The initial-coin-offering (ICO) market remains largely unsupervised, having effectively occupied a regulatory blind spot for authorities. This period of lawlessness has helped erode transparency across the ICO field, which represents a stark contrast to other financial investment markets.
Consequently, this lack of overall transparency has fostered no shortage of abuses and practices that has contributed to ICO organizers disappearing with funds, or worse. The industry lacks no shortage of examples of this abuse with projects such as Confidio, which led to ICO employees stealing money from customers, as well as in the case of Steele, having led to lengthy legal battles over investor funds, or for example the situation surrounding Tezos.
In light of this vulnerability to ICOs, Cryptopay has charted a different course, with its project emphasizing transparency above all else. Cryptopay links Bitcoin to the world of traditional finance by offering a plastic payment card which can be used to make purchases in Bitcoin.
Moving forward, they will be able to function in all the places that other major cards do. Cryptopay also offers customers the option of storing their Bitcoin in a secure account, and converting it to USD, GBP or EUR in order to keep its value stable, as well as withdrawing cash at ATMs. Cryptopay is available on both Android and iPhone.
The function charges a miner fee and a small 1 percent fee for converting to and from BTC, and nothing more. There are no hidden fees or unfair pricing tables, because the pricing system is completely transparent. Moving forward, the team will be also launching a fully-fledged trading broker, allowing customers to trade bonds and other assets.
Cryptopay providing full disclosure
Cryptopay maintains several avenues of communication with its investors. The results of its ICO recent displayed are full on its website, which is a notable departure from other projects. Moreover, the group provides a real-time readout of the number of users on the network, the number of transactions processed, and track of the revenue share distributed.
It also shows a full timeline of the firm’s development, which includes all funding details. The timeline stretches into the future to reveal the company’s plans for as far reaching as 2019. Cryptopay also maintains a blog in which it reports and analyzes monthly revenue. The project even does this when revenue drops, explaining the reasons behind that eventuality.
Of note, Cryptopay has a Telegram channel that customers can use to communicate directly with the Cryptopay team. This in itself differentiates Cryptopay from other crypto-projects that are often shrouded in secrecy and become unresponsive at the first sign of distress.
Cryptopay has also made inroads with the public, recently hosting another ‘ask me anything’ session on its subreddit page, where CEO and founder George Basiladze answered all questions live.
The Cryptopay whitepaper reiterated this stance, noting: “Token sales provide an opportunity to engage with the community and build products in consultation with token holders and experts.” In terms of engaging with the community, Cryptopay is aiming to be one step ahead of the rest.