate. Brian Tan, is the CEO of PayCent and is experienced in strategic partnerships and company development and has experience of working with the payments industry. Nitin Gupta is the COO and a fintech and payments professional with more than 9 years of experience. The CIO Arthur Munsayac has nearly 2 decades of experience in IT roles and 7 years of experience as CIO of AIG Middle East. Advisors to PayCent include Peter Bergstrom founder of BitBlock Ventures, Suraj GV, CFO of Blue Line Shipping Group, Dubai, Aaron Lam, Director of Corporate Finance, Aaron and many other eminent persons.
Adding value to the financial industry
Paycent have developed a financial ecosystem but they have not neglected to take the regulatory route and get needed approvals. UAE and Philippines have given out regulatory licenses to them and Singapore and Hong Kong have approved of the platform ‘in-principle’. Since the product on offer i.e. the wallet is already working and can be downloaded on Apple and Google stores and the project has already established relationships with mainstream commercial institutions, it is possible that PayCent can evolve over time to become a very important player in the crypto landscape. It would not be surprising then if they have immense value to add to the financial industry.