July 3rd Global Pay Net Update
It has come to our attention that the Global Pay Net ICO and Platform has turned out to be a scam. They have added Names and Images to their team of real people that work in the crypto industry, but have nothing to do with this company. You can see some of the tweets from these individuals here:
My attention just called to a #scam #ICO by called Global Pay Net @GLPNcoin. It is claiming that I am an advisor- I am not- I suspect the others it claims are also not. Is this true @OneMorePeter or @JonhaRichman? [email protected] and protect 18k telegram group from their lies
— Joanna Hubbard (@jojohubba) June 28, 2018
— Electron (@ElectronDLT) June 28, 2018
— Jonha Richman (@JonhaRichman) June 29, 2018
More on #SCAM coin @GLPNcoin – I have reported to Us fraud squad and sent cease and decist, very keen to talk about this at @DeigninSpain, no movements from twitter, authorities or their web representations so far https://t.co/9Nqq0Yck0r
— Joanna Hubbard (@jojohubba) June 30, 2018
We have also heard from a user on Reddit: u/EffectiveLog that the company was original listed on Globalpaynet.org but you can see the hosting company has since shut it down and block their access.
Here you can see they have these individuals listed as their team members:
Based on the finding above, we must recommend that users stay away from this ICO.
Below you will find the original post that we published almost a month ago.
The lack of a reliable identification system, unreliable intermediaries, economic data and zero credit history adds to the insecurities that financial institutions face when it comes to banking migrants.
However, with blockchain technology proving a blessing in disguise, and a decentralized peer-to-peer network could determine the answer for the worldwide remittances without influence from any quarters. One such development set to improvise this concept is Global Pay Net. And as the name suggests, the venture hopes their solution to work wonders for the world
What Is Global Pay Net?
Global Pay Net is a blockchain-based international financial platform that will work to develop a unified service that will allow each user to invest, save, lend, receive, exchange or pay for goods and services using a digital wallet and currency on the blockchain. The concept seeks to achieve and sustain financial freedom, and accessibility to the unbanked migrants around the world.
The Global Pay Net Ecosystem
Under Global Pay Net, the GPN World forms the core of the ecosystem and comprises of real-life partnerships involving government, NGOs, and local communities to support the integration of blockchain technology towards financial inclusion. The GPN World ecosystem is made up of:
- GPN Wallet: The central core of the ecosystem since it provides a one-stop solution comprising of financial services for the individual's banking needs.
- GPN ID and GPN Score: The Global ID Management and verification is conducted by blockchain, and each user receives a comprehensive ID and score
- GPN Transfer: The GPN Transfer will enable both local and global remittances through the ecosystem's blockchain, the GPN Exchange, and Digital remittances.
- GPN Lends: Under the peer-to-peer network, GPN World ecosystem have an established EMI-based lending portal for entrepreneurial projects and SME's
- GPN Card: A combination of credit, debit and loyalty card all at once. The pre-paid card also sync with the GPN wallet to enable spending convenience through ATMs, online portals, and Point-of-Sale.
- GPN Kit: A pre-set plug-and-play kit that is available for purchase and contains the user's card insurance, mobile financial services, and other goodies.
- GPN Bill Pay: With the global GPN utility cards, the GPN Bill Pay will facilitate the payment of utility bills without the necessity to be country-specific.
How Global Pay Net Financial Blockchain Platform Works
GPN's design could genuinely revolutionize the global financial system to a whole new level. Here's how it could achieve that goal:
- Offering instant settlements
- Eliminating the need for third-party intermediaries
- Support secure smart contract transactions
- Lowering the costs and fees for remittances
- Eliminating the need for physical institutions such as branches
Global Pay Net GPN Token ICO Details
- Start Date: 2018-05-24
- End Date: 2018-08-24
Parameters Of The ICO
- Token symbol- GPN
- Platform- Scrypt
- Model- Scrypt
- Type- Utility token
- Accepts- ETH, BTC
- Price in Pre-ICO- 1 GPN=$0.09
- Sales- 50%
- Bounty- 30%
- Developers- 10%
- Airdrop- 5%
- Bonus- 5%
Funds Allocations Plan
- On regulation for the market- 38%
- Advertising- 25%
- Developers- 10%
- Accounting services- 2%
- Contingencies- 5%
- Equipment- 7%
- Rent- 11%
- Equipment maintenance- 2%
Global Pay Net Verdict
Financial inclusion is becoming a key driver in not only tackling poverty but also boosting economic growth. However, there are high chances that such concepts as Global Pay Net could meet potential legal and financial hurdles. Still, GPN remains one of the most interesting ventures in the financial markets and could truly reduce the staggering number of unbanked individuals.