BTC $54366.26 (-0.2%)
ETH $4050.15 (-1.7%)
USDT $1.00 (-0.0%)
BCH $552.18 (-3.0%)
BSV $142.89 (-3.2%)
LTC $190.08 (-4.0%)
BNB $584.05 (-1.7%)
ADA $1.50 (-3.6%)
DOGE $0.20 (-3.2%)
BTC $54366.26 (-0.2%)
ETH $4050.15 (-1.7%)
USDT $1.00 (-0.0%)
BCH $552.18 (-3.0%)
BSV $142.89 (-3.2%)
LTC $190.08 (-4.0%)
BNB $584.05 (-1.7%)
ADA $1.50 (-3.6%)
DOGE $0.20 (-3.2%)
Coucil of apes CQ

A Comprehensive Rundown of the BNBPay Crypto Payment Project

BNBPay Project Press Release

We live in an intriguing time in history, where the internet affords a greater capacity for knowledge and action for its users, resulting in numerous changes in several aspects of daily life. Web3 is the progressive transformation of the web and refers to the emergence of decentralized apps (dApps) that run on blockchains.

Powered by Web3, the DeFi space is growing exponentially, with a greater variety of applications and projects in the public blockchain space geared toward disrupting the traditional finance world. There is an expectation that Web3 transactions will become more commonplace in e-commerce shopfronts in the next few years, with customers purchasing goods and services from online stores using smart-contract-powered dApps. Innovative minds that understand this new horizon of possibilities are positioning themselves to take advantage of the new generation of businesses emanating from this space. Among them is the Singapore-based crypto payment solution company, BNBPay.

BNBPay is a start-up that aims to become the most widely accepted crypto payment gateway for Web3 commerce. The platform was conceived on the Binance Smart Chain (BSC) and incorporated the much-heralded ERC-1363 protocol. This protocol will enable users of the BNBpay platform to pay for goods and services using $BPAY tokens and other BSC tokens built on the Binance Smart Chain. The $BPAY token is the native currency of the BNBPay platform.

The Team and Vision Behind the BNBPay Project

The BNBPay team is led by CEO Zave Huang, who is described as a spirited entrepreneur who has built many businesses. Zave has over five years of experience in merchant payments, and he is responsible for guiding BNBPay towards its vision, acquiring funding, and establishing key strategic partnerships.

Teason Phang is the company’s CTO, responsible for BNBPAY’s product development and R&D. Like Zave Huang, Teason has also built multiple tech businesses, including two in merchant payments. Rounding off the leadership team is James Zhang, the CCO or Chief Crypto Officer, responsible for the token side of the BNBPay business. James is a finance entrepreneur with a great fondness for all things crypto. On the BNBPay platform, merchants and customers will perform transactions without knowing or trusting each other or a third party. More importantly, no entity can replace, falsify, or manipulate transactional data stored on the platform in any way. These are the core tenets of BNBPay, to be a trustless, immutable and efficient platform for crypto payments.

Components of the BNBPay Ecosystem

According to BNBPay’s co-founder, James Zhang, the platform offers a whole gamut of solutions for crypto payment, starting from the customer’s wallet to the merchant’s account, with near-instantaneous transaction confirmation.

At one end of the BNBPay platform is the BNBPay Wallet, essentially the crown jewel of the ecosystem, which allows users to use crypto to pay for goods and services at both online stores and actual brick and mortar establishments.

In the middle of the ecosystem is the BNBPay e-commerce plugin, which allows for easy integration with online retailers and subscription-based services. At the other end of the ecosystem is the BNBPay Point of Sales (POS) payment terminal, which will give merchants the option to receive any crypto, stable coin or fiat seamlessly so they can avoid any volatility risk. The cherry on top of the ecosystem is the BNBPay reward system, allowing customers to pay using $BPAY and earn passive income by staking through the BNBPay wallet.

