Genesis Shards AMA Recap — 20th April’2023

Genesis Shards
4 min readJun 8, 2023

Genesis Shards conducted AMAs with IvendPay on 20th April 2023🗓️

IvendPay is a Crypto payment system for retail, e-commerce, and vending machines

Mike Fez, CBDO at IvendPay was the guest at the AMA session

📌 Segment 1: Introduction and Basic Questions

Q1) Can you introduce yourself & the team at IvendPay to our community :)

Definitely,

My name is Mike, and I am the CBDO of Ivenpday. Ivendpay is a crypto processing software, that allows merchants to receive payments in crypto. A few words about the team. Ivendpay is being incubated by Market Making Pro, where I focus the majority of my efforts and time.

Market Making Pro is a group of companies with 4 major business verticals: consultancy, trust structure, event team ( WOW Summit Conferences ), and accelerator. There are two projects being incubated currently: ZimaBank and Ivendpay.

Q2) Awesome, Can you give a brief about your payment Platform?

Sure,

Back to the Ivendpay. We have had an interesting journey with them, and it’s a beautiful infrastructure solution in our opinion.

Everybody talks about crypto adoption, but very few provide a solution for it. We think that our product is a great addition to the currently existing payment methods such as Visa, MasterCard, Apple, or google pay.

Moreover, we have already tested out a few theories and found positive turnover growth at merchants and vending machines that support crypto payments. Regulation is one of the factors which slows growth down, but we truly believe that it’s a temporary thing

Q3) How does IvendPay help retailers, e-commerce businesses, and vending machine owners accept cryptocurrency payments from their customers?

Easy, partly described in the previous answer as well. We allow merchants to receive crypto payments by providing a proper ecosystem, administration panel, and tools.

Also, the latest partnership with Binance Pay opens new regions for us as well as a number of the currencies merchant can receive payments in.

Right now, we supply around 140 different coins and tokens ( including the Binance Pay list ) and integrate more than 40 different currencies.

For the tokens and coins, we link the data from the top 10 exchanges, CMC and Coingecko, and take the weighted average price at the moment when the transaction is performed. Easy and simple 🙂

Q4) How does IvendPay ensure the security and privacy of customer transactions, and what measures are in place to prevent fraud and hacking

That is a very important question for us. So, the merchant is the one who chooses where to store the crypto. We, as a software provider, do not hold payments that merchants receive. We consult them and strongly recommend having a cold wallet available for these kinds of transactions to ensure that the security level is at its highest.

Q5) Can you throw some light on your IVPAY TOKEN

We have successfully closed the seed round and are in a private sale at the moment.

The major value and utility of IVPAY are to allow merchants to stake tokens in order to receive lower commissions on the transactions and to be able to get the rewards from staking.

The second feature is the cash back on purchases made by the IVPAY tokens.

We are aiming for listing in mid-late September 2023. Closing the final agreement

Q6)How does IvendPay plan to keep up with the rapidly evolving cryptocurrency market, and what steps is the company taking to stay ahead of the curve? 😊

At this moment, we see two major ways we follow:

1. We connect merchants and add ambassadors in the LATAM, EU, MENA, and Southeast Asia regions. It’s a good process that shows that our software works, as the knowledge of our ecosystem, spreads.

2. We are in the process of partnering up with the big entities, which already have a huge merchant base. So integration might take slightly longer, however, it will drastically boost the ecosystem growth.✨

📌 Segment 2: Twitter Followers

Q1) How do you ensure that transactions made through Ivendpay are fast and reliable, even during times of high network congestion

That part is simple, we want to make sure that the transaction slips through in a matter of seconds. That’s why we have integrated a special tracker that notifies a user if the transaction speed is greater than 15 seconds and suggests sending via a different network. That’s one of the simplest ways to face the network speed since it’s one of the things we can not influence.🔥

Q2) What inspired you to create Ivendpay, and what sets it apart from other crypto payment systems?

Our major focus is on infrastructure products. That’s a simple reason for that. We understand that it’s not the easiest product to work on, however, we see a huge potential in the markets worldwide

📌 Segment 3:Telegram Live Question

Q1) Do you have any plans to attract non-crypto investors to join your project? Because the success of a project attracts more investors who haven’t yet entered the crypto world. What are the plans to raise awareness about your project in the non-crypto space?

We are in between WEB2.0 companies and WEB3.0, so we would like to have both by our side

Q1) PARTNERSHIP & COLLABORATIONS are the foundation of any project's success. Can you list some of your partners with us?

About Genesis Shards

Genesis Shards is a crypto launchpad that makes project launches happen through exclusive NFT collections. People love NFTs, and they love getting early access to Web3 projects. What if we bring these two together? That’s the simple idea behind Genesis Shards.

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Genesis Shards

Transforming NFTs into a liquidity vehicle for Pre-IDO tokens and a whole new suite of DeFi products across multiple blockchains.