Populous World announces the additional use of fiat on the platform.
Stablecoins will work in tandem with PPT on Invoice Finance platform (PIP) to improve scalability.
LONDON, 15th May 2019.
The transition to acceptance of fiat (USDC):
One of Populous World’s key objectives is to grow and we believe it is fundamental that the platform has to scale. We have tried a few different scaling methods in the past and after much evaluation we are confident that this is the best way to scale as quickly as possible. By opening this method to our community, the ecosystem will be stronger and subsequently, the community will strengthen. This move will truly enable everyone to help scale the business while providing value to SMEs, by removing any middle man involved in the traditional process.
Users that participate on auctions and invoices on the platform will now have an alternative by being able to purchase USDC directly off exchanges and services, such as Coinbase, and transfer them onto our platform in order to directly convert USDCs into GBP pokens to purchase invoices.
The new changes will include:
1. The acceptance of fiat (USDC).
2. PPT will be used to pay for fees to purchase the invoice.
3. PPT will still be used to purchase invoices.
4. PPT to be used on the upcoming exchange.
PPT for fees
This new update will incorporate PPT as a fee to purchase the invoice and will only be levied to the winning bidder. Hence, before a user can bid to purchase an invoice, the user must have sufficient PPT before he or she can place a bid.
The fee will be 0.285% of the invoice value, where the fee will go to Populous World. The fee will then be split in half, with half going to a burn pool, while the other half shall be used to increase the Liquidity Pool. Another contribution to the burn pool is the withdrawal fee, where the entirety of that fee will be sent to the burn pool as well.
This fee model is applicable for both invoice buyers via PPT and USDC.
PPT to work alongside USDC
PPT will continue to be used to purchase invoices as the platform now accepts both PPT and USDC to purchase invoices. This move will allow us to scale beyond the limits of our liquidity pool and allow for more underserved SMEs to receive the financing that they deserve. We are confident that by doing so, we will bring value to PPT users and SMEs alike by removing any friction to the operations.
PPT to be used in the exchange
Beyond utility on the Invoice Finance platform, PPT will also be utilised in the Populous World exchange. At the moment, the exchange will feature discounted rates when using PPT, as well as fees that will be collected in PPT. The development of the exchange is still in progress, but the goal is to produce a best in its class exchange. More updates will follow regarding this.
Regarding the transition, Steve Nico Williams, CEO of Populous World, said, “As a startup, we have the ability to pivot as we learn and tackle new challenges. This transition actually allows us to scale much more efficiently, while knowing that we are doing good to the community by serving SMEs that are deserving. This transition will streamline the focus of the team to only obtaining more invoices available on the platform, as previously the efforts have been divided in trying to scale the operations”.
As this transition takes place, Populous World believes that the company will reach more underserved SMEs.