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Financial Services

PayGine

Paygine is a financial platform designed to offer cryptocurrency-related services to both individuals and businesses, allowing for more comfortable currency transactions in a variety of usage scenarios. PayGine is an open financial platform with an open API used to operate within its proprietary banking structure to serve FinTech and crypto-business under white label solution.

Rating: 2.8

Official contacts
Location: N/A
Web-resources:   Whitepaper Website
Social networks: N/A
Product source tracking: N/A
Details Description Risks Full analysis Team

Detailed review

Stage of product development
PayGine was created in 2017 by the founders of Best2Pay. PayGine will be based on the Best2Pay technology stack. However, the current stage of PayGine solutions development is unclear.


Token description
ICO date
18.06.2018 - 17.08.2018
Token price
Pre-sale: 1 USD = 1,4 PGC (bonus 40%)
Private Sale: 1 USD = 1,3 PGC (bonus 30%)
Crowdsale: 1 USD = 1,3 PGC (time bonus up to 30%)
Platform
Ethereum
Hard cap
30000000
Soft cap
3000000
Capitalization of token pool
111000000
Blockchain
Ethereum
Token distribution date
N/A
Consensus method
Proof-of-Work
Escrow
N/A
ICO currencies
ETH
Bounty camping
N/A
Markets
N/A
Token functions
The PGC token will be the basic functional tool on the Paygine platform and can be purchased through the ICO sale. Token holder will have the right to pay for goods or services using tokens with a discount from 10 to 30%
Tokens distribution
Token Sale (27.0%)
Team (15.0%)
Reserve (57.0%)
Bounty (1.0%)
Risks
MARKET

There are plenty of similar projects that were trying to issue the same solutions but did not succeed. The services provided by PayGine have already been introduced by Revolut and is in active development and global expansion.

PRODUCT

The idea is not unique and several other larger projects already working on the same solutions for a while. It is unclear what has been done by Best2Pay and PayGine separately. There are legal risks pegged to the bank acquisition procedure. The current stage of PayGine development is unclear.

BUSINESS MODEL
FINANCES

The range between Soft and Hard Cap is quite high and equals to $27M. When compared to the similar projects, the valuation seems too high. Only 27% of the tokens will be available for sale. Most of the ICO collected funds - almost 65% - will be used for a bank acquisition. There are huge bonuses (up to 20%) for the public sale participants.

TEAM

There are no people with blockchain experience within the team. Most of the team members have corporate management experience and did not start and scale companies by themselves. The team members are scattered around different time zones. They live in Florida, Singapore, Moscow, Donetsk, and Saint Petersburg.

Full analysis
Market

According to the World Bank, total remittances sent in 2016 were above the $530bn mark and have grown at a CAGR of 10.4% since 2000, representing a significant global services market. The average cost for senders of remittances in Q3 2017 was 7.21% (of the total principal sent), which follows a trend of declining costs. The services provided by PayGine have already been introduced by Revolut and is in active development and global expansion. Also, there are plenty of similar projects that were trying to issue the same solutions but did not succeed. FortySeven Bank, Local Coin Swap, and other similar projects were previously launched ICOs. None of them had high ROI and they are traded at 20% of the ICO price.

Product

Paygine is a financial platform designed to offer cryptocurrency-related services to both individuals and businesses, allowing for more comfortable currency transactions in a variety of usage scenarios. PayGine is an open financial platform with an open API used to operate within its proprietary banking structure to serve FinTech and crypto-business under white label solution. PayGine will create an e-wallet, exchange between crypto and fiat. The idea is not unique and several other larger projects already working on the same solutions for a while. It is unclear what has been done by Best2Pay and PayGine separately. PayGine was created in 2017 by the founders of Best2Pay. PayGine will be based on the Best2Pay technology stack. However, the current stage of PayGine solutions development is unclear.

Business model

PayGine will charge fees for the access to its payment solutions. The transaction fee will vary from 1.8% to 2.5%. The total cost of 2.5% includes full transaction lifecycle: from client-provider money transfer to withdrawal of funds as opposed to current solutions from existing providers. PayGine will also charge Exchange fees of c. 1.5%. The fee will be split between customer and store.

Finances

The hard cap of PayGine will be $30M, the Soft Cap is $3M. The team will sell 27% of the tokens. Therefore, the company valuation will be equal to $110M. Compared to the similar projects, the valuation seems too high. For comparison, FortySeven Bank received $10M during its ICO, Bank4You received $8M. \nThe team also aims to attract $5M in equity, in addition to ICO attracted capital. Therefore, the team aims to attract $35M in total.\nThe use of ICO proceeds will be as follows: 65% for buying the bank, 18% for the staff expenses, 5% for legal expenses, 10% for software expenses, and the rest will be used for operational expenses and lease.\n57% of the tokens will be reserved for the foundation, 15% will be given to the team members, 0.8% is kept for bounty.

Team

The core team of PayGine consists of 8 people. The previous experience of all the members mainly includes commercial banking (SEB Bank, ABN Amro, Renaissance Capital, Societe Generale, Raiffeisen bank, Promsvyazbank) and cards processing.\nThe CEO of the company previously launches Best2Pay - an e-commerce gateway. He also worked at SEB Bank as a head of payment cards division.\nThere are no people with blockchain experience within the team. Most of the team members have corporate management experience.

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