Bonpay, found online at Bonpay.com, wants to provide an easier way to accept, store, and send cryptocurrencies anywhere in the world. Here’s our review.
What is Bonpay?
Bonpay is a payment platform that promises to charge 0% fees on all transactions. The company claims its payment platform is built on blockchain technology that allows funds to be transferred “instantly, securely and with ideal cross-border fees.”
You can sign up for a Bonpay account and access the Bonpay wallet for free to get started. That wallet lets you use multiple cryptocurrencies from a single account. You can receive, store, convert, spend, and transfer cryptocurrencies from that single wallet. You can also order a Bonpay plastic or virtual card to spend money in the “real world”.
Bonpay aims to compete with other cryptocurrency payment platforms like Xapo/Wirex, TenX/Centra, and Monaco/Tokencard. It aims to offer cheap fees and simpler management, with the overall goal of making it easier to spend your cryptocurrencies in the real world.
Bonpay emphasizes all of the following features:
Transparent Rates: The decentralized nature of blockchain technology allows you to transfer funds instantly, securely, and with no cross-border fees. The company advertises rates of 0%.
DLN: Bonpay has a decentralized liquidity network, or DLN, to facilitate transactions within the platform. This allows the platform to convert cryptocurrencies through the DLN to access an easy source of liquidity. It also allows you to use Bonpay for fast, cheap transfers.
Self-Controlled Data Protection: Bonpay has a zero knowledge security system designed to help the company solve technical, security, and compliance issues.
Multi Country Support: Bonpay officially supports 130+ countries worldwide.
Free: Bonpay accounts are free.
Multi Currency Support: Bonpay supports 125+ currencies.
Bonpay Wallet: The Bonpay wallet lets you receive, store, convert, spend, and transfer cryptocurrencies in any way you like.
Plastic and Virtual Cards: Make payments quickly and easily using Bonpay cards, available in virtual or plastic form.
Accept Cryptocurrencies: Bonpay’s business accounts let you accept cryptocurrencies at your business.
Cashback Bonuses: All card holders get a 0.15% cashback bonus in BON tokens from every purchase.
Incentive Rewards: Each Bonpay token holder receives 0.65% in ETH or BON.
Special Black Cards: Anyone who contributes more than 20 ETH in the initial token sale will get the chance to apply for a limited edition Bonpay Black Card, which has higher limits and lower fees.
What Problems Does Bonpay Seek to Solve?
Obviously, Bonpay isn’t the only service that lets you convert crypto into usable fiat currencies. So what makes Bonpay different from its competitors? Here are some of the problems that Bonpay seeks to solve in the industry today:
- Limited availability to use cryptocurrency in everyday life, which exists in contrast to the rapidly expanding world of cryptocurrencies
- Using cryptocurrencies can be complicated, and most people just hold onto these cryptocurrencies instead of spending them or using them
- There are strict limits on cryptocurrency usage
- Users need separate wallets for every currency
- Lack of liquidity can frustrate users
- High exchange rates can wipe out gains
With these issues in mind, Bonpay plans to expand its support to multiple countries, provide a cryptocurrency card with the lowest rates and highest limits. Partner with the best exchanges, and provide an all-in-one multi-currency wallet.
How Does Bonpay’s Decentralized Liquidity Network Work?
The key part of the Bonpay platform is the decentralized liquidity network. With Bonpay cards, Bonpay users can make online and offline purchases with any blockchain assets of their choice, then make transfers safely and instantly worldwide. Bonpay will have a decentralized liquidity network, or DLN, that facilitates all of these functions.
Bonpay’s DLN aims to solve the crypto industry’s problem of volatile exchange rates. By participating in this network, users can complete cross-network transactions at lower rates by relying on this liquidity network.
The liquidity network is based on the interaction of several smart contracts. These smart contracts allow participants – like wealthy individuals or bitcoin exchanges – to safely cooperate with each other instead of compete, which means they can give their customers increased liquidity.
Who’s Behind Bonpay?
Bonpay is led by Alex Blazhevych (CEO), who has 7+ years of experience in the crypto financial industry. He was head of business development of P2P exchange platform Unichange.me from 2013 to 2016, during which he added cryptocurrencies like bitcoin and Litecoin to the platform.
Other key members of the team include Oleg Boykov (CTO), a developer with 6+ years of strong technical experience. There’s also Valentin Kaduchenko (CPO) and Julya Bashtannik (CFO).
Unlike other payment platforms going through ICOs today, Bonpay already has a working product. The company has over 2,000 active cards, with 5,000 card orders in the pipeline.
The idea of Bonpay was first conceived in 2016. The team consists of experts in banking and finance, developers, designers, marketers, and cryptography experts.
How Do Bonpay Tokens Work?
Bonpay, or BON, are the in-platform currency used by Bonpay. 51% of the total supply of tokens is dedicated to the initial token sale, while 34% is reserved for business development, and 15% is reserved for founders, employees, and early participants.
The Bonpay initial token sale, or ITS, began on October 31 and is scheduled to end on November 28.
- Account Open/Close: Free
- Sending Money: Free
- Receiving Money: Free
- Cards: $15 (plastic card) or free (virtual card)
- Delivery: Free (standard delivery within 2 to 4 weeks) or $81 for DHL (delivery within 3 to 5 days)
- Monthly Card Fee: $0.5 (plastic and virtual card)
- Loading Card: Free
- ATM Transactions: $2.50
- POS Transactions: Free
- Unloading Funds to Bonpay Wallet: 1% + $0.1
- Currency Exchange Rate: 1.9%
- Card Replacement: $15
- Foreign Cash Withdrawal: $2.75 + 1.9% transaction fee
- Number of Transactions Per Day: 2 (unverified) or unlimited (verified)
- Amount Per Transaction: $2400 (unverified) or $10,000 (verified)
- Maximum Amount Per Day: $2400 (unverified) or $20,000 (verified)
- Lifetime Maximum Load: $2400 (unverified) or unlimited (verified)
- POS Transaction Limits: $1,000 per transaction and $1,000 per day (unverified) or unlimited (verified)
- ATM Transactions: 2 per day (unverified) or 5 per day (verified)
- Maximum Amount Per Transaction: $200 (unverified) or $1,000 (verified)
- Maximum Amount Per Day: $400 (unverified) or $2,000 (verified)
Bonpay is a payment platform that aims to make it easier to spend and use your cryptocurrencies. Using the Bonpay app or mobile wallet, you can store multiple cryptocurrencies, send crypto for free, and spend cryptocurrencies in more locations. Business owners can also accept cryptocurrency by accepting cryptocurrencies through their Bonpay wallet.
To learn more about Bonpay and their recently completed ICO, visit online today at Bonpay.com.