Paygine ICO
Last Update
Jan 31, 2018
About Paygine ICO
Paygine is an open financial platform designed to help business and its customers to use the cryptocurrency intheir everyday life as ordinary money. The platform model is based on its own banks based in the different countries, and in jurisdictions comfortable for cryptocurrency usage. The platform will be based on the existing and most advanced solutions of PayEngine LTD (registered in the UK) company that are currently used in the fintech world.
Features
Paygine is an open financial platform designed to operate within its own proprietary banking structure and designed to serve FinTech and crypto-business needs in areas of money remittance, cryptocurrency exchange, and payment for "real" goods and services under white label solution.
Paygine ICO Roadmap
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Stage I // Phase 1
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At the rst stage, we will simultaneously implement two very important phases.
Existing technologies and services that are successfully operating will be replicated and adapted to work in the European market, underthe new Paygine brand. The current API will be re ned and the foundation forthe development of new services will be established.
To implement this phase — entering the European market — it is enough to identify and select a new European partner, a nancial institution, and to integrate on with it. This will enable us to provide services to Paygine clients immediately after completing first stage of ICO (pre-ICO).
As we explain below, we anticipate that Paygine’s clients will be various Fintech and cryptocurrency entities, which we refer to as «clients» whereas we refer to the clients of our clients, who can be individuals as well as entities as «customers». -
2012
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Establishment
Project start
Team formation
Choice of technology and system architecture design
Start of platform development. -
Stage I // Phase 2
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This phase involves buying two banks (Paygine Bank Europe and Paygine Bank Caribbean) and creating the exchanger (Paygine Crypto Exchange).
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2013
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Development
Development of the platform
PCI DSS Level 1 certification*
VISA and MasterCard registration
Introduction of first services to market
First sales of online loan repayment, merchant acquiring, card2card transfer. -
Stage II
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Our business will focus mainly on fintech companies who desire to work with customers around the world with particular emphasis on larger markets, such as the United States. But working with Americans is not a simple task, especially when it comes to providing financial services, because the US law is very complex and contains many nuances that must be taken into account, such as differing regulations for doing business in different states. We support our clients’ focus on the larger markets, and therefore will ensure that our platform is fully compliant with the applicable regulations in the US and other larger markets.
To do this, we have already established a Paygine representative office in the US and will work to obtain a money-transmitter license (MTL) in each state. We plan to start by registering and obtaining MTLs in three states: California, Texas, and Colorado, and then follow suit in all other states. -
2014
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Achievements
Start of active sales
In cooperation with VISA and MasterCard, new services are developmed and introduced to market
Go-live with our first large retail bank. -
Stage III
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In order to eliminate various risks during Stage III, we plan to open additional Paygine bank branches in Southeast Asia and the U.S., so that we can provide extended services to new users.
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2015 to 2017
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Accomplishments
Advanced service supplier for numerous banks
Turnover as of October 2017 - more than US$ 115 million per month
Portfolio of serviced loans is over US$ 18 billion
Launch of unique peer-to-peer platform.
Activity
Participation in events
- Blockchain Nation Conference Miami
- Roz & Cal Kovens Conference Center, 3000...
Advisors
Verified 50%
Attention. There is a risk that unverified members are not actually members of the team
Former members
Paygine ICO Interviews
Paygine is a great project !
Please, join us!
Due to my past more than 15 years experience in payment system, I have an advisory role on compliance and security aspects too.
Last News
Paygine ICO Reviews
There are plenty of similar projects that were trying to issue the same solutions but did not succeed. The services provided by PayGine have already been introduced by Revolut and is in active development and global expansion. The idea is not unique and several other larger projects already working on the same solutions for a while. It is unclear what has been done by Best2Pay and PayGine separately. There are legal risks pegged to the bank acquisition procedure. The current stage of PayGine development is unclear.
PayGine will charge fees for the access to its payment solutions. The transaction fee will vary from 1.8% to 2.5%. The total cost of 2.5% includes full transaction lifecycle: from client-provider money transfer to withdrawal of funds as opposed to current solutions from existing providers. PayGine will also charge Exchange fees of c. 1.5%. The fee will be split between customer and store. The range between Soft and Hard Cap is quite high and equals to $27M. When compared to the similar projects, the valuation seems too high. Only 27% of the tokens will be available for sale. Most of the ICO collected funds - almost 65% - will be used for a bank acquisition. There are huge bonuses (up to 20%) for the public sale participants.
There are no people with blockchain experience within the team. Most of the team members have corporate management experience and did not start and scale companies by themselves. The team members are scattered around different time zones. They live in Florida, Singapore, Moscow, Donetsk, and Saint Petersburg.
The Paygine project is entering a promising, dynamically growing market whose growth rates will strongly assist this project’s pace of development.
Despite increasing competition in this sector, and the use of blockchain technology by similar projects, Paygine has the potential to take a market share, as its intended strategy of purchasing banks in friendly jurisdictions will ensure stable operation for the platform worldwide, and the introduction of its DLT module will speed up transaction times.
There is a consistency in the implementation of roadmap milestones and clear deadlines set during the period of project creation. The team includes specialists with experience working for Pay Engine Limited (Best2Pay), on the basis of which this platform is being created.
At the same time, this type of activity is subject to licensing and constant monitoring by regulators. The creation of such a business involves constant implementation of all regulations, requirements and standards determined by regulators, as well as a large number of conditions for obtaining various licenses. We do not consider this a risk inherent exclusively in the Paygine project but we note this as a risk for the entire sector. Investors need to understand that in this case further development of the platform’s business will be possible only after passing licensing (regulatory risk).
We should also point out that growth in the price of PGC tokens is limited to the pricing model on the platform, and therefore this model eliminates any risk of the PGC token market price falling below $1 in the long term. At the same time, it is the case that growth in number of users on the platform will not cause a comparable increase in the price of the PGC token.
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