We would like to inform you about the progress of PayAccept. In recent months, in addition to the usual developments, we have been busy setting up the corporate structure, compliance, licensing and acquisitions. We would like to share this information with you through 3 different investor updates of which this is the first where we discuss the company structure, mobile app and website.
The new company structure
Let’s start with the company structure. PayAccept was founded in 2021 as a Dutch private limited company registered at High Tech Campus 10 in Eindhoven, where the employee base will be extended. In regards of the international expansion, it has been decided, in consultation with various legal experts, to register the holding company Mach5 A.G. in Zug (Switzerland), which is the “hotspot” for crypto companies in Europe and therefore offers many opportunities for the global crypto market. The connection with Crypto Valley fits with the mission and vision that PayAccept has in mind.
What does this mean?
This expansion makes it more attractive for PayAccept to attract external capital, but also to obtain the necessary (international) permits. We are proud to announce that we have obtained a crypto license that allows us to trade digital assets. Currently there is an application ongoing for obtaining a Swiss (banking) license (lite-version). This license is especially created for FinTech companies that are becoming unicorns, whereby PayAccept is allowed to issue its own SEPA accounts on behalf of its customers and allowed to hold deposits. The ultimate goal is to let PayAccept grow into a full Electronic Money Institute (EMI) comparable to Adyen in the Netherlands. Together with the shareholders, we are exploring the possibilities of making a Swiss IPO in order to stimulate further (international) growth. We expect to perform an IPO at the end of 2023.
The mobile application
The mobile application is ready to launch in the Apple and Google Play Stores. We have decided to launch the application among our own interested parties in the coming weeks.
We see the application as an extension to easily make mutual payments, whether this is fiat (EUR / USD / CHF) or crypto. It should be easy for everyone to make safe, fast and reliable payments, by means of a QR code, NFC communication or via Apple/Google Pay. The app offers much more than just a storage of fiat and digital assets. The underlying technology is quite unique and runs entirely on its own blockchain. We opted for our own blockchain to avoid the risk of a third party falling over. This will also provide the necessary flexibility to launch new products and services that are immediately available to everyone in the world. This technique also ensures that ‘instant’ payments can be made, whether they are in fiat or crypto. The recent upgrade we made to the app, allows us to accept payments via an email address. This ensures a rapid growth, since new users which are not using the application, will receive a notification that money has been received, and therefore register as a new client.
To make sure our investors are satisfied with the mobile application we will introduce a private launch. After this we will launch the application in public during an IDO to create a maximum effect to bind new users to the application.
We have made the necessary adjustments to ensure that the website is more in line with the mobile application. For example, it’s more focused on what the mobile application can do and in which way it can become attractive to new users and partners.
Currently we are finalizing the documents (white- and pitchpaper) to matches the information on the website and give maximum insights to PayAccept’s market potential.
We hope to have given you our forecast about the latest developments through this first update. In the next updates we will take you further into the listing, the partnerships and the expansions at the office in Eindhoven. In the last part we will take a closer look at the
PayAccept tokenomics, the exchange and the underlying blockchain technology to ensure a complete picture about the organization.
Thank you all for your interest shown so far. Stay tuned for more exciting updates on our progress.