IvyPay Tokenomics [ANNOUNCEMENT]

Last month we introduced you to IvyPay, a joint venture with Ivy and Australian cryptocurrency company HiveEx.com. The IvyPay service will be the best way for consumers to turn their cryptocurrency into Australian dollars and other fiat currencies in the future.

Today we are excited to announce key tokenomics for IvyPay which will be adding new utility to the IVY token, as well as providing a high-level timeline for our technology development of IvyPay.

Firstly, we will have some early designs for both the mobile and desktop elements of IvyPay to share with you in the coming months. This will be your inside look into what we’ve been working on and illustrate how it will come to life.

For those who have signed up on IvyPay.net to get early access, we are currently aiming to have a closed beta available, ahead of a full launch before year-end. We will have more specifics on this closer to the date and provide more definitive timelines.

Regarding tokenomics and how the IVY token that you are holding today will integrate with IvyPay, below are new features utilizing the Ivy ERC20 token.

In addition to the IVY token being a carrier of KYC/KYT data, you will receive a 50% discount on the fees collected by IvyPay if you pay your fees using the IVY token. This fee discount applies, no matter what cryptocurrency you choose to deposit as fiat.

We will also be completing a quarterly burn event. The burn will be comprised of 5% of IVY tokens used to pay fees on the IvyPay platform, and IVY tokens that will be repurchased using 5% of other crypto fees collected. This function will occur through the introduction of a secondary smart contract that controls the process.

There will be a lifetime burn limit, with the total IVY token supply not decreasing below 1.2 billion tokens.

Please note IvyPay is still in development, Australia will be a testing ground for the IvyPay product and as the project develops and new learnings are unlocked, Ivy reserves the right to change the terms of the burn for the benefit of tokenholders and the company.

Hopefully this gives you a bit more clarity as to how the IVY token will work within IvyPay, outside of transferring KYC information.

Don’t forget to sign up to get early access at IvyPay.net!