A crypto project aimed at re-defining peer to peer remittances to and between African countries
Swychr (pronounced as ‘Switcher’), a remittance startup that leverages on blockchain tech and cryptocurrencies to simplify remittances to and between African countries have launched a presale of their crypto token dubbed “Purple coin X or PCEX for short”.
We had a chat with Swychr’s CEO Aaron Munga, a Cameroonian born tech entrepreneur based in Dubai to try and understand what Swychr does, how they do it, what their presale is all about and how people can participate in the presale of their token.
Here is quick resume of our chat with Aaron about their project.
Tell us a bit about Swychr:
At Swychr our goal is to simplify remittances to and between African and other emerging market countries by making remittance transactions more convenient and cheaper. We do this using our digital token known as Purple coin which is stable in value and powers remittance transactions across our ecosystem.
How this works is very simple, fiat is tokenized on one end by simply purchasing purple coins, transferred to a beneficiary using their Swychr ID (email address) and then withdrawn back to fiat on the other end in the beneficiary’s local currency.
The whole transaction is so convenient as everything is done within the app both by the sender and the receiver. The sender tokenizes fiat money within the app (purchase the token) and pay using local and international payment methods including but not limited to Visa and MasterCard, barter payment, bank transfer and mobile money wallets.
For settlements, we are making use of the most popular settlement networks in different markets for example in Cameroon we can settle into mobile money and bank accounts, in India UPI payments and so on.
To cater for class of users in the markets we serve, we have ensured that you can send money to someone who does not know about or is not willing/able to use Swychr app.
How to do is also quite simple and all within Swychr mobile app. Once you have the tokens in your wallet, you can go ahead to initiate a withdrawal directly from your wallet, select the country and payment method, enter the details of the beneficiary for example mobile money account number and name and submit. Swychr’s merchant then handles the settlement into your beneficiary’s mobile money account without them ever needing to download and or sign up to Swychr.
Also, it is useful to add that, Purple coin has a predefined value in each currency or market where we operate for capital onboarding and offboarding hence the sender is exactly sure of how much the beneficiary will get in local currency at the time of withdrawal.
We understand what role Purple coin plays in your ecosystem, can you tell us a bit about PCEX and what role it plays within your network:
Swychr is a web 3 company. What this basically means is that every member of our community be it users (customers), merchants and any stakeholder across the network must be fairly rewarded for their role in sustaining the network. PCEX token, whose market value at any point in time will depend on the forces of demand and supply in the market is the incentivization mechanism across the network.
That is to say, every stakeholder shall be rewarded by earning a given quantity of PCEX token for specific actions that they take in the interest of the network. For example, users are going to earn a given quantity of PCEX tokens by performing a remittance transaction on the app and in the same way, merchants shall earn PCEX tokens for settling transactions on the app in addition to the commission they already get from Swychr as per the scope of the agreement with Swychr.
Moreover, because the value of the company or the project is intrinsically linked to the value/market cap of the token, holding a PCEX token is equivalent to holding a stake in the project. Therefore, our stakeholders hold a stake and command authority across the network which is typical of web 3 as opposed to web 2 businesses.
That set, the token generation event (TGE) of PCEX is planned for December 2022 after which PCEX will be in circulation and available for trading on exchange platforms.
Can you elaborate on the PCEX token presale and why it is important for people to participate?
We have launched a drive to issue over 3.6 million PCEX token allocations at an entry rate of only USD 0.14 per token which we believe is a good value for money as this is the lowest it will ever be. This is a unique opportunity for people to come in and acquire the token before the TGE which is planned for December 2022 and stand a chance to hit big in terms of returns at the ICO and beyond.
Note that, with a life time supply of only 210M PCEX tokens and a token burn wallet of at least 5.3% supported by a vesting schedule across all the classes and a viable business model (the remittance business), you can be more than sure about the stability and potential upward trajectory of the token’s value post the TGE.
Moreover, we have very good plans for the PCEX token with real life applicability rather than just being a speculative digital asset.
I may not be able to tell you everything thing we have planned for the PCEX token now but of course I can mention a few used case scenarios of the PCEX token which includes but is not limited to the following:
PCEX token will be the only liquidity token used to pay for service fees on Swychr’s marketplace where other digital assets including NFTs shall be traded on an P2P basis.
Also, thanks to PCEX token, small businesses across emerging markets will be able to collect payments from their customers in a truly p2p fashion keeping transactions fees to a maximum of 1% which by so doing saves these businesses billions of USD in transaction annual fees if they were to keep using the conventional financial system. Again, the ability to receive their payments immediately (p2p) will significantly improve their working capital compared to having to wait for several working days in the current system which in my opinion is outdated.
PCEX will enable complete inclusion of the emerging markets into the crypto economy as holders will be able to swap PCEX for other crypto assets on global exchange platforms.
Last but not the least, other projects shall be incentivized to build on Swychr’s tech with PCEX being the liquidity token powering the entire economy.
Regarding the presale of our token, participation is exclusively via the Swychr app which is available for FREE download on Google play and/or App store. Here is quick step by step guide on how to secure a PCEX allocation in this presale – https://www.youtube.com/watch?v=_CB6jVvWIZI&t=51s
We have also put together a lot of useful information about the project and the tokenomics here – https://swychr.appspot.com/purplex
Lots of strides has been made to enable participation on the African continent mostly by integrating all available local payment methods including MTN mobile and Orange money wallets hence anyone can participate in the presale by just downloading our app. There is also no minimum or maximum amount of allocation so there is really no barrier to entry.
Learn more about Swychr here – www.swychr.com
For questions, suggestions, or any kind feedback, reach us at [email protected] (click)
You can also join our telegram group where the conversation is going on – https://t.me/+Ls77D0d0v3oyNTc8