OTPpay OTP ICO: Omni Token Platform For Crypto Payments?

OTPPAY is developing an ambitious suite of products intended to be a one-stop solution for cryptocurrency trading; their platform will eventually include a brokerage and exchange, a lending service with its own internal credit rating system, and tools to facilitate cryptocurrency payments in brick-and-mortar stores.

They are also issuing their own ERC-20 compliant currency, the OTP, which will act as an intermediary for all exchanges on their platform. The company's name stands for “Omni Token Platform for Payments,” and their stated goal is to reduce the barrier between fiat and cryptocurrency to advance the latter's widespread acceptance.

The OTPpay OTP Team

OTPPAY is being developed by a relatively large team based in India. The group has decades of collective experience in software development, finance, marketing, and design.

The roadmap in the company's whitepaper notes that while its ICO and platform are new undertakings, it is only the newest incarnation of a company that has been developing financial solutions for south Asian markets since 2010. Members of the current team were responsible for Payzak, Rentpay, and other platforms used in India and Malaysia before turning their attention to cryptocurrencies in early 2017.

OTPPAY's Technology

OTPPAY's primary product is a mobile app that includes virtually all features required for cryptocurrency trading: a wallet, an exchange and brokerage, and even a lending platform. While many nascent companies offer suites with all these tools, OTPPAY claims that its most significant advantages will be their support for a wider variety of fiat and cryptocurrencies, and faster approval of transactions due to the use of their internal currency as an intermediary.

The company are also developing both a debit card and a smartphone QR payment tool, which will allow users to pay for goods and services in person. This ambitious goal could help cryptocurrencies gain significantly wider acceptance, but it has proven difficult for other developers. To help compel merchants to accept payments with this technology, the company will charge them a transaction fee of only 0.5%; most major credit card companies charge ten times this.

OTPPAY is also developing a lending platform which will allow merchants to earn passive income by lending cryptocurrencies. Neither their website nor their whitepaper discuss the interest rates or other terms of these loans, so it's not clear whether or not they're a good option, but cryptocurrency lending could become important in developing communities with little access to traditional banking.

OTPPAY's platform uses an electronic know your customer verification, an important step that demonstrates their seriousness. Companies that neglect to verify their users' identity risk serious legal consequences in many jurisdictions; these regulations are critically important to preventing money laundering and other illegal activity.

OTPPAY's platform remains under development. The company's roadmap states that it will be released following the ICO, in the second or third quarter of 2018.

Details About OTPpay OTP ICO

The OTPpay OTP ICO is taking place in three rounds during spring of 2018; its presale will begin on March 5th, and its third round will end on June 2nd, or earlier if its hard cap of 71,250 Ethereum is reached. The OTP token is an ERC-20 currency, meaning it can only be bought using Ethereum and stored in wallets designed for that currency.

A total of one billion OTP tokens will be created, with 600 million of them available for purchase during the ICO phases. Any of these tokens not sold will be burned.

OTP tokens will be required to use OTPPAY's platform; every transaction fee will be paid using the currency, and payments of other currencies are converted to OTP as an intermediary because its transactions are processed faster. While this will stabilize demand for the currency, it could cause users to seek other platforms with lower transaction fees that can be paid with currencies they already own.

The OTPpay OTP ICO Verdict

OTPPAY's currency will be deeply woven into their platform, so those interested in using it ought to buy the currency. So long as OTPPAY's platform remains popular, the value of the OTP token will remain stable. While this stability guards against unexpected losses, it will likely also prevent sudden increases in value.

Investors should note that the company has not announced plans to pay token owners dividends or buy tokens from the open market to limit their supply.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide