All news on: Paycoin

Online shop to redeem Paycoin at $20 each

Announced today on HashTalk, Gaw’s official forum, Coinstand is a new online store accepting Paycoin only. After obtaining an invite code, users in the U.S., Canada and U.K. are able to buy any goods there, while the paycoins they use are valued at $20 each – about 20 times today’s value of the coin on most exchanges.

According to Josh Garaza, Gaw’s CEO, the shop features “more than 5 million products,” ranging from candies to computers or lawnmowers. “GAW does not own or have a partnership with CoinStand,” he added, explaining that “a number of people volunteered their time and resources to make it happen.”

Considering Paycoin troubles in the recent past, where many users felt abused when Gaw failed to maintain a value of $20 per coin, the opening of Coinstand has received a somewhat lukewarm welcome. In some forums, people tend to see it as “a new scam,” while users in HashTalk are confirming they were able to buy expensive products, such as MacBooks, for a few dozens of paycoins. Right now, 1 Paycoin (XPY) is traded at $1.19 on Bittrex.


Paycoin relaunched

The highly controversial crypto-currency Paycoin is in the process of being relaunched.

Gaw, the company who created the coin that many saw as a scam, has announced that all Paycoin assets will be handled from now on by the PayCoin Foundation, a community driven not-for-profit. “The PayCoin Foundation will take over the management of the PayCoin brand, coin development, and the management of the PayCoin Prime Controllers, under the umbrella of its pending non-profit status,” states the press release. The website has been revamped to become an online wallet.

Additionally, Gaw announced an alliance with XPY Technologies, “to create an advanced online PayCoin wallet service,” that should be launched “soon” and offer “the features that holders of PayCoin have been expecting, such as gift cards, premier accounts, debit cards, and others.”

Paycoin, although still ranking 10th on CoinMarketCap, has lost most of its value in the past weeks and is now traded at 0.80$ for 1 XPY.


Gaw will purchase Paycoins at $20

Following the controversy surrounding the launch of its crypto-currency, Paycoin, Gaw has announced its “Paycoin Honor Program“, “a plan to ensure every coin-holder receives the $20 purchase price for their Paycoin”.

The program will allow anybody to get a $20 payment (in Bitcoin) for each Paycoin. Coin holders will have 30 days to enroll in the program, from February 1st to March 2nd. After an account verification process, transactions will be handled through a third-party acting as an escrow service. “A minimum of $100,000 in payments from the Company to Sellers will be made on the first of each month, until each repurchased Paycoin has been redeemed and each Seller has been paid for Paycoin he or she has sold.”, explained Gaw.

The creators of Paycoin, insisting on the fact that the initiative will “re-establish the $20 value of Paycoin”, have also assured that merchant integrations and enhanced features in Paybase will follow, “as originally planned”.

At the opening of Paybase, the online wallet and e-commerce service dedicated to Paycoin (XPY), many users and observers were disappointed by the lack of announced features and had claimed that Gaw didn’t stand by its promises to maintain à $20 floor for Paycoin. The currency value had quickly dropped (1 XPY is about $4 right now), leading observers to conclude that Paycoin was a mere scam.

On a post on the official Paycoin forum published today, Josh Garza, CEO of Gaw, reaffirms: “This program will continue until all Paycoins held in escrow are purchased at $20 USD in order to show all of you, and the world, that I am a man who stands by my promises.”


Paybase launched

Gaw, creator of Paycoin (XPY), has just opened its Paybase service (in beta). Paybase is an online wallet with uncommon integrated functions. Through the service, users are able to buy paycoins with bitcoins (with the option to auto-convert in XPY any bitcoins sent to a specific BTC address), to sell paycoins for bitcoins, or to send paycoins to anyone with an email address. Merchants integration is also on the roadmap, allowing users to purchase goods directly from Paybase. The company has stated that Amazon purchasing should be proposed soon, but awaits “the final verdict” on legal options.

The launch of Paybase is a key step for Paycoin, a much-talked-about Altcoin which has spurred a vigorous debate in the crypto-community. Some see it as a scam, others as a potential Bitcoin replacement. A couple of weeks after its launch, and some heavy trading on major exchanges, Paycoin is listed 3rd on CoinMarketCap today, with a market capitalization of about $150 million (1 XPY valued around $12).

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