Ask Me Anything ( AMA) Crypto Eri with Anish Jain, Melcom Copeland & Stas Madorski (WadzPay)
Always a pleasure catching up with Crypto Eri. We hope that you enjoy our AMA featuring Anish Jain, Melcom Copeland and Stas Madorski as we discuss expansion plans for WadzPay, digital asset use cases and a lot more!
You can watch full interview here. Below is the Summary of the Ask Me Anything session.
- Since we last spoke have you entered any new geographies or expanded?
- Expanding in Middle East, we were just in Dubai, now also in Bahrain.
- Looking for further expansion in Africa, (below Egypt) and Southeast Asia.
- Now have a trading desk and development centre in London/
- Signed a project in Canada.
- Government projects coming up.
2. Are there any partnerships or developments that you can update us on?
- We are in a disruptive space, so we work alongside regulators.
- Currently focusing on that, so recently we are careful about which partnerships we can make public.
- Made progress on CBDC front.
- Secured/securing relationships with acquirers, issuing banks, neobanks.
- Moving forward on gaming side.
- Just got into a new line of business NFTs which have a great use case in gaming.
- We are bringing a new layer to our mix that will incentivise gamers.
3. You recently launched the XDC bridge can you tell me more about that?
- XDC are incredible partners with a great network.
- WadzPay’s key promise is providing interoperability, for this reason we want to ensure we provide a bridge between different blockchain protocols so that users can choose which they use depending on the use case.
- Through our bridge, users can convert ERC-20 tokens to XDC20 tokens.
- We are one of the only low cap coins who have a bridge in place.
- We have also bridged to Binance Smart Chain and will expand further to ensure continual choice and mobility for digital asset use cases.
4. Many tokens were affected by the hack that happened on BitMart and I understand WTK was affected. How did you manage to recover everyone’s funds?
- We put ourselves in the shoes of WTK holders.
- Team worked nonstop for 24 hours a day.
- Took the problem into our own hands as we did not want to be dependent on anyone in terms of sourcing a resolution.
- We successfully recovered all funds by deploying a brand-new contract, and there have been no issues reported.
5. How will your role turn out to merchants, and the unbanked?
- We are a technology company in B2B space, that sometimes provide programs for B2C.
- We enable existing infrastructures to communicate with the blockchain.
- Providing local switches, international switches, cross border switches (all relevant in the ecosystem).
- Working closely with payment distributors and regulators.
6. What markets do you see adopting digital assets?
- We are just trying to make an alternative payment method for the demographic coming up.
- Gaming is huge. Whether it is real money gaming, social gaming, and so on, we want to make it easy for gamers to engage, through sophisticated on ramp off ramps, whilst not affecting overall customer experience.
- Unbanked markets pushing for digital finance, constitutional finance.
- We are working closely with central banks where stablecoins are governed.
7. You have started talking about NFTs and the Metaverse on social media, is there a reason for that? Which platforms to you like to use?
- Big fragmentation in social media, each platform targets a different audience.
- Important for us to use the right channels in relation to what we want to communicate.
- Best is website, as it allows insight into our vision, mission, who we are.
- Twitter we just started using for social, LinkedIn more for B2B.
- A place for everything to sit within an overall structure.
- This year we will be experimenting in other places, you’ll see the WadzPay logo everywhere.
8. The Token pays fees for access to the WadzPay payment platform — How much does that cost?
- Its variable.
- Not just set in a rate card, depending on what they spend and what they need, we base our business model around that.
9. WTK allows for faster, cheaper, and more efficient settlement within the network. Does the merchant receive WTK or is that converted to local fiat?
- From a settlement standpoint, depends on local market regulation.
- We allow for payments in any country, but the fee charged to merchant can be a digital currency or fiat depending on the requirements.
- Consumer pays with a currency of choice, fee is charged to merchant in WTK, Merchant makes a settlement with the fee and the settlement in the bank is dictated by the regulator.
10. Tell me about staking the token. Where? What does the yield look like (paid in tokens?)? Is that done through the app?
- Generates passive income.
- It is traditional in the world of banking, but you earn barely anything.
- Even stablecoins can offer competitive rates.
- We want to incorporate it within our blockchain-based ecosystem.
- Launched a WTK staking project on Bitrue exchange with 12% APR, 30-day lockup where we can redistribute tokens to some of the holders.
- Looking into NFT related staking, as it is a growing space.
- Rapidly evolving industry with so many new unique staking mechanisms that we are monitoring to ensure we can keep things fresh.
11. What does an airdrop reward look like? What do I get?
- We haven’t done any in the past, as we were previously on ERC20 and it was it did not make sense.
- Now we are on XDC, BSC, and coming to Solana, the option is available whenever we want.
- We will bring strategic value and certain schemes to drive action.
12. WadzPay is partnering with exchanges to provide partners with the capacity to receive settlements in Fiat in select markets. Can you talk more about this?
- Building a sophisticated on-ramp off-ramp platform, which does require liquidity providers.
- We are creating a money exchange in the cloud, where you can move a certain asset into the cloud, exchange it in the cloud.
- Now things are opening up and society are becoming more normalised towards it, central banks are willing to have conversations, which we are working on.
- Merging the traditional and non-traditional world.
13. What is on the horizon?
- Continue driving interoperability.
- To make the talk of adoption a reality.
- Interact with a bunch of networks where everything working in silos, we want to be the connection.
- Building bridges.
- Emulating existing behaviors in the economy, but bringing future concepts to it and normalising it.
- Secure platform to trade on, plug in existing liquidity providers, and adopt within regulatory requirements around the world.
- 2022 will show growth, new market new geographies, bigger team, and focus on making payments fun.
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WadzPay is an interoperable blockchain-based payments ecosystem. The company was founded in 2018 in Singapore and currently operates in South East Asia, South Asia, the Middle East, and Africa.
WadzPay saw the potential for CBDC and Digital Assets to lead the next revolution in the payments industry: enabling faster payments, improvements in security, and cost-efficiency with optionality.
WadzPay is working with large international payment companies, banks, and global companies to enable digital asset-based transaction processing and settlement.