History, Accomplishments and Expected Impact in the World of Crypto Payments

BNBPay has come a long way in just under four months since its inception. For one, the platform’s holder wallets have grown organically to stand at 49,457 currently.

The project’s market capitalization went from under a million dollars to almost $450 million at its peak. At the time of writing, it stood at just under $100 million. According to James Zhang, BNBPay is scheduled to launch its BNBPay mobile app, BNBPay e-commerce plugins, Point of Sales, and Staking rewards platforms towards the end of the current quarter. With the launch of these critical components of the BNBPay ecosystem, it will finally be all systems go for the crypto payment platform. BNBPay is also applying for a license with the Monetary Authority of Singapore (MAS).

The crypto company also recently signed an MOU with Kee Song Biotech, a leading poultry producer in Singapore and Malaysia, to become their exclusive crypto payment partner. With over $100 million in annual revenue, the Kee Song Biotech partnership will undoubtedly elevate BNBPay’s profile in the crypto payment sphere. Significantly, the BNBPay team is not resting on its laurels and is in talks with more large companies and plans to strike even more strategic partnerships in the next twelve months.

The BNBPay team believes it has the technical and business know-how to scale the BNBPay platform through existing networks, user-centric products, and strategic partnerships, to bring crypto payments to millions of vendors worldwide. The team is incredibly hopeful that the BNBPay Point of Sale payment terminal, which will give merchants the option to seamlessly receive any crypto, stable coin or over 150 fiat currencies, can transform the fledgling crypto payment industry.

James Zhang maintains that the product is central in everything BNBPay does. According to him, the BNBPay development team is separated into two groups; one concentrating on product development for the customers and the other focusing on product development for merchants. The customer development team strives to create an intuitive and visually stunning UI/UX experience, which Zhang believes plays a significant role in increasing user adoption and retention. On the other hand, the merchant development team is more concerned with building seamless integration with vendors’ existing business payment flows. The team aims to make crypto payments fast, affordable, and compatible with vendors’ current accounting and bookkeeping software.

Tokenomics

BNBPay’s native token, $BPAY, has a circulating supply of 10 billion, divided into five segments. 6 billion tokens, making up 60% of the supply, was made available at launch. 10% of the token is earmarked for payment rewards, while another 10% is reserved for the dev team. 5% of the supply has been set aside for marketing.

BNBPay’s CCO, James Zhang, said that they have already burnt 20+% of supply. He further said that the team has been very cautious about price stability until now and is yet to draw down any of the dev or marketing wallets, with a possibility that it likely never will. The CCO pointed out that the company has instead relied on the trading tax of 10% to cover expenses. The BNBPay tokenomics was designed primarily with early investors in mind. The 10% transaction tax rewards them reflection and prevents MEV front-running bots from siphoning $BPAY value. The transaction tax is split into three portions. 5% goes to reflection, where hodlers will get rewarded just for holding $BPAY. 3% goes to dev and marketing to further improve BNBPay products and speed up their adoption rate. The remaining 2% goes into auto buyback to reduce supply and increase $BPAY’s value.

BNBPay’s Pancake LP is locked until 2026, and the company just listed on its first exchange, BitMart, on the 4th of November. Readers can find more info about the BNBPay project on the company’s website and its Linktree. The BNBPay Dapp can be found at app.bnbpay.io, while its merchant website is merchant.bnbpay.io. BNBPay’s Woo-commerce plugin is at vamos.bnbpay.io, and its OpenCart plugin is at buca.bnbpay.io. You can also check out a helpful BNBPay crypto wallet demo on YouTube.

Disclaimer: Any information written in this press release does not constitute investment advice. CoinQuora does not, and will not endorse any information on any company or individual on this page. Readers are encouraged to make their own research and make any actions based on their own findings and not from any content written in this press release. CoinQuora is and will not be responsible for any damage or loss caused directly or indirectly by the use of any content, product, or service mentioned in this press release.

Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.