After three rigorous and fruitful months of hard work, our journey as part of the 2021 Algorand Europe Accelerator has finally come to an end. The program’s final phase (Demo Day) involved Payscript showcasing products and presenting pitches to a room of leading investors and industry experts. Our team came out feeling ecstatic after the 12-week accelerator program after receiving end-to-end support and mentorship across the spectrum of strategy formulation, go-to-market execution, and subject matter guidance across technological mentorship, token economics, marketing and fundraising.
Selected from close to 200 other projects, Payscript’s selection into the accelerator at the start of the year was an exciting feat for us. The program itself is a collective initiative between Eterna Capital, Borderless Capital, and the Algorand Foundation – the research and governance organisation behind the Algorand Protocol in an effort to support blockchain startups and entrepreneurs with an emphasis on Europe to build decentralized applications on Algorand blockchain. It is the first European start-up accelerator for developers and entrepreneurs that aims to support passionate founders building promising decentralized applications on the Algorand platform. The program featured eleven startups with valuable solutions and use-cases spanning Payment, Lending, Infrastructure, IoT and Network-driven Platforms.
In 2020, we saw the acceleration of a number of different technological trends as major industries adjusted to the ramifications of COVID-19. Alongside the notable change in the demand of digital assets such as Bitcoin, it’s become clear current payment rails and crypto payment infrastructure just isn’t effective or viable enough for the average consumer. Everyday small businesses, E-commerce stores, FinTech’s, Financial institutions and general consumers now all want to use and accept cryptocurrency payments for transactions, yet there currently exists no easy integrations or systems to allow for that to happen.
Our vision at Payscript is to build a payment orchestration framework that simplifies digital payment acceptance and crypto spending and removes barriers to widespread crypto adoption. We have built simple and easy to use software for Digital Wallets, Point of Sale and Crypto Payment Gateway Widgets that empowers merchants to start accepting crypto payments via multiple channels. Moreover, our powerful API’s allow for our complete solution features to be integrated natively in existing apps and software. Financial firms such as Banks can use our APIs to start allowing their customers to buy Bitcoin natively in their app.
Our mentors during the accelerator program assisted us in the development of an effective product plan and strategy so that we could keep track of key milestones. The milestones were designed to leverage Algorand’s powerful ecosystem and network, ensuring scalability and security for our offerings Our team at Payscript was thrilled to have Algorand support our vision of simplifying digital payments and innovating in the era of Finance 3.0, and so we wanted to share some of these milestones and achievements.
ALGO as a Payment Method
We wanted to empower the Algorand community in the most obvious way first, by allowing merchants to easily accept $ALGO as payment from those who hold it. Instead of integrating with different cryptocurrencies to accept each one as payment, our powerful API’s provide vendors with a unified solution that makes it incredibly simple to create a wallet with a number of coins already integrated. Additionally, merchants will be able to control in real time which coins they want to accept as payments and buy/sell/swap their crypto from directly within the wallet.
An Australian Dollar-backed Stable Coin (XAUD)
One of the more exciting milestones we achieved throughout the accelerator was developing our very own AUD-backed stablecoin, built entirely on the Algorand Network. The Payscript AUD (XAUD) is on the brink of being launched and comes with all of the perks of any stablecoin with the added benefit of it being pegged to your local currency (AUD). Enhance trading strategies, speed up forex value transfers, reduce fees for engaging with real-world commerce, reduce volatility risk and much more!
We plan to launch the coin by June 2021 and our aim as we kick things off will be to help various businesses and merchants involved in export and import services between Australia and other countries accept crypto payments. Our goal is to accelerate the number of use cases where Australian industries are taking part in innovative DeFi solutions by simply utilising the Australian Dollar.
The Payscript Coin (XPS): A chance to join us on our journey!
In the first week of June, we will be launching the secret project that we have been working on, our very own coin! Coin (XPS) holders will be granted various utilities as we continue to build out our product and release new features. The announcement of our coin through our very first giveaway contest and airdrop created great interest on Twitter, so much so that we decided to do another one! Our airdrop will require users to sign up for free on our platform so that we can deposit their free XPS coins into their Payscript wallets.
If you feel like you missed the chance to become a part of our early but fast growing community, don’t fret, we have some great news for you! We are planning another giveaway very soon! Follow us on Twitter and Telegram Announcements Channel and join our Community group to follow us for updates and to know when our next airdrop will be.
Our origin story and traction so far:
The team behind Payscript are passionate executives and evangelists for Blockchain and Cryptocurrencies. Our CEO, Nadeem started accepting crypto payments for his business in 2018 and felt the need for an enterprise software with a hassle free experience. Nadeem met Ralph (CMO) via Linkedin in 2019 and the both of them sat together to brainstorm the solution which grew into Payscript. They started with a simple and easy to set up wallet such that merchants don’t have to remember the private keys of the wallet. Users just sign up on the website and are able to reset passwords via email similar to Facebook or LinkedIn.
Nadeem and Ralph have built Payscript with a mission to facilitate the adoption of cryptocurrencies to allow for mainstream adoption. They bring to the table complementary skills sets of Technology and Sales / Marketing respectively which makes them the right team to bring this vision into reality. Over the last 18 months Payscript has brought on-board notable advisors to support our vision and our current advisory board consists of senior industry veterans of 15 to 20 + years of expertise in the Financial Services domain.
Since our official launch in early 2021, we have already made a number of exciting partnerships that have geared us up to make a real difference in the crypto payments space. Some key achievements include partnering up with an STO issuance platform for Stable Coin payments, collaborations with a renowned card management software company for issuing crypto cards and partnering with a number of top liquidity providers for institutional grade liquidity.
About The Algorand Foundation
The Algorand Foundation is a not-for-profit organization that has a vision of a borderless, frictionless economy built on public, decentralized blockchain technology. The Foundation envisions a wide breadth of applications being built on the Algorand protocol by a new, broader community of blockchain and mainstream developers. The Foundation is committed to facilitating this innovation in a sustainable and eco-friendly manner. For more information, visit https://algorand.foundation
About Borderless Capital
Borderless Capital is a modern financial institution investing capital and co-building financial products that accelerate access, bootstrap adoption, and create value globally through the Algorand Borderless Economy. We do not stop with just investment. We also provide guidance and mentorship to grow our portfolio companies into successful and category-leading businesses. As a thought leader in blockchain with deep expertise in the Algorand ecosystem, we advise our portfolio companies on go-to-market strategies to effectively build their network effect. In short, we leverage the synergy of our portfolio, partner network, and domain expertise to create value for everyone. For more information, visit https://www.borderlesscapital.io
About Eterna Capital
Eterna Capital is a London-based investment company focused on blockchain technology. Eterna Capital supports entrepreneurs that envision bold innovative ideas, and have the plan in place to make them happen. Eterna Capital is committed to helping them reach their ambitious goals by providing unique insights and support. For more information, visit www.eternacapital.com
Payscript is building a payment orchestration framework simplifying digital payment acceptance and crypto spending to remove barriers to widespread crypto adoption.