Following extensive talks with the British Columbia Securities Commission (BCSC) in Canada, PayPie Blockchain Inc. have announced they have updated their official whitepaper to include audited financial statements and agreed to make a rescission and restoration offer to eligible purchasers who participated in their October 2017 pre-sale initial coin offering (ICO).
Contributions in that round amounted to over 61,000 ETH and PayPie’s decision to make the offer concerning the sale of the PPP tokens has been made to ensure regulatory compliance in respect to the BCSC securities laws. Anyone wishing to partake in the offer has until 7 July 2019 to apply.
Compliance in One Form or Another
At a time when a great deal of attention is being directed to Kik’s legal battle with the U.S. Securities Commission (SEC) regarding the structuring of their ICO and the potential ramifications of that case for the whole blockchain industry, PayPie’s route to compliance has taken place mainly under the radar.
In an open letter to the community, PayPie’s CEO, Nick Chandi, said that they “…are thrilled for being one of the first few companies in the world… to have reached a positive regulatory outcome that will allow PPP tokens to operate at full potential as utility tokens… [as] …it will open countless doors for the platform, not only in the accounting and financial space, but in the crypto world as well.”
Being seen as an early contender in reshaping traditional finance, PayPie provide cash flow tools and financial analysis for businesses that provide a unique risk-score. This score can enable finance opportunities from other participants from within the PayPie eco-system so a business can apply for cash advances against invoiced receivables.
Such invoice factoring has long been a staple of the traditional financing institutions and is seen as a way of smoothing cash flow by ensuring a business has the cash at hand when it needs it. PayPie’s model, in most cases, is not only more affordable for the business concerned but also allows individuals or groups of individuals to take on the role of the financiers.