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November 10 2017

ICO Alert Report: Bonpay

ICO Alert Report: Bonpay

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TL;DR

-One Ether = 500 Bonpay tokens (BON)
-10% bonus until November 14; ICO ends November 28
-0.15% cash-back on the cryptocurrency cards
-20% bonus on all contributions over 20 Ether
-Exchange adoption expected in November (according to roadmap)
-Tokens distributed immediately after contribution, and transferable after the ICO

What is Bonpay?

Bonpay is a crypto-wallet and card solution provider. Currently, we provide the lowest fees for all Bitcoin enthusiasts who want to withdraw their Bitcoins virtually or to a debit card. Bonpay is an easy and convenient service available from any device. The Bonpay Crypto Card is the latest technology implementation that makes cryptocurrency withdrawals available to anyone. Such features, as enhanced security and simplicity of usage make it irreproachable.
The main goal for us right now is to add more crypto wallets and all-in-one solutions for our customers to fulfill the needs of the crypto community.
— The Bonpay Team

Q&A

ICO Alert: How does the Bonpay token (BON) function within the platform and why is it needed?

Bonpay: The main point from our side is that we are trying to build a strong community among our ITS participants. The main features for our BON token holders are:
1. For ICO participants with 20+ ETH, we will provide a special black card with special limits and fees on it (the countries where the card will be available will be announced soon).
2. BON token gives its holder an incentive of 0,65% referral commission from each payment made by Bonpay Сard owners. Accumulative amount of fees from these transactions will determine reward pool.
3. Making a decision on the future of product development in the group created right for ICO participants who took part in initial token sale.
0.15% cash back card commissions.
4. Higher affiliate bonus for attracted customers via affiliate links.
5. Access to the newly launched products

ICO Alert: What makes Bonpay different than the other wallet and card projects that have been launched? What advantages does Bonpay hold over other cryptocurrency related marketplace projects?

Bonpay: Nowadays, there is some competition in the crypto payment market, but Bonpay has some extra advantages to offer. We are talking about DLN, the new conception of turnover of fiat and cryptocurrencies. DLN will reduce transaction fees, international transaction fees, optimize exchange rates, and it will help to connect buyers and sellers of crypto and fiat money.
Also, we are one of the few ICOs that have already launched a live product.The experience of our team is the main difference. We obtained experience in both crypto and traditional finance. Our knowledge is the bridge between the crypto and fiat worlds.

ICO Alert: What new standards in security have been created by the development team for this project, as discussed on the website?

Bonpay: The first version of the live project came with strong geolocation security settings (IP whitelist for logging into account). Privacy security settings and two-factor authentication security measures, A security log for all login attempts, and separate funds storage.
Upcoming standards will include: Cut-throat blockchain assets protection; Self-controlled data protection system; Zero knowledge security system; Full user control over private keys; Multi-sig technology aiming to secure and preserve financial privacy; Account activity smart notifications; and time and amount lock settings for transactions.

ICO Alert: How does Bonpay plan to market the project? Is the target audience the current cryptocurrency community, or is the focus to help on-board new customers to the space?

Bonpay: We have a wide view on the world of crypto. On one hand, Bonpay provides services to make a withdrawal of cryptocurrencies widespread and available for the masses, on the other hand, every crypto enthusiast is also interested in using our products. The Bonpay card is an ideal solution to withdraw funds for cryptocurrencies exchange traders, miners, Internet marketers, webmasters and freelancers. It can be used easily and quickly, regardless of geographical and banking boundaries.

ICO Alert: What is the DLN as a part of the project? For those who are not familiar, why is it important?

Bonpay: Decentralized Liquidity Network (DLN) is a revolutionary technology that is being developed by the Bonpay team. DLN will be based on interaction of several smart-contracts that enable liquidity providers, rich individuals as well as Bitcoin exchanges, safely cooperate rather than compete and provide their customers increased liquidity. Participants don’t need to trust each other, as everything is cryptographically protected. Bonpay will be one of the equal participants of DLN and the first investment in it.

ICO Alert: How do users get the Bonpay debit card? Are there fees associated with using the card or the wallet itself? Where is the card accepted?

Bonpay: Bonpay issues virtual and plastic debit cards. To use the Bonpay debit card, you should register for an account on the Bonpay website, verify your identity and residence, and order your card. That’s all! You can choose regular delivery (2–4 weeks) or express (3–5 days). Issuing a Bonpay plastic card will cost you $15 and you can order virtual one for free. You can find fees on our website, there is a full description there. The Bonpay plastic card can be used at over 42,000,000 points worldwide! So you can use it in every store you want.
Please take note that currently we provide the cards only in Europe, according to our card issuer rules. But we will provide the community with brand new cards, (Black Limited Cards for our ICO privileged members with investments over 20+ ETH, these cards will have special limits and fees) as well as cards for all non-EU customers worldwide. Our advisory board and team experience clearly shows that these plans are reality.

ICO Alert: What are the credit options that Bonpay plans to implement and why?

Bonpay: This is a great and useful feature in our product development. All card holders will be able to use the safe plastic or virtual card they already have, but there will be a credit line according to their payment history with Bonpay. It’s just a matter of time for us to add this feature to our service.

