CryptoPay ICO Review – CPAY Token Details – CryptoCurrency Wallet, Debit Card, Payment Platform

Cryptopay is a wallet and crypto payment platform where consumers can make transactions with a debit card that has underlying crypto balance.

Concept / Company

Cryptopay has been in operation since 2013 and is one of the longest running digital currency service providers in Europe. It has a broad range of services for the digital currency world – starting with merchant services for bitcoin transactions and building on that to a full digital assets wallet with debit card and payment services.  CryptoPay current business has

  • 57 employees, 3 worldwide offices
  • 450000 registered users and 91000 cards issued
  • Monthly transaction volume EURO 22 million
  • FCA registered small payment institution within UK

Existing Products

  • BitCoin Wallet (Ethereum, LiteCoin and Ripple coming soon)
  • CPAY Debit Card
  • Merchant Processing

The company is raising funds to finance the development of new products, acquire appropriate licenses in Europe and Asia and provide necessary working capital all on the basis of the existing Cryptopay products and infrastructure. Some of the future planned products are:

  • Brokerage Services
  • Current Account and Banking Services
  • P2P Marketplace

CPAY Initial Token Sale Details 

ICO Opening Date2-Oct-2017
ICO Closing Date30-Oct-2017
Websitehttps://ico.cryptopay.me/faq/
WhitepaperLink to Whitepaper
Start Price 1 CPAY = .001 ETH
Bonus / Pre ICO OfferSee below
  • CPAY Token Total Supply :  320 Million tokens
  • Available in Token Sale (ICO) : 165 million CPAY (inl 10% Bonus)
  • Bonus Schedule
    • 25% Bonus –  Presale –  25-9-2017 to 2-10-2017
    • 10% Bonus – ICO – 2nd Oct to 3rd Oct
    • 5% Bonus – ICO – 3rd Oct to 10th Oct
    • 2.5% Bonus – ICO – 10th Oct to 17th Oct
    • No Bonus – 18th -30th Oct

Token Sales:   

Presale 25-Sep-2017 to 2-Oct-2017

75 million CPAY on Pre-sale offer (inc 25% bonus)

Min / Max Purchase:  50 – 5000 ETH

  

Use of Token :   

Holders of CPAY tokens will receive monthly referral commissions. Starting from January 2018, 10% of the aggregate revenue from existing and newly developed products will be distributed every month to holders of CPAY tokens pro rata.

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Team  available in the whitepaper.

RoadMap:   https://ico.cryptopay.me/#roadmap

How to Invest :  CPay tokens will be sold on ico.cryptopay.me and will be available for all verified users. Users will need to use either Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) or Ripple (XRP).

See the things you need to verify yourself including providing your ID, address and photo.

Other Similar ICOs :   N/A

Current Status:  The company has already raised EUR 15 million 

CryptoPay ICO Review: 

USP:  It is an established company with already working business model (i.e. crypto wallet, crypto card etc) and already have existing users and customers. So, overall seems credible company.

Cons:  

  • The ICO token price is 1 CPAY = .001 ETH (equivalent to USD 0.30) which seems quite expensive as compared to the token benefits.
  • As you can see from the usage of token section – token holders will get 10% of the revenue. The current monthly volume is 22million / month and growing 10% each month – mostly like the volume will be 500million in a year. assuming the company will earn 1% of the volume, (i.e. 5 million). 10% of that (i.e. 500k) will be distributed to 320 million tokens which will be equivalent to just USD 0.002.  So by having a token rate of USD 0.30 it is valuing the token very expensive.
  • You need to be a verified user to use the token, that means you need to give your ID & address proof.
Summary: Although the company has good credentials and future products looks promising, I may avoid this ICO just because token price is high as compared to the token benefits.  Users may consider subscribing to this token, if they have long term horizon.
 
 Latest Market Price:  To be added when listed.

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