Paytomat (PTI) Sale Goes Live Tomorrow, Following Two-Minute Token Sell-Out

International cryptocurrency exchange EXMO announced just yesterday that the platform’s first IEO (International Exchange Offering) for Paytomat ‘PTI’ concluded successfully, three days before its expected completion date.

“Eastern Europe’s First IEO”

During what the Ukranian Paytomat team has declared ‘Eastern Europe’s First IEO’, all 85 million of the attributed supply of PTI tokens got snapped up by eager investors within approximately two minutes on Monday. The tokens were paired with Bitcoin, and priced at 0.00000117 BTC each.

For a great, in-depth explanation of Initial Exchange Offerings, I recommend also reading the article ‘What is an Initial Exchange Offering (IEO)?’ by VlaSem.

In short, an IEO is a form of an token sale event operated by a cryptocurrency trading exchange which lends its reputation and marketing power to a token in return timed exclusivity – limited to large volume investors and / or premium membership holders.

What is Paytomat?

Paytomat is a decentralized solution-stack primarily aimed at encouraging adoption of cryptocurrency payments at physical retail and e-commerce, allowing merchants to accept (and customers to pay) using one of 18+ cryptocurrencies using their existing POS equipment and systemsto- minimize overheads and projected obstacles to acceptance.

According to a statement posted by EXMO,

“Paytomat is based on blockchain technology driven by PTM coin where each member benefits from and fuels ecosystem’s growth. Fees from each transaction are distributed between all participants, with zero cost for merchant and POS and best exchange rate chosen for the customer.”

The team behind PTI was actually originally planning on fund-raising through the traditional ICO route, however like many were dissuaded and Paytomat made the brave yet risky decision to cancel its own Initial Coin Offer – before later opting to partner with EXMO.

In the statement posted on Medium entitled ‘Eastern Europe’s first IEO‘, the Paytomat team said,

“In recent years, the ICO, as a phenomenon, has greatly discredited itself due to the enormous amount of scam, unfulfilled promises, etc – In 2018 it became obvious that using this tool would hurt the project rather than bring real benefits, and therefore, as you remember, we decided to cancel our own ICO stage.”

The purpose of the PTM coin is mainly as a means of paying for transaction fees as well as for rewards distribution amongst merchants, customers and other participants.

Paytomat Wallet currently supports 12 different cryptocurrencies: Bitcoin, Litecoin, Dash, Ethereum, Waves, NEM, EOS, ZCoin, Horizen (formerly ZenCash), Bitcore (BTX), Bitcoin Diamond and TRON.

More on EXMO

According to the official EXMO.com ‘About Us‘ page, the Eastern European exchange was founded in 2013 and has offices dispersed across London, Kiev, Barcelona and Moscow.

“There are 1.5 mln users, thousands of thousands active traders, 315 000 daily visitors, 87 trading pairs, 6 fiat currencies (USD, EUR, RUB, PLN, UAH, TRY) on the platform. The average monthly trading volume is $1.5 bn.”

It continues, however, with a less verifiable claim that:

“EXMO is #1 exchange in Eastern Europe, and one of the world’s largest global exchanges in volume and liquidity”

Also interesting to note is the October 2018 news of EXMO and GoverMedia Plus Canada Corp signing a Letter of Intent (LOI) for the acquisition of the former party.

“This LOI provides the Company with exclusivity in negotiating the transaction for a period of up to 180 days.

“Upon completion of the transaction, the combined entity will continue to carry on the business of EXMO and will be listed on the stock exchange.

“Roland J. Bopp, CEO of GoverMedia: “After the successful completion of the business combination, the company will have over 2.0 million active users and provides an excellent platform to further increase revenue and improve operating results in European, North American and Asian markets.

“GoverMedia is: a Canadian publicly traded company (CSE: MPLS) (FWB: 48G) (WKN: A2JF6W) with a fully owned Russian technology subsidiary.”

Final Thoughts

This is a strong positive sign for the Paytomat as well as EXMO, which now joins the ranks of the numerous exchanges to have successfully launched their first IEO so far this year – such as Huobi Prime’s first exchange-exclusive token sale for TOP Network, which also concluded earlier this week; as well as examples from Binance’s Launchpad platform like BitTorrent token.

Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.