Blockchain-based payment processing system Paytomat, whose pre-sale ICO begins next week, are to become a resident of Waves Lab, a startup incubator for new projects on the Waves platform.
The company has also secured 100,000 WAVES, currently worth approximately $400,000, in seed funding and can expect legal support, technical architecture reviews and marketing guidance from the incubator service.
Yurii Olentir, Paytomat’s CEO, was naturally bullish on the news and said, “The Waves Lab market expertise and resources will be a valuable asset for Paytomat’s successful token sale, and the substantial early funding gets us to an amazing kick-off.”
Ethereum Losing Out to “Companion Services” Platforms?
Paytomat are aiming to “create real-life traction for cryptocurrencies” to be used in everyday payments. The company currently has 150 merchants in the Ukraine using their point of sale interface product and believe their loyalty program for both retailers and customers will be key for adoption.
Within their ecosystem, merchants are rewarded with PTM tokens while customers are incentivised to pay using crypto with PTX tokens which can be exchanged for goods or services. While the PTM tokens will be the ever-present foundational currency of the PTM blockchain, the PTX tokens will be burned after the customer redeems them.
For the ICO though, an interim token based on the Waves platform called PTI will be for sale. This is a utility token which gives a right to exchange for PTM coins in the future.
Priced at 1 PTI = 0.1 mBTC or 10,000 satoshi, Paytomat are looking to raise $18 million. The public pre-sale starts on April 2nd and is scheduled to run through to April 18th. A main sale is pencilled in from 8th to 25th May with all tokens being distributed in June.
The project team’s decision to run with the Waves platform may yet be another sign of a wider trend that the Ethereum blockchain may be slowly losing out to competitor blockchain platforms, particularly within the Russian market, who are offering further value through companion services.