This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release.

The conpay project creating the world multi-cryptocurrency payment system is to hold Pre-ICO and ICO aimed at raising USD 10 million.

During the Pre-ICO, which starts on August 28 and runs until September 11, 2017, conpay expects to raise about USD 500 thousand. The funds raised will be used for further product updating, marketing and start of the work on active creation of the conpay network.

The essence of the conpay project is the creation of a network of terminals with zero transactional payments making it possible to effectively and simply use cryptocurrencies as a means of settlements all over the world.

The conpay terminal is a program normally installed on a PC or mobile device and it does not require any special operating conditions. It is easy for installation, has an intuitively understandable interface and gives the possibility of being introduced into existing business processes.

The project peculiarity is characterized by the terminal’s free-of-charge installation, and no fee is charged during payments using it. Besides the basic function of receiving payments, the terminal has a built-in function of the exchange point from fiat money to cryptocurrencies, and back.

According to the conpay White Paper, in addition to the network of terminals, it is planned to build-up a conpay blockchain, which could be availed of by payment systems and FinTech projects. There will be made a Marketplace in the blockchain with additional services for the conpay community partners and members.

The developer of the terminal is a team of the Consensus Lab laboratory working in Belarus for promoting blockchain technologies.

A beta-version of the conpay terminals has already being used in Belarus allowing the owners of cryptocurrencies to pay for goods and services. The first terminals accepting payments in cryptocurrency were installed early in August in the network of tire service centers TYREPLUS Michelin, then at the authorized reseller of Apple CafeConnect. To date, dozens of applications for the installation of this terminal have been received.

“The idea of conpay is to create the world, where it will be possible to cover any human needs with the help of the cryptocurrency. We will install millions of payment terminals around the world so that every person could have an opportunity to live and travel with cryptocurrency only. We are sure that cryptocurrency will soon become a means of payment, not just investment. So our infrastructure project is an important step into the future,” co-founder of the conpay project Vladimir Serzhanovich said.

In the near future, the Consensus Lab team is about to bring the project to the markets of Russia, Belarus and Ukraine, and then to other European markets. This is about to happen by the end of this year. Within the year of 2018, the project will be launched in the two Americas, Asia, Africa and Australia. As per the Consensus Lab estimates, while maintaining the current trend of growth in demand for cryptocurrency and the today growth rate of the consumer goods market, the potential of the conpay network will have become about 5% of the total volume of settlements using cryptocurrencies in retail trade by 2019.

The terminal can be integrated into the accounting software (and nowadays it’s being adapted to the 1C system). The conpay team is in talks with the companies from the “Big Four” about possible legal support for the terminals implementation all around the world.

“We are confident that, taking into account the growing popularity of the blockchain technology and the total volume of trade in cryptocurrency, the use of conpay terminals will soon give essential competitive advantages to the network participants. The wide usage of cryptocurrency as a means of settlements is inevitable. By the end of 2018 already, it will become a full-fledged means of payment,” as the CEO of conpay Inna Samovich believes.

Blockchain is a row of transaction blocks created according to certain rules. For the first time, the term appeared as a name of a distributed database implemented as a component of the BitCoin cryptocurrency. The main blockchain advantages are decentralization, transparency, openness, confidentiality, and absence of mediators.

ICO (Initial Coin Offering) is a means of attracting investment for new technology projects and start-ups by issuing and selling new cryptocurrencies, tokens, to the investors. It is one of the forms of crowdfunding.

Concensus Lab is a blockchain laboratory founded in Minsk by a group of developers and entrepreneurs. The main activity is the introduction of blockchain-based solutions for business and the new economy. The co-founders of the first CIS blockchain school, as well as the hub uniting a number of development teams for working on global blockchain projects.

Posted by Tom Clancy