To our valued supporters,. 5N3 Inc. , formerly PayPie Blockchain Inc.
11 Oct 2022, 15:31
To our valued supporters,
5N3 Inc., formerly PayPie Blockchain Inc. (“PayPie”), made a rescission and restoration offer to Eligible Purchasers (as defined in the Offering Memorandum dated June 7, 2019) where Eligible Purchasers who were residents of Canada, the United States, or Barbados were required to accept the Rescission Offer.
We launched the live Platform with the required functionality on September 30, 2019 in accordance with the milestones set out in our Updated Whitepaper. All milestones mentioned in the updated whitepaper that was sent with the rescission offer were completed as per the original vision of PayPie, enabling you as a token holder to use your PPP tokens as we had envisaged. As a token holder, you get more value on the platform by paying in PPP. Not only is using PPP Tokens less expensive than using fiat to access the Platform, but it also allows us to work with our supporters.
We have requested multiple times to the community to use the tokens to access the Platform ecosystem. Unfortunately, we have seen little interest from the token holders even after offering huge discounts. Given the landscape that has developed over the past several years regarding utility tokens in the financial sector, our institutional clients have similarly expressed no interest in using tokens on the Platform. We have learned that most businesses are not yet ready for the wider adoption of PPP because of the risks associated with using crypto. We understand that institutional clients are also reluctant to engage with PPP due to the complexities of managing and safeguarding wallets and private keys. We have found that there are significant concerns around complexity, security, and barriers to the adoption and usage of crypto on a platform by a business user. Exacerbating these issues, the Liquid exchange where the PPP token was listed in 2020 decided to delist the PPP tokens with effect on September 8, 2022.
In light of the current environment and challenges, including the forgoing lack of interest from current token holders as shown in our latest survey and our clients, PayPie hereby offers to repurchase Eligible Tokens from Holders in consideration for the Repurchase Price in accordance with and subject to the Terms mentioned in the Repurchase Offer. Complete instructions about Repurchase Offer are available at our website and the deadline to accept this offer is November 10, 2022.
PPP tokens can be used to pay for the fee on the PayPie platform. Paying for the financial data access fee through tokens would be 25% cheaper than fiat and deliver better value for our supporters. Since its launch, the platform has become better, supports more integrations, and could be used to determine the true financial health of a business based on almost real-time data using tokens as previously informed. PayPie will continue to monitor the usage and adoption of the PPP tokens on the platform and will review them in the future to determine if the market is ready to accept the innovation. If the situation does not improve and no significant market adoption happens, we may decide not to support token usage on the platform. If you need any help in using tokens on the platform or would like to work as a partner to increase token use on the platform, please reach out to us at help@paypie.bb.
Future company and product updates will be available on the website .
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