Transcript of AMA with PointPay CEO, Vladimir Kardapoltsev, dated December 9, 2021
PointPay CEO Vladimir Kardapoltsev answered the most frequently asked questions about the utility of the PXP token, its price, and listing on the top 10 exchanges. Vladimir shared product updates and announced exciting news — the PXP token is listed on Bitrue and Bittrex Global.
Below is a summary of the AMA, which took place on December 9th, 2021.
Alina (Host): Hello everyone. Welcome to our monthly AMA session. We’re so excited to see you all here. How about we start by catching up on current news and announcements. Vlad, the floor is yours.
Vlad: Thank you very much, Alina. I would like to welcome you all. It’s been an exciting period. I learn many new things being CEO of such a great company. So I thank you all very much for coming. I have received so much encouragement and positive vibes from the community. So now, I would like to move on to the updates.
Alina (Host): Alright.
Vlad: Can you hear that? I think that’s the jingle bells ringing. Vlady Santa is coming, so wait a minute.
Alina (Host): So, what do we have today, Vlad?
Vlad: Well, hello. Vlady Santa is here. Wait. Here is also the Christmas tree.
What else is happening in the Christmas PointPay world? First of all, instead of twelve days of Christmas, we have twelve burns. So the last burn happened half an hour ago, taking 1.7 million PXP tokens out of circulation.
The second gift to you for being all good boys and girls was the listing of Bitrue. Bitrue is the twelfth exchange in the world. It has a daily volume of, I think, $2.6 billion.
And we are listed on Bittrex — oldy but goldy. Everybody knows about Bittrex as it used to be in the top ten. I think now it’s in the top fifteen or something like that. So it’s an amazing achievement as well.
We are also capturing the older audience. So three gifts for you: the twelve burns, the Bitrue, and the Bittrex Global listing. Trading volume has been increasing every single day. We have a whole bunch of big announcements to make in the next month. We have been such a good community, and I thank you all for being here, supporting us, and encouraging us. We manage the listings that we’ve promised.
I wanted to make a change at PointPay to say we are a great community, we are here, we can support each other, and the future looks incredibly bright for us.
Alina (Host): Absolutely. Thank you to our wonderful community members and team for making this possible. Let us move on to the most frequently asked questions. We managed to collect about twenty-five questions and put them all together.
Vlad: We’ve collected more than a hundred questions, but few of them included themselves. So we narrowed down the data to the most important twenty-five questions.
Alina (Host): Exactly. One of the main things that a lot of members ask about is recent updates on products and developments in the company and what’s been done in the last few months.
- In terms of the exchange — we’ve rewritten the main part — the Matcher and the gateway; that’s the kind of the way our system talks to itself on the go to make it more quickly and more multithreading. Furthermore, we have been working on the transition from Go to PHP. So the main block of our code is written on PHP. The new bits of the platform are written on Go, and they communicate to each other through Kafka. The final deployment should happen at the end of the year, and we will be improving our services in the following month as well.
- We’ve started integrating Swift and ACH payment systems in other PHP services. So we’ve signed quite a lot of exclusive contracts. We could support it previously through other services, but we would have to pay a small fee. Now we can do it directly. So a great win for PointPay as well.
- We’re planning to finish the API code for the CoinMarketCap and CoinGecko by the end of the year, so you can all see what is happening on our exchange in real life through external services. Before the deployment of the Matcha, unfortunately, we cannot do so because it gives us slightly skewed results. So I think by the end of the year, you will see quite a lot of technical improvements in our platform and progress in terms of speed as well.
- We have quite a lot of new products in the pipeline. We are starting to release them slowly. I know we have been quiet for about three or four months as we have been trying to transition from a startup to a mid-sized to a large company. We have been trying to establish some newer products in business development, the back, and front end, and unfortunately, that takes a lot of time.
So there’s a lot of exciting news and many exciting products coming out next year. So please stay tuned here for the updates.
Alina (Host): So the future is bright.
Vlad: Future is bright.
Alina (Host): Thank you for answering this question and informing us of the latest updates. Another question is when the launchpad will be ready? Will you list only ERC20 tokens or also tokens from other chains? Can we know how much PXP we need to hold for the different tiers?
Vlad: As for the launchpad, we have been looking for new products. I think the development phase is almost complete. We are now trying to put together a team of top people. The website is nearly done. We are working on some backend stuff to integrate the launchpad into our main platform backbone. We recently finished a widget for buying the tokens and the main part of the platform. We should release it in the first quarter of next year.
In the beginning, it will probably be only ERC20 tokens because they are the easiest to integrate. If we talk about the tokens established on their blockchains, it’s quite time-consuming to integrate them into our system, which means additional costs for us. So right now, we are mostly focused on the ERC20 tokens. Fortunately, that makes up about 90% of the market for the new tokens. Of course, in the future, we plan to remove this condition.
As for PXP holders being present to vote on the new projects, you do not have to hold anything as the work is still ongoing. At the moment, there is nothing to worry about.
Alina (Host): Alright. The next question is, what is the utility of PXP?
Vlad: Great question again.
- It allows you to dynamically lower the maker/taker fees based on the number of tokens you hold in your crypto account.
- You also have an expanded range of banking services
- You can earn high yields on staking and crypto loans on a progressive scale.
- You are entitled to send instant payments within the system; you can get lower commissions on the PointPay exchange itself.
- And you can also access the crypto school.
Right now, some of these features are available to many people. However, after the launch of KYC, we are trying to structure it more appropriately and impose these restrictions on the new users who will use our platform later on.
