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.”