Inside NEM Episode 40
By: Alexandra Tinsman
Tags: Bitcoin, Blockchain Technology, Cryptocurrency News, Nem Blockchain, Nem

MyCoinvest is developing a 3-tier ecosystem that will offer users a more convenient way to save. I had a chance to interview Corey Patterson and AJ Taylor from myCoinVest to learn more. Check it out!

AJ Taylor: The team is about 17 strong ranging from a huge amount of experience in different areas bring a new level of skill sets. We have people that work in engineering, business consulting, technical consulting, as well as banking — really just the entire consumer experience. We also have another team that works primarily with Georgia Tech and we have a partnership with them. They manage our entire global technology apparatus which includes all of our development, operations and everything like that. These guys are really smart… Master Degrees and everything. We put together a pretty good team!

Alex: Tell everybody about MyCoinvest and the problem that you’re trying to solve. Why does MyCoinvest even exist as it does today?

Corey: Sure! This is a question that we get asked a lot. We are recent college graduates and pretty much what we saw coming into the workforce were a lot of unexpected expenses. Mainly what I can think of is furniture. Furniture is a big out-of-pocket expense and we started to realize and look around and say hey! There’s a big problem with savings. You have to save for everything and that was our first approach at this. That was the first reason.

And two — we started to look under the cover at numbers. We looked at it from an investment standpoint and they were staggering. Something like 70% of Millennials said they did not feel prepared for any kind of financial crisis or anything. We thought that was crazy. We’re not the first to market for our automated solution but we decided to develop an ecosystem that was completely tailored to the method of saving. So myCoinvest allows users to automate their savings and live their everyday lives without having to do the manual process of having to move from one account to the next to help them save for expenses.

Alex: Tell me the roadmap. What people can expect now, in 6 months and what things we should be excited about for myCoinvest in the future.

Corey: Sure! We have a set go live date for October 3rd. That is our go live date for the VezClub Exchange. That’s when all of the services will be completely functional for our app. Currently we are in the Alpha testing mobile phase for our mobile app and we should be finishing that up in the next month or so. After that we will move into the Beta phase and we will release it live to the Android and iOS market.

Our target timeline is around June and we want to get the tech developed out and focus on the operational side of things.

AJ: Right! A part of the operational piece will be the legal framework so we partnered with a top-notch firm in Atlanta that deals with this all the time such as securities and stuff. We plan to work closely with them and then by October we should have everything in place so we don’t have any issues.

Alex: That’s exactly what I wanted to hear. That’s very good… so how can the NEM community get involved with you right now? You’re very active in the NEM community channels. There’s a lot of momentum and excitement around what you’re doing. How can people find out more so if they want ot participate they can?

AJ: you can reach out to us on social media at myCoinvest on Facebook, Instagram, Twitter and Telegram. We have this unique initiative going and we’re doing this a little bit differently and it’s “Utility in Community”. What this does is allow people to harness their own favorites — any kind of talents they have and then input that into our community and then we’ll distribute VezCoins to them for doing their work. This is our cool way of harnessing the world’s talents and using it for our platform.

PAYTOMAT INTERVIEW

Paytomat provides a way to use cryptos as every day currencies by enabling local stores and online merchants to accept payments in crypto using its decentralized network. They offer a reliable and feature-rich point of sale terminal that now supports XEM, in addition to LTC, DASH, BTC, and several others.

Paytomat first gained traction in Ukraine with over 150 businesses using them, and letters of intent signed with dozens of merchants in Europe. Their goal is to double this by the end of the year. Paytomat is now negotiating with other POS systems to directly integrate its network into those devices as well. With its decentralized system for cryptocurrency payments, Paytomat introduces several innovations in the blockchain industry, including a decentralized franchise model and a unique blockchain-based loyalty program that provides rewards to buyers and merchants.

I had a chance to interview with Yurii Olentir from the Paytomat team to learn more about their platform. Take a listen.

Yurii: Hi Alexandra and NEM community! I want to apologize in advance. English is not my native language. So I can collect my thoughts. I am most about math not politics. I can tell you some words about our team. Our team is international. The core team is based in Kiev Ukraine. I’m the founder and CEO of Paytomat. Most of the team has worked together in different IT projects over ten years.

Since 2011, I became interested in Bitcoin and blockchain. I bought my first Bitcoin when it cost near $100 USD. In 2016, I founded the company Daily Coin, an investment company specializing in crypto. It quickly became one of the major crypto investment funds in Ukraine. After that it was a logical step to launch something bigger — it was a global sum, a global infrastructure project. This is how Paytomat came to life almost two years ago.

Right now we are looking for partners and international suppliers. And we find NEM as one of them. We believe cryptocurrency has big potential to be used as digital cash for every day payments — not only for trading or exchange but for payments, every day.

Currently Paytomat works as an extension to every day POS terminals. People and merchants have no need to install new software or new hardware. They just look in the displays and they can see this new button “PAY WITH CRYPTO”. This is how Paytomat works.

Now we accept eleven cryptocurrencies — including XEM. We have proved that crypto can be used for everyday payments. Payments with fiat currency will become less popular with time. And cryptocurrency payments will go up every day. But there is a big gap between companies and cryptocurrency users. There are some big problems. The key problems for business are that they have no motivation to start accepting crypto. [They say] We don’t want to buy new hardware…software…we don’t want to accept crypto every day. They don’t understand the legal part. They are afraid to accept crypto.

Crypto owners have no motivation to pay this crypto. If you have some crypto, you just want to hodl or trade — not pay. And only a few places accept crypto. In Europe…US… you can pay this crypto only in e-commerce, not your cafe or restaurant. And payments have high fees and long time transactions. Paytomat is designed to solve these problems.

You can learn more about Paytomat at: Website, Whitepaper, Facebook, Telegram, Instagram, YouTube, Twitter, and Medium.

Alright, that’s all I have for today! Thanks for watching, don’t forget to like and subscribe, and until next time I’ll see you on Inside NEM.