Right now, the benefit is greatest when it comes to staking. But in the next year, it will impact the use of other services.
Alina (Host): Alright. And I think this question is related to what you were just talking about. Are there any plans to give further utility to the PXP tokens?
Vlad: Well, right now, we are listed on Bitrue, Bittrex, and Bitglobal. We are still working on listings on regional exchanges, particularly in China and South America. So those are huge markets that we are trying to tap into right now. In terms of utility, as I explained earlier, I think as we list on more exchanges, the value and the utility of the PXP token will end up increasing.
I hope that PXP will find wider acceptance on other exchanges. Our goal is to be on a Tier 1 exchange next year. And we are also working on the regional exchanges. So I think as PXP becomes more widely adopted, you’ll see a lot more value in terms of its value and its use in our platform.
Alina (Host): Going back to the value of PXP, do you think it can reach a certain amount in a few years? Or do you think it will be much higher by the end of 2022? What are your projections?
Vlad: When I joined the company, I think the PXP price was $0.03. I have not checked yet, but I think it’s $0.06 to $0.07 right now. So the value is going up. I know many users got into the PXP market between $0.1 and $0.5. So there were many users’ entries with big checks.
We can not make any predictions because it’s a free market. We can not influence the PXP price by law other than improving the product and increasing awareness. We are introducing new products next year, so the utility and value of the token should only increase.
We have increased the number of employees here. When I joined the company in May, PointPay had only 15 employees — I still remember their names. Many of them are no longer here. But we have added 120 people in the last six months, which is incredible.
In back-end development, front-end development, business development, customer support, legal — we are hiring the best people in the world for our company. With such a fantastic team, I think the possibilities are endless. To go from 15 employees to 120 is an incredible accomplishment. I think I have interviewed at least 70% of them. And that’s insane. We are very competitive; we could hire the best people in the industry. We expect to grow to 150 employees by the middle of next year.
Binance has many thousands of employees. When we reach the break-even point, we expect to be a company with a thousand employees. But right now, we are getting by with this small group of 120 employees. So the projections look good for us.
Alina (Host): Absolutely. Another question would be — when will the listing on the Tier 1 exchange be announced?
Vlad: Well, as I said, we managed to do three listings this year. So the first one was top-30, the second one was top-15, and the third one was also top-15 if you look at the different updates.
We are moving into the top exchanges in regional markets such as Eastern Europe, Europe, South America, and Asia. So in terms of overall rankings, they may seem irrelevant, but they are at the top of the list in terms of regional rankings.
Discussions with the top 10 exchanges are already underway. To be honest, the most important thing they say is that we need to be listed on at least three to five exchanges. We need to confirm that our volume is large. When we were listed on BitGlobal, our daily volume was $5 million, which is great.
Many top exchanges require a daily trading volume of around $10 million. Our current volume is about seven or eight, so we slowly move towards that mark. And with these two listings, we will meet the requirements so that we are listed on at least three exchanges where other top 10 exchanges can independently verify that our trading volume is huge.
Discussions are going on; they have given us a list of requirements to be listed there. So that’s three or four exchanges. That is all I can say. So stay tuned; I will announce it next year.
Alina (Host): Absolutely. And another question that was asked, and I see people in chat are asking the same thing right now. What are you trying to do to increase the price of the token? What other strategies are there besides PXP burn to increase the price?
Vlad: Due to regulatory and ethical reasons, we cannot manipulate the price of the PXP. So the price of the token is established organically by the community. We can not do anything but deliver you a great product. And that’s what we are trying to do right now.
So the PXP price is set by the free market. We do not work with market makers — that’s illegal. Every company that tells you that their token was at $0.01 and then went up to $1 and then went back down — that’s a scam. We are trying to build a fair and decent product that will last a very long time to stimulate demand.
Alina: Absolutely. And another question that a lot of members ask you is when will they be able to buy PXP directly through the PointPay platform?
Vlad: Vlad: Well, as I said before, the main listing requirements that we have right now are the Tier 1 exchanges. They do not want us to list our token on our exchange because they want to verify the volumes independently. So we will list PXP on the PointPay platform after listing it on one of the top-10 exchanges. But in terms of implementation, it’s going to take us less than a week to get our token into our system.
Alina: Right. Another question was, do you know when PXP will be listed on Binance?
Vlad: That would be great. If we are listed on at least two Tier 1 exchanges, fingers crossed that will happen next year. I think Binance will look at us more favorably. Right now, we have had some conversations with them, but they have said that we need to be listed on at least one of the top 10 exchanges. And again, we have to verify the volume on our platform independently. So once we are listed in Tier-1, which we plan to do — we are working on it — I think Binance will look at us favorably.
Alina: Absolutely. That sounds good. And so now one of the biggest things that people are talking about in general, in the crypto and the Internet industries, is web3 and the metaverse. Will PointPay be the first bank in the Metaverse world? Do you have any new plans for the future in this space?
Vlad: Well, that’s a good question. I saw the video with Elon Musk and Mark Zuckerberg walking with their avatars to 7-Eleven in America.
First, we need to establish our crypto banks properly. I do not think anything could stop us from being a virtual bank in the future, and a virtual Vladimir could go to PointPay and get a credit card or something like that. Of course, we want to be part of this virtual revolution. In one of the interviews, Mark Zuckerberg said that it would take about five to ten years for the Metaverse to develop fully. So we still have a little bit of time.
I thank you very much for joining us. I am sorry to stop here — my camera decided to run out of charge for some reason. I hope you all enjoyed this half-hour short AMA session. Goodbye.
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