CPAY Grand Finale

Dear all,

Today we're writing with much-awaited news regarding the future of the CPAY token.

As the Final Repayment Date (being 01.01.2023) is drawing near, we've decided not to extend the repayment period for additional five years and instead 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.

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 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.

We will only be sincere if we mention that, as any participant in this market, we're can’t foresee the future and have to deal with uncertainty. Settling the TPLA now will make long-term planning easier, as we won't feel like we're disappointing the expectations of our tokenholders. 

We will keep working on developing Cryptopay, but we've decided that CPAY token will not be a part of it. After witnessing the recent events, we firmly believe that using your native token as collateral is wrong. We could have added more utilities to the token and reduced the fees for those who stake the token, or could have paid cashback in CPAY. We didn't, as our goal is to remain simple and transparent for our clients and see Cryptopay as a reliable, solvent and financially stable company. Integrating the token into our ecosystem would go against this goal.

How?

Stage 1

From 5 December 2022 until 31 December 2022, you can send all your CPAY tokens to the CPAY Foundation wallet address 0x78f810fd0f4dc5247061732f65500c0a6fd5d422.

In response, you will receive the remainder of the referral reward owed 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.

You will also be eligible for lifetime reduced fees at cryptopay.me – for more information, please write to support@cryptopay.me.

Stage 2

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.

All the calculations at this stage 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.