Interview with Yurii Olentir, Paytomat CEO
Describe the company – the elevator pitch …
Paytomat is a decentralized system for cryptocurrency payments. It’s designed to increase transactional usage of cryptocurrencies in real life through a set of blockchain-based user-friendly and easy to adopt software solutions. Paytomat bridges the gap between cryptocurrency creators, businesses and consumers worldwide and creates additional value for them. For merchants, it’s an easy way to start accepting crypto and a marketing booster. For end users, it’s convenient and borderless transactions. For cryptocurrency creators, it’s new use cases and increased liquidity for their assets. We’ll be holding a token sale in August to develop an additional incentive for all stakeholders: a unique blockchain-based loyalty program which will reward participants of the Paytomat ecosystem for using crypto. Over 300 point-of-sales and e-commerce businesses already use our solution, and we continue our international expansion.
How are you different?
While the idea of connecting cryptocurrencies to the real economy is not something new, Paytomat will introduce several innovations that will help us drive this adoption. First, it’s our loyalty program based on the PTM coin, incentivizing merchants to accept payments in crypto, and PTX tokens, incentivizing customers to pay with crypto. Second, it’s the decentralized franchise model where each individual entrepreneur or company can represent themselves as Paytomat’s distributor and thus help us expand our ecosystem to local markets. Finally, it’s direct integration with leading POS vendors with a simple and effective API, allowing any willing crypto core team to start its real life traction in a matter of days. We are also working on some additional perks, such as chatbots, social media enabled payments, M2M payments etc..
Why will you do well?
We believe that the key to success of any blockchain business, besides a thought-out product-market fit and a dedicated team of professionals, is industry support. We successfully reached our softcap during a pre-sale this spring, mostly thanks to institutional contributors and cryptocurrency core teams who show big interest in Paytomat. We’re thrilled to see the great support from their communities who are a big help in spreading the word about Paytomat. People love the idea of having an option to pay for their meal with their favorite cryptocurrency.
Advancements TV Series explores innovative decentralized systems for cryptocurrency payments. Paytomat was chosen for the protagonist of the episode which is to be broadcasted via CNBC ?
— Paytomat (@paytomat) June 19, 2018
What have been your biggest wins to date?
I’d say it’s the trust and support we have gained from many well-established blockchain projects, such as NEM, DASH, ZenCash, WAVES and others. It’s also the number of transactions within our system – it exceeded 1000. We even set a national record on the number crypto payments made in a single night.
Who are you trying to attract to your product?
There are four major groups of stakeholders: core teams of cryptocurrencies who’d like to increase transactional usage of their coins; merchants who are open to innovation and would like to start accepting crypto, but also have an option to receive fiat currency; POS solution vendors who are interested in incorporating crypto payments plugins; crypto enthusiasts who want to pay with crypto and receive bonuses, help us expand the Paytomat ecosystem with new cryptos, merchants, vendors and payment partners, as well as create and support new gateways.
Where are you based?
Paytomat is registered in Estonia, most of the core team is located in Kyiv, Ukraine. Currently we’re building a network of local representatives in different parts of the world who are helping us with business development, networking and marketing.
When was the company launched?
Tell us about your team?
Our core team has been working together on different IT projects for almost 10 years now. A couple years ago we launched Glorymine, a company that sells hardware for the mining pools, and DailyCoin, an investment fund specializing in crypto which quickly became one of the major closed crypto investment funds in Ukraine. After this, we decided to take up an ambitious infrastructure project – this is how Paytomat came to life.
What are your plans for the future?
Our priority will remain fostering new partnerships with cryptocurrency core teams, POS vendors and merchants. In the second half of 2018 we will focus our on-ramp strategy on the decentralized franchise for the local markets and on reaching out to the various industries outside of our original HoReCa box.
>What are your favourite tech gadgets?
My observation is that the less gadgets you use, the more money you make 🙂
Anything else you’d like to add/we should have asked?
We invite everyone to register at https://hodl.paytomat.comand receive bonuses when the token sale starts on August, 1st. Also, help spread the word about Paytomat: join our Promotion and Marketing Programs at https://promo.paytomat.com/ and get PTI tokens for completing tasks.
How do people get in touch with you?
Join our communities:
Telegram: https://t.me/paytomat, https://t.me/PaytomatOfficialChannel