Hot off the press.
Updates from PAYPIE.
We acknowledge that the further clarifications are necessary for the community to better understand the situation we face regarding the regulatory scene in our local crypto space. Canada is a very rigorous and responsible country, and we respect our premium institutions and regulatory bodies. It is our understanding that only companies that fully abide by guidelines can thrive and remain viable in the long term.
As some of you know, our team has been in direct, close, and constant contact with our local regulators since July 2017, so far over 10 long months now. We have been nothing but completely cooperative. Our founders have personally spent over 500 hours directly working with our legal team toward achieving an efficient outcome and we are making positive progress. We strongly believe that we have the best legal team in the country in place to move things forward in this kind of environment.
Despite all this effort, things have been taking vastly longer than we all expected and that is causing everybody unnecessary hassles that are out of our control. The company won't adopt a reckless posture and act according to its own will disregarding what the competent bodies might think or say. Our team is aware that there are other companies in similar positions that are choosing that path and doing things their own way. We don't see a bright future coming from such practices. A look at the history shows us that Napster was doomed even after having the first-mover advantage while Spotify and iTunes are still thriving for having engaged with regulators to solve a real problem.
The scope of this update is to inform the community that the team shares your frustration. The company and the community are in the same boat together. All navigating through rough waters in the pursuit of peaceful times that is coming as we move forward on a certainly positive path. We are developing a business to grow in a way that is strategically correct for the long run. We are building PayPie to thrive for years to come, and we can do it better while working with regulatory bodies. We do understand the importance of having a platform where tokens can be bought and sold in a safe and secure environment and we will pursue it at the right time.
We also know that sometimes the community can be anxious about more frequent updates from the team and we have tried to keep you updated with one or two monthly emails. It's important to keep in mind that we are also always available for clarifications through our Contact Us form on our website.
There are numerous improvements being done on the platform. We are currently working on an entire cash flow forecasting system to be implemented in the coming weeks. This will let SMEs clearly see when they would be in a negative cash flow position so that they can plan ahead and take advantage of invoice factoring for immediate access to cash. The cash flow forecasting will feed the data right into our credit risk assessment on the blockchain and will be invaluable.
The SMEs outreach has been constant, and we now have more than 200 (!) SMEs signed up. That's a quite respectable number already for only one month of Beta and we will make full efforts for it to keep growing exponentially with time. A good number of them have successfully connected their QBO accounts to the platform and the remaining ones will also be onboarded. We have a real-value-first approach to achieving our goals. Real value first, viral exposure later – not the other way around.
We are also thrilled to share that one of the most skilled experts in the content writing fintech industry has joined our ranks – our new Content Writer and Strategist, Michelle Mire. She is debuting on the PayPie blog with a rock-solid article about reporting, cash flow and how to improve your business' financial health, so go nuts and share it at will:
https://blog.paypie.com/uncategorized/reporting-cash-flow-and-your-business-financial-health/Best,
Yohan Varella
CMO
