Paytomat, looking to accelerate the use of cryptocurrency for everyday payments with its decentralized franchise and blockchain-based loyalty program, recently announced the successful close of their pre-sale. All 5,000,000 PTI tokens allocated to the phase have been sold, with the majority going to established teams in the blockchain industry. In fact, there was so much industry support that they are considering limiting their main token sale exclusively to institutions.
According to Paytomat CEO, Yurii Olentir, “…we have decided to revise our token sale strategy and postpone it to make time to negotiate with other crypto core teams… Right now we’re signing agreements with institutional contributors; we plan that they will cover at least 85% of our token sale. This approach brings clearer perspectives for PTI and will directly influence its market price when our token hits the exchanges.”
However, Whitelist registration is currently open for wider public. Tokens that were already sold during the pre-sale will be distributed to their holders 10 days after the main sale ends.
Paytomat’s goal is to connect merchants and consumers at the point-of-sale with the ability to utilize cryptocurrency as actual currency, rather than a speculative instrument. This provides a useful function to businesses and consumers alongside much-needed liquidity for both coin makers and coin holders.
Strong partnerships and networking within the crypto-community are part and parcel of what Paytomat aims to bring to the larger ecosystem. Buy-in across the board is key, starting with cryptocurrency core teams and then the broader business and consumer communities.
Olentir stated that their team is going above and beyond to connect with the broader community: “Besides product development, we have been paying a lot of attention to networking with crypto core teams. We’re working closely with DASH, WAVES, NEM, ZenCash, Decred and other communities. We’re happy to see their great support for Paytomat and our potential to develop into a global payment system for crypto.”
The WAVES project is especially involved in Paytomat, with Sasha Ivanov, WAVES Founder and CEO, sitting on Paytomat’s advisory board. This comes on top of recently securing 100,000 WAVES as part of Paytomat’s residency in the WavesLab blockchain incubator. At the time of that announcement the contribution was worth approximately USD $500,000.
Along with collaboration with core cryptocurrency teams, Paytomat has secured partnerships and integrations with several point-of-sale platforms such as Poster. Paytomat currently supports 11 cryptocurrencies: BTC, LTC, DASH, WAVES, XEM, ETH, BCH, NANO, ZEN, DCR, and XZC. At time of writing, the combined value of these networks is approximately USD $250 billion. This will naturally fluctuate even as this article is published, but that does not undermine the enormity of the success so far. Aside from investment in new projects, there really isn’t a lot of places that value can go.
This is where payment projects like Paytomat come in. The fact is, cryptocurrency needs to be infinitely simpler to use if mainstream adoption is to occur. Without the ability to use these assets as currency, whether in a bricks-and-mortar store or online, cryptocurrency will fade into the background. Crypto needs to offer functionality that doesn’t just match the capabilities of current FinTech but transcends it in terms of security and usability. This will only happen if intense collaboration takes place across industry stakeholders. After all, it takes a village to raise a decentralized, autonomous and secure global financial system.