CPAY Foundation ICO Digest

ICO successfully finished on 1 November 2017

Upon reaching the five-year mark since the ICO finished and we’ve distributed the first ever CPAY referral payout, we find ourselves at the point where a decision has to be made: either continue the referral payouts or find another solution.

We care about our tokenholders and believe that instead of extending the repayment term for an additional five years period, it's in the best interest of our tokenholders to get the liquidity now based on the residual fair value of the CPAY token. The cryptocurrency market is going through a period of extreme uncertainty, so receiving the funds now will help alleviate the situation, as liquidity today is more valuable than liquidity in 5 or 10 years' time. Having that in mind, we have decided to settle the remaining Total Principal Loan Amount (or “TPLA” for short) based on the residual fair value of the CPAY token of 0.0362 USDT per 1 CPAY.

From 5 December 2022 until 31 December 2022, you can send your CPAY tokens to CPAY Foundation Ltd’s wallet address 0x78f810fd0f4dc5247061732f65500c0a6fd5d422. In response, you will receive the remainder of the referral reward based on the total amount of tokens received * 0.0362 USDT.
To receive the reward properly, please send your CPAY tokens from your own personal non-custodial ETH wallet, NOT the exchange or custodial wallet.

The final snapshot will be made on 31 December 2022 at 23:59 UTC. Starting from 2 January 2023, owners of the wallet addresses identified during the final snapshot will be able to trigger the referral payout in ETH, just as they did with previous monthly payouts. The only difference is that instead of a monthly payout, the full remainder of the referral reward will be credited to these wallets based on the residual fair value of the CPAY token of 0.0362 USDT per 1 CPAY.
At this stage, all calculations will be based on the ETH/USDT exchange rate valid for 2 January 2023.

Starting from January 2023 the CPAY token will no longer grant its holders referral payment rights.

We will keep working on developing our products, but we've made a decision that CPAY token is not going to be a part of it.
Still, we would like to thank you for your love and support during all these years. We wouldn’t have got where we are today without it.

FAQ

What’s going on?

With the first five years since the ICO end coming to a close, we've decided not to extend the repayment term for additional five years and instead repay the remaining Total Principal Loan Amount (or TPLA for short) based on the residual fair value of the CPAY token of 0.0362 USDT per 1 CPAY.

Why?

We care about our tokenholders and believe that instead of extending the repayment term for an additional five years period, it's in the best interest of our tokenholders to get the liquidity now based on the residual fair value of the CPAY token. The cryptocurrency market is going through a period of uncertainty. Receiving the funds now will help alleviate the situation, as liquidity today is better than liquidity in 5 or 10 years time.

How do I receive my funds?

From 5 December 2022 until 31 December 2022, you can send your CPAY tokens to CPAY Foundation Ltd’s wallet address 0x78f810fd0f4dc5247061732f65500c0a6fd5d422.
In response, you will receive the remainder of the referral reward based on the total amount of tokens received * 0.0362 USDT.
To receive the reward properly, please send your CPAY tokens from your own personal non-custodial ETH wallet, NOT the exchange or custodial wallet.

I’ve just sent my tokens to the specified address, when will I receive my referral payout?

We’re sending the referral payouts manually, so this might take some time. We’ll make sure to send everything out by 12 p.m. UTC every business day.
If anything, don’t hesitate to hit us up in the livechat or via email at [email protected]

Why do I need to send CPAY tokens to you this December and not wait till January 2023 to trigger my reward?

If you’ve sent your CPAY tokens to the CPAY Foundation Ltd’s wallet address between 5-31 December 2022, you automatically become eligible for lifetime reduced fees on cryptopay.me. Please contact [email protected] for more information.

What if I missed your message and saw it at a later date?

Starting from 2 January 2023, owners of the wallet addresses identified during the December snapshot will be able to trigger the referral payout in ETH, just as they did with previous payouts.

Shouldn’t you have waited for my approval to send the funds?

We’re sorry we caught you unawares. It was never our intent in the first place!
Please refer to 3.16 of the ICO Terms & Conditions. The Borrower has the right to prepay Lenders all or any part of the Total Principal Loan Amount of this Agreement at any time by giving not less than ten (10) working days notice on the Website without prepayment penalty or premium of any kind.

I’m against the repayment and much rather you’d add liquidity. Why don’t you?

This would make sense if we added more utility properties. We’ve considered it and decided against it for the fear that integrating native tokens into your ecosystem (perks for staking, cashback etc.) is a step away from transparency and would be of little to no real use to our users. We wish to remain an honest and reliable company for those who choose to use us.

What is going to happen to the token?

We will delist the token from the HitBTC exchange. And once we've repaid the remainder of the referral reward, the CPAY token will no longer grant its holders referral payment rights.

Terms and Conditions Whitepaper Check my tokens helpdesk