Major update — Future of BNBPAY ($BPAY)
Hi BNBPAY nation. First of all thank you for your patience this week!
We spoke to many interested parties this week — investors, partners, stakeholders, and even BitMart themselves, we have also done a lot of research internally to determine the industry’s best practices, and the solutions forward.
After careful deliberation, we are very excited to announce the following direction we are taking with our project:
- Migration to a new smart contract with upgraded bridging capabilities
- Expanding to Ethereum and Polygon blockchain!!!
- Rebrand to PayBolt
- Announcing a multi-chain IDO for PayBolt
Wow, a lot to take in right?! Allow us to explain.
Migration to a new contract
The hacker has $550k worth of our BNBPAY tokens, him/her cashing out through pancake swap would have destroyed the value of our investor’s holdings, we cannot allow that.
The cleanest solution is to start a new contract and replicate the holders’ list.
We will migrate all $BPAY holders lists across to the new PayBolt token, so rest assured the USD value of your $BPAY tokens will remain the same on day one of trading.
The upgraded smart contract will also contain bridging capabilities so we are one step closer to being able to accept all crypto in our payment gateway.
Expand to trading on ETHEREUM/POLYGON Blockchain
The OG smart contract blockchain remains to be the most dominant blockchain by TVL by a long margin, and we believe having exposure on
Ethereum will give us exposure to a large pool of investors who would otherwise never come across our project.
Polygon (MATIC) is a layer 2 solution to Ethereum, it complements our merchant gateway’s need for lightning-fast and secure payment so it was an obvious choice!
We are actively looking into other chains such as Solana and Avax. More to come later.
Our ultimate aim is to be chain agnostic. This gives our merchants and their customers the chance to send and receive payments via any blockchain, be it Ethereum, Bitcoin, BSC and others.
Therefore it is important we have liquidity across multiple blockchains to have maximum exposure across the crypto landscape. This will also give the users additional options when it comes to choosing which blockchain they would like to pay from depending on the gas costs, speed of transaction as well as other personal preferences.
Rebrand to PayBolt
For our loyal BNBPAY investor base, thank you for your vocal support of the BNBPAY brand over the last 5 months. We wouldn’t be where we are today without each and every one of your support.
It is with a touch of sadness we announce that we will be retiring the brand BNBPAY. We feel that BNBPAY paid great homage to BSC- the blockchain where our journey began, but would no longer be appropriate as we venture into other blockchains.
PayBolt, a crypto payment gateway of the future that offers merchants endless possibilities when it comes to an alternative payment solution. PayBolt offers a lightning-fast and secure crypto payment that is also affordable and rewarding.
PayBolt is light years ahead of what a traditional payment gateway can offer.
Running on Web 3.0, PayBolt offers true interoperability, transactional scalability, and security. The pain of borderless payment is in the past, tomorrow’s vision starts today.
Announcing a multi-chain IDO for PayBolt
With the increased exposure of listing on Ethereum (Uniswap) and Polygon (Quickswap), we believe this is a good opportunity for us to announce an IDO.
Those that have been following the BNBPAY journey know how far we have come in just the space of 5 months.
A fair launch project that was bootstrapped from day one by the founders, has grown to a Fintech company with 15 team members + 15 more community moderators.
We have teams across different verticals such as:
- Developers: mobile, e-commerce, smart contract, front end developers
- Business: merchant acquisition, onboarding, operations, merchant success
- Marketplace: e-commerce site, product listing, product development
- Marketing: crypto investors, users, merchants & marketplace
- Community: moderators, language groups
Other noticeable achievements are
- MoA signing with a publicly listed company
- e-Commerce plugin beta
- Mobile app alpha
- First ever crypto-only marketplace
- Concluded and signed a 50 / 50 joint venture (JV) MoA with a major Telco with over 13 million user base (announcement to come)
We think we have achieved a lot in these short months from a bootstrapped project.
We have always been transparent from day one so to continue on this theme, this is what the fund raised from IDO will go towards.
- Liquidity provided across BSC (Pancakeswap), ETH (Uniswap) and MATIC (Quickswap).
- Scaling our team headcount
- Funding for the JV with major Telco
- Further development of PayBolt payment gateway
We will also offer existing $BPAY holders a 5% discount if they wish to participate in the PayBolt IDO.
We believe the capital raise will take PayBolt to the next level! We plan to double the size of our team and achieve ambitious targets which we will outline in our mission statement next week.
We will share full details of the IDO next week, and we can’t wait for you to join us in BNBPAY… *ahem* PayBolt’s quest to become a dominant player in the crypto merchant payment industry!