KuCoin AMA With ZoidPay (ZPAY) — The Go-to Open Architecture for Building the Next-generation Web3 Financial Services
Dear KuCoin Users,
Time: April 24, 2023, 14:00 - 15:06 (UTC)
Official Website: https://zoidpay.com/
Whitepaper: Click to view
Eduard — founder of ZoidPay, Eduard,
Eduard is a serial entrepreneur with more than 15 years of experience in the tech and marketing industries. After earning a double degree in Business Management and Information Technology, specializing in Engineering and Data Science, he's been on an entrepreneurial journey. That's taken him from starting a digital agency and a web development studio to being part of the founding team at Rewordly and Cardanti. He's been actively involved in the blockchain space since 2016, founding ZoidPay in 2018. ZoidPay is currently readying itself to be the go-to open architecture for building the next generation of Web3 financial services
Q&A from KuCoin
Q: How would you describe ZoidPay? And can you provide some background into the journey so far?
Eduard: ZoidPay is the go-to open architecture for building the next generation of Web 3 financial services. Early in this journey, which began in 2018, we realized the power of decentralization and how it can evolve. I prefer using that to disrupt industries, especially the financial sector. So, what initially began with a plan to make crypto payments easy by acting as what we refer to as the Liquidity Layer, we are building an ecosystem and infrastructure for retail and institutional participants, making Web 3 easily accessible.
Through our suite of products, we aim to drive the adoption of Web 3 and AI. With our soon-to-be-launched Super App, we will extend to retail users a powerful and seamless platform for all their banking and crypto needs. A fintech powerhouse, the ZoidPay Super App aims to onboard 1 million new users to Web 3 by the end of the year. Our B2B offering, ZoidCore, is a developer toolkit of APIs and SDKs. This will let any company transition from Web 2 to Web 3 in minutes.
Q: ZoidPay recently received an investment commitment of $75M. Can you tell us more about this?
Eduard: We received an investment commitment of $75M from GEM Digital Limited. This comes as a major shot in the arm of our plans of being the go-to open architecture for building the next generation of Web3 financial services. While we have all of the building blocks in putting together the infrastructure needed, such as team, tech, partnerships, vision, and mission, we must recognize the need for funds when it comes to putting it all together. GEM has been incredible during the past year since our first meeting. The financial commitment makes it a lot easier as we progress on this path.
Q: You spoke of being the biggest Web3 infrastructure provider. Can you provide more details about the ZoidCore, the developer toolkit available for application integration?
Eduard: Imagine, for example, an existing healthcare provider who wants to adopt crypto payments. They have two choices; build the infrastructure from scratch, and spend loads of money and time. Or, instead, opt for our open architecture. By adopting ZoidCore's APIs and SDKs, they can suddenly accept cryptocurrency payments. So there's no need to rebuild the wheel. Payments are only one facet of what we are building.
Our APIs cover all stages of business; Authentication, Onboarding, KYC/KYB, Storage (IPFS), Instant Card Issuance with both virtual and physical cards, DeFi modules including Loans, BNPL, and more. Imagine the market here! Every industry is a potential client for ZoidCore. And a lot is happening. To give you insight, it's more than a little; we are working with a massive global level B2B client in helping them put together the infrastructure to switch from Web 2 to Web 3. For the record, this client has an existing base of 350M users and works within the financial sector space. Take a look at the scope here, where ZoidPay is an exclusive provider of Web 3 architecture for their existing setup! This gives us confidence in being the world's biggest Web 3.0 architecture provider.
Q: On the retail side, you are building a Web 3 Super App. What features and functionalities can users expect from the ZoidPay Super App, and what development stage are you at?
Eduard: This is a massive project and milestone for us. We are working with the best to put the app together. To give you a perspective, one of our key tech partners, providing the infrastructure for onboarding, KYC, compliance, and more, is among the world's leading payment service providers. We expect to make the announcement of the partnership this week.
We want to provide users with just that app that handles all their financial needs - banking, financial services, crypto, and more. As an example, you will be able to send and receive funds in both crypto and fiat currencies. All features will roll out in stages and versions, but we expect to roll out the first working version of the app in June this year. There's a lot happening at the back end, and the objective here is to provide users with a seamless experience from the word go. Please follow our blog and socials to stay updated on all the developments on this front.
Q: 2023 is a massive year for ZoidPay, from what we've seen in your communication. You've already spoken of the Super App and ZoidCore. So what else is a massive milestone on your roadmap for this year?
Eduard: Last year, we embarked on a journey of hyperscaling. Our journey at ZoidPay has taken us across blockchains such as TomoChain and now with MultiversX. Cross-chain scaling and interoperability are an absolute must for the entire blockchain ecosystem!
From our perspective, this is a massive step in that direction. We aim to cross-chain to the Ethereum blockchain and Binance Smart Chain during the year. This is to open up the audience for our products — ZoidCore, the Super App, and the rest of our offerings. We even have an NFT collection, the Zoidsters, which I'm proud to say that almost a year since launch, the floor price is nearly 3X since launch, and we've focused on bringing utility to NFTs. A lot is happening in the ZoidPay ecosystem and we believe going cross-chain will extend all of these opportunities across the entire space.
Q: What are the plans for ZoidPay when it comes to marketing?
Eduard: Marketing is a massive part of what we are doing. We've recently ventured on a large-scale influencer campaign. The aim here is to spread the word about what we are doing. Alongside, we even recently launched a Learn2Earn program called ZMonths which has gone down very well with the community. Our marketing efforts include educating the community and spreading information about what we are building, how, and why. Our marketing plan for the year includes partnerships, and this is a massive opportunity to market and grow in the space.
