PayAccept Founder Chris van Steenbergen was in an exclusive interview with Scoopnix. We got to uncover all the facts and figures about PayAccept. He explained everything in detail, take a look at the Q&A below to know more about PayAccept.
Q1. Your project PayAccept, what is it about, can you give us a brief?
PayAccept(™) is a decentralized finance (DeFi) and blockchain technology company headquartered in the Netherlands that offers its clients cryptocurrency and fiat payment processing, financing, loans, card issuances, and risk management services. PayAccept is developing a decentralized crypto asset wallet and various technological solutions for merchants to accept payments in a wide range of (crypto)currencies worldwide.
Q2. What motivated you to initiate this project?
PayAccept was an idea that was born in 2015. The first concept was to issue payment cards to companies and payment terminals. In 2017 we entered into the crypto market with the development of a cryptocurrency exchange, and during that time, we saw a lot of exits and hack’s on wallets. So we were thinking, can we create a unique decentralized wallet with a stunning interface and connect it to our traditional business. The answer was yes, and therefore we initiated to make PayAccept decentralized and integrate digital assets.
Q3. What makes PayAccept Unique?
It is a new platform intended to provide an all-in-one non-custodial storage wallet offering support for different cryptocurrencies. It may sound familiar, but the PayAccept portfolio will integrate high-quality security, cold-storage, and allow users to trade between different crypto assets on various blockchains in one scoop using a sleek interface. The wallet can contain and support all cryptocurrencies, including significant coins such as Bitcoin, Ethereum, Ripple, and many more.
Throughout an intuitive layout and a reliable lightning-fast network; PayAccept is the first wallet which will integrate the Raiden network, to execute instant CEX-like transactions, while running as a DEX and swap assets between users. Our unique features are:
* The platform can directly link with bank accounts for fiat withdrawals, depositing cryptocurrencies, and fiat without worrying about how you should do this.
* The familiar interface will notify of any incoming and outgoing transactions made on your asset’s balance.
* Relevant detailed daily, weekly, and monthly reports on monthly in- and outgoings of funds.
* Cold Storage, definitely a must for every multi crypto-wallet.
* Non-custodial wallet with private keys, an essential aspect of an individual wallet application, which every platform should have.
Q4. What is the meaning of Un-Banking according to you?
The majority of the world, both individual and business, relies on legacy banking and payment systems for their financial activity. But these legacy systems can be impacted by the decisions of political leaders and central banks. Blockchain technology and crypto assets, their unique nature, and utility have proven themselves viable, decentralized, and democratic alternatives. However, their value offering as of current can be challenging to access and the underlying technology unfriendly to end-users. PayAccept is a single unified platform for crypto and fiat assets, essentially bridging, yet changing how people of the world interact with traditional financial systems and blockchain technology can un-bank millions while providing a scalable, secure, decentralized alternative for managing money.
Q5. What is your vision and the goal you want to ultimately achieve with PayAccept?
We want to become a licensed Electronic Money Institute, like Revolut and Paypal, but entirely focused on crypto assets. It will ensure we will create the gap between digital and traditional finance. Just think about the possibility of digitizing Facebook or Apple shares! The potential is enormous.
Q6. What is the history behind the starting of this project, what difficulties did you face ?
First, we see that many wallets are in control with centralized organizations, like CEX’s. We saw with Cryptopia that a lot of funds got locked. We were thinking about how we could approve that and how to prevent the loss of funds. So how wallets are working on decentralized exchanges? Well, most of them are acting like a centralized one. You get a blockchain account, without private keys. And there is the crux, without a private key, you don’t own your funds. We are also looking at why it’s so incredibly difficult to connect a non-custodial wallet with fiat currencies, stablecoins, or swap from Ethereum to the Bitcoin blockchain with low costs and transaction fee. As shown in the current market, trading assets is a hot topic these days, but why pay up to 15$ to swap them. To make it decentralized, we put an extra layer on top (like how the Lightning network is working) and do atomic swaps to ensure smooth and low fee transactions while swapping assets. Secondly, we make it possible to spend your assets and merchants accept your payment with crypto all over the world. The solution which we introduce is to provide a physical and virtual card (which bridge to the traditional world and the ATMs) and to have payment terminals in shops, where you can swap your PAY card and buy goods. We think this is a big market, and for unbanking people, payaccept is the way to accept more payment methods, if it’s crypto or just traditional fiat.
Q7. How do you plan to expand in near future? Any exchange listings scheduled?
Firstly, we are planning a marketing campaign that will present PayAccept as a leading DeFi Blockchain technology company. Shortly we will also launch sign-ups for PayCard. This debit/credit card will function similarly to a traditional one, allowing users to be able to access crypto assets for purchases and manage them, with support for fiat and bank accounts. The deployment of Pay-of-Sale terminals will further strengthen the expansion of the ecosystem. Currently, Pay is already confirmed to be listed on ten exchanges: Cointiger, Bilaxy, and NEXT. Exchange, Hotbit, FatBTC, Probit, Uniswap, Exmarkets, IndoEx, and STEX. That is even before our token sale! So no worries in regards to the liquidity of the token. We will use a part of our token sale to put liquidity into the PAY token.
Q8. What are your thoughts on 2020, bullish or bearish ?
The overall sentiment is Bullish as the market’s fundamental factors are expanding, and established firms within the space are moving forward together with regulations. Ecosystems built over the last few years, such as Ethereum, are also gaining increased traction, the recent trend growth of DeFi, Decentralized Finance acts as a prime example of this. PayAccept will take a sizeable DeFi market share.
Also, the cryptocurrency & blockchain market and the underlying nature of assets with a finite supply and decentralized agenda look appealing compared to massive quantitative easing as a cure to economic damage inflicted by Corona.
Q9. What is the role of PAY Token ?
PAY token can be used for:
- Lower fees, a discount of 50% or more on all transaction fees
- Global VIP invitation, priority access to new features, inside information, and internal holders forum.
- Staking, standard stakes are getting an ROI up to 10%, or deploy with PAYT a PayNode and get 50% annual ROI on PAY.
- Airdrop, obtained when every new asset is listed and a free amount of tokens (fee) from trading fees.
- Loans, use PAY to unlock saving & loans.
Q10. Why should anyone invest in PAY Token?
Investing in a decentralized wallet and exchange tokens is generally a secure investment since they accumulate their value so long; therefore, the token stays trustworthy and relevant. PayAccept is a real De-Fi investment and therefore, an excellent investment to have in your portfolio. The PAY token value is expected to grow in direct proportion to its individual and business user base. This is due to its utility and potential to grasp the entire Blockchain market, which is young, yet proven and already valued at 340 billion. The nature of PayAccept is very accommodative to enable the mass adoption of the market by yet to be onboarded retail users. And when we obtain our goals in getting the Electronic Money License, we give you the ability to change the token into ERC721 tokens, giving dividends. This share will be listed later on a traditional stock exchange like OTC markets.
Q11. How secure is this whole PayAccept infrastructure?
The token and the infrastructure are both built on the Ethereum network. Our decentralized wallet is a dApp and runs as a smart contract. Our infrastructure is secure as the blockchain. We are also auditing our smart contracts, which we are deploying and making it open source so everybody can verify our coding and suggest improvements.
One can take participate in the upcoming PAYT sale on Exmarkets on 14th August 2020.
Official Website : https://www.payaccept.net/