On 16th July, TokenPay CEO Derek Capo, ran a live YouTube broadcast on TokenPay's official channel to speak about TokenPay as a platform, his former business called eFin, his days as an entrepreneur, failures and more. This is in response to Bitcoin influencer Tone Vays' recent Twitter castigation of TokenPay and Litecoin partnership, the respective leaders and their acquisition of stakes in WEG Bank.
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'Tokenpay Speaks Up: Clarity on 10% Stake in Bank, Token Suisse and More'
Derek Capo, along with crypto-enthusiast Sean Davis, approached the discussion by speaking about TokenPay's recently released website. It is for the rebranding of TokenPay, which also displays the products that the company is working on. One of the main features is merchant services which are planned to be brought in August.
Merchant services are significant for the adoption of cryptocurrencies in businesses. The TokenPay CEO also added: "Merchant services is needed in order for businesses to start accepting crypto and then once we start to get the ball rolling there we will get hopefully hundreds of thousands of businesses worldwide to be able to start accepting crypto."
Since TokenPay is not as popular as Litecoin in the cryptocurrency space, the platform is following the push-pull business strategy to spread its adoption. Litecoin is pushing the adoption of their coin through sales while TokenPay still has a long way to go in terms of recognition of its ecosystem. This is why TokenPay is establishing more and more partnerships, explained Derek.
Next, he clarified the purpose of Token Suisse, which according to Derek, is going to be a regulated, registered broker-dealer. This is why TokenPay purchased the 10% stake of a bank. Post this purchase, TokenPay can issue certificates for coins. For instance, not all crypto-holders, especially institutions that want to actually hold their digital assets in a wallet. The exchanges are centralized, vulnerable to hacks, and do not always possess an insurance.
Many individuals of high net-worth invest in cryptocurrencies to diversify their portfolio. The role of Token Suisse is to issue certificates for that customer base. However, the certificate requires funds worth at least $1 milli0n to be executed. For acquiring such a certificate, Token Suisse may charge a yearly fee or an entry and exit fee. Currently, TPAY is not tradable but can only be invested via certification.
The conversation shifted to eFin, one of the startups of Derek and initially, was a credit store for stocks that operated on several algorithms. On this, Derek admitted that the business failed within three to four months, due to a major competition and other factors. Furthermore, the domain name of this business, eFin, was versatile and decided to be built into a decentralized exchange.
Derek explained the reason for his interest in building a decentralized exchange. After stating that many cryptocurrency exchanges are attacked by hackers time and again, he said: "We realized that there was obviously a demand for having a decentralized exchange but there was no big one out there that was actually doing a really good job, so what we decided to do was build an exchange and build a specific coin that would work within that exchange, apart from other coins that you can have in exchange."
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On the Litecoin-TokenPay deal, Derek said that the deal is important because of Litecoin's huge reach on every exchange in the world, by default. He also mentioned that Charlie Lee can assist TokenPay to enter new networks, and vice-versa. He cites an example of the importance of having a wide reach by stating that the partnership deal was covered by a plethoraВ of news portals online.