Alongside this, we have some very exciting sponsorship plans. Last week, we released details on our partnership with OneLife Rally, the world's leading supercar event. That for one is going to have a lot of exciting marketing campaigns planned. In addition, we are soon moving into a new office, and with that, we'll begin rolling out a lot of video content, too — a native vlog. The next few weeks and months are going to be incredibly exciting, and everything we do will be out there, supported by some of the most innovative campaigns in the space.
Q: Finally, let's talk about ZPAY. Can you explain the utility and functionality of the ZPAY token within the ZoidPay ecosystem?
Eduard: ZPAY is our native token; we've built it for utility within our ecosystem. To quickly give you a perspective on our tokenomics, around 57% of our total supply is in circulation. What's more, is that over 30% of the circulating supply is locked in staking. So we've worked with partners and natively launched several options to extend passive income opportunities to the ZPAY token holders. Today, there's a suite of options from staking in shopping pools to farming with rewards in our canary network token WAND.
In all of our upcoming products, ZPAY is going to find utility. One quick example, the Super App will extend a basic and premium version. Switching over to the premium version will be easier for ZPAY token holders. In addition, B2B clients working with ZoidCore can avail of lower fees with payments in ZPAY.
We recently burned tokens, nearly 1.7% of our total supply. So, we've been quick to take bold steps, given market conditions, which factor in the best interest of our token holders.
Free-Ask from KuCoin Community
Q: How do you value security?
Eduard: Security is of utmost priority for us. Buying a bank involves being regulated and compliant on all grounds. We're offering both DeFi and TradFi, so we test consistently - we've also created our infrastructure that serves as a benchmark for industry leaders regarding security.
Q: Security, interoperability, and scalability are the three major issues dominant in crypto and blockchain. So how does the ZoidPay project plan to overcome and solve these issues?
Eduard: This relates to the above answer as well. The security side was the first we tackled—the other 2, interoperability and scalability, depending on the architecture. We focused in the last three years only on this, and we've come to a final product that is scalable and cross-chain compatible.
Referring here to both the Super App and the APIs & SDKs that will help any blockchain onboard developers seamlessly and securely, providing the scalability they need to build new products.
Q: What features/improvements are you planning to add to your products soon?
Eduard: We want to transition to as many TradFi services and products as possible. This way, we provide the benefits of regulated financial services in a DeFi environment.
Q: What have you achieved in the market? What is the next development plan and layout?
Eduard: Super App, for which we already have a pre-order list for the card of 250K users. Web3 APIs & SDKs, for which we already have a client tackling 350M users worldwide.
Q: How does your project platform create awareness about their project to non-crypto users?
Eduard: This is part of the initial vision we had in 2017. So how do we onboard non-crypto users?
We can do an analogy here with the VISA or MasterCard cards - everybody uses them now, but only some know the mechanism behind them. By buying a Bank and launching our Super App, we will be a full-fledged FinTech company that competes with the big ones. The transition will be smooth and accompanied by products and services related to DeFi and TradFi. On the APIs and SDKs, imagine that we're like WordPress. Anybody can build a website now. There are even no-code tools for this.
We're opening the floodgates to non-crypto users to build and scale their businesses where it matters in Web3.
Q: Please tell us the motivations and benefits for investors to hold your token long-term.
Eduard: Our plan for this year is to have at least 1M users for the Super App and launch Web3 to service our biggest client (350M users). This way ZoidPay will become the biggest Web3 provider in the world.
The $ZPAY token powers everything that we build.
Q: What was your motive behind making your project?
Eduard: Making blockchain, crypto, and Web3 available to everyone!
Q: How many team members do you have? Do they have enough experience in the blockchain field? Do they have any experience working in crypto and non-crypto projects?
Eduard: We're massively scaling the team. On average, 4-5 new people join the team each month. We're planning to get to 70 people by July.
Q: Do you have a burn or buyback mechanism for ZPAY?
Eduard: Yes, we have a burn mechanism and a buyback mechanism. We've recently burned 1.7% of the total supply. Regarding buyback, this year, we estimate revenue of $30-$50M, from which we plan on using a percentage to buy back the tokens from the market.
Q: What is your strongest advantage that will make your team lead the market?
Eduard: By far, the Web3 APIs and SDKs will take a massive role in leading the next Web3 (R)Evolution - looking forward to sharing them with you soon.
Q: What are the best ways to use ZPAY to maximize its utilities?
Eduard: We have a really interesting staking mechanism where the validators are called Shopping Pools, and they act as Web3 Banks - join our community and find out more
Q: Can you give an overview of your tokenomics and the utility of the token?
Eduard: Sure thing, here's a very cool infographic on our token, $ZPAY
Q: Who is your ideal consumer for your product?
Eduard: Yes, we like to pride ourselves on our community and their massive role in building the products. They're made for them, and their input is massive.
KuCoin Post AMA Activity — Zoidpay (ZPAY)
🎁 Participate in the Zoidpay AMA quiz now for a chance to win 90 ZPAY!
The form will remain open for five days from publishing this AMA recap.
KuCoin and Zoidpay have prepared a total of 18,000 ZPAY to give away to AMA participants.
1. Pre-AMA activity: 3,600 ZPAY
2. Free-ask section: 450 ZPAY
3. Flash mini-game: 3,600 ZPAY
4. Post-AMA quiz: 10,350 ZPAY
. . .
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