ICO Alert: How far along is the project today and when can contributors expect to use the platform? What does the roadmap look like for the rest of 2017 and 2018?

Bonpay: Bonpay has already launched a live product: a Bitcoin wallet. Every user can receive, store and send Bitcoins with it. The interface makes the wallet easy-to-use for everyone. Also, customers can order cards and simply send funds from crypto to fiat and use funds on the daily basis.
The next step is to add more cryptocurrencies and some ERC-20 tokens.
Our goal for 2018 is to launch an app for Android and iOS, obtain a banking license, form partnerships with new card issuers, launch DLN and many more. Our mission is to bring the world a new successful service!

ICO Alert: As a non-Bonpay question, we like to ask for unique predictions for the ICO and cryptocurrency space in the future. Where do you see both in the next 3–5 years?

Bonpay: ICOs are great for both enterprises and participants. Based on full mutual trust, it allows companies to gain engaged supporters who truly believe in the success of your project. ICOs will certainly stay with us for long, but due to the development and experience, the number of enterprises that are not able to stand by their promises after the ICO stage will diminish. There is an ICO boom now, and it’s difficult to distinguish startups with future from one-month enterprises intended to get money as fast as possible and disappear. In the future, ICOs will be refined and regulated, so people who invest money will be sure about the reliability of projects they are interested in.
Currently, we see some misunderstanding of cryptocurrency and blockchain from the side of the classic financial world, so there is still a lot of issues to resolve, but we strongly believe that blockchain and decentralization are the only possible and true future for finance. In just a few years, systems will be accepted and understood by more people and institutions. Once the market overcomes the high volatility that it has today, cryptocurrency will be much more stable. Many cryptocurrencies will sift out and only few will stay, but they will be time-tested and trustworthy.

ICO Information
The ICO began on October 31, 2017 and ends on November 28, 2017. The token is expected to start trading on exchanges in November 2017, according to the Bonpay roadmap. Negotiations are being held with HitBTC, Bitfinex, Yobit, Liqui, CoinExchange, Cryptopia, Coinone, Quoine, Gatecoin, and Changelly.

Bitcoin, Ether, Litecoin, Dash, and a variety of other cryptocurrencies are accepted as contribution, as well as a dozen different ERC-20 tokens (BAT, OMG, GNT, and more). There is a hard cap of 200,000 Ether and a soft cap of 15,000 Ether. The soft cap was reached in two days which will allow the project to complete the following milestones:

  • Multi Currency all-in-one crypto wallet
  • Crypto cards available worldwide
  • Integration with more than 5 leading crypto exchanges
  • Integration with payment systems (for convenience of purchase/withdrawal in cryptocurrency)
  • Development and improvement of web-version
  • Development of Android and IOS service apps
  • Partnership with financial services in EU, Africa, Asia regions for providing the most comfortable ways for the customers to fund their crypto balances

For every one Ether contributed, participants will receive 500 Bonpay tokens (BON). The bonus schedule is as follows:

November 8–14: 10% bonus
November 15–21: 5% bonus

For more information on how to participate, visit the Bonpay blog.

Token Distribution Information
Tokens will be distributed to contributors immediately after contribution and once the transaction is confirmed. Tokens will be transferable once the ICO has completed.

All contributors/BON token holders will receive a Bonpay black card that can be used for purchases. Cardholders will receive 0.15% cashback and there is an exclusive affiliate program offering a 0.65% referral commission from each payment made by referred Bonpay card owners. These rewards are expected to be paid out every six months in Ether or BON tokens according to the Bonpay whitepaper. There are additional benefits for those contributing more than 20 Ether and 200 Ether.

The full amount of tokens is being allocated as follows:
51%: ICO
34%: Business development and operating issues
15%: Early ICO participants, founders and employees

Team
Alex Blazhevych, CEO
Linkedin
Alex has over seven years of experience in the realm of crypto financial systems. He is a business developer, analyst, business partner, and executive. He has developed Bonpay from a startup to a functioning entity.

Oleg Boykov, CTO
Linkedin
Oleg is a developer with a strong technical background and more than six years of experience as a specialist in product development and infrastructure creation for transaction flows.
He has experience as a technical lead and generator of workable technical solutions for business.

Valentin Kaduchenko, CPO
Linkedin
Valentin has over eight years of experience in engineering, marketing and operations management. He is a product manager and creative vision strategist of product development.

Julya Bashtannik, CFO
Linkedin
Julya has over four years of experience in business strategies and is a specialist in financial analysis, international finance interaction, compliance, and risk. She has an in-depth knowledge of monetary systems, cryptocurrency, and financial instruments.

Social Media
Twitter
Linkedin
Facebook
Instagram
Youtube
Telegram
Medium

View the Bonpay Website here.

View the only comprehensive list of active and upcoming ICOs here.

References
(1) Bonpay Website, Bonpay, (2017)
https://bonpay.com/

(2) Bonpay Whitepaper, Bonpay, (2017)
https://bonpay.com/whitepaper

Topics: Blockchain, ICO, Cryptocurrency, Investment, Payments