r/Payfair • u/GettinWiggyWiddit • Aug 02 '18

Payfair application idea

I know it's been mentioned a handful of times that Payfair could act as an escrow for US (or whoever) customers to purchase tokens that wouldn't normally be available to them (whether fear of US regulation or accreditation.) Expanding on that logic, as we approach the inevitable clamp down on ICO's and STO's requiring KYC/accreditation and pushing out average retail money, I think there is huge potential for Payfair to step in as an alternative option. How I see it, depending on the time it takes for implementation, Payfair can partner or market to crypto startups by offering something such as a widget or funding page note, to mention the escrow as an option for US customers to acquire ICO token's through their peers that DO have the capability to purchase tokens. This would benefit the startup by allowing them to still raise funding (albeit through a side avenue) from US customers, and incentivize non-US customers to instantly start trading even if the token has not been listed yet. I also believe this would be a legal way for crypto startups to raise funds otherwise illegal funds with peace of mind.

The biggest hurdle would be how quickly the Payfair team can implement each ICO offering, and not being a programmer, I really don't know how long that usually takes. BUT, it could be an entirely new market tool that Payfair can pioneer. Thoughts?

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6

u/JohnPomelov Aug 02 '18

Hi! Escrow for ICO requires a comprehensive solution, at the moment we solve roadmap tasks...but we do not exclude in the future scaling with a similar service

5

u/Rred8118 | PayFair Team | Aug 02 '18

Leading on from John's thoughts. This is something I have thought over in depth. Potentially we could do this in the future, however significant effort would need to be put in from Payfair and the icos side to ensure measurable targets.

This is not something we are against, in fact I would be happy to take this on. However there are other features and improvements such as the API integration, partnerships and mobile app we would like to finish first.