From observer to participant. From (digital) ink-stained wretches to newfound riches. PYMNTS is jumping on the initial coin offering (ICO) bandwagon.
Because, after all, everyone makes money. Until the money runs out. But not before PYMNTS gets there.
In a sweeping announcement Sunday, April 1, CEO Karen Webster stated that the lure of ICOs has proven too much to resist.
“I can’t just sit and watch anymore. I want in. We all want in. You all want in. Let’s all jump in together,” she said to would be investors, her staff, and possibly to herself (though aloud) and in a statement.
Thus: PYMNTS is releasing its own digital currency, its first, in exchange for bitcoin – and targeting a billion dollars in funds.
Webster noted that there really was no need to raise the capital, stating that the figure just popped up as “a nice round number, with lots of round numbers after the one.”
Webster noted that while there are many avenues to raise capital, if needed, but the company was wanting to see if they could sneak something through before ICOs are banned outright.
“And why not?”
The token, to be known as PYM, will straddle both the “use” and “work” or “security” realms. Webster said. In the first case, PYM will be, of course, exchangeable for other digital currencies, or if desired, fiat money. In the “security” case, holders would have the right to vote on future PYMNTS projects.
By offering both sides of the coin, so to speak – with one million tokens worth $1000 each – Webster said, “our lawyers suggested that we cover all bases, no matter what the SEC might do.”
Webster said the ideal situation would involve finding a “whale” which is of course parlance for someone with a lot of money who will pony up for a big chunk of the ICO.
That would mean less burden of finding suitable crypto wallets for storage of the tokens.
Then again, and as always is the case with ICOs, there looms the specter of fraud. Not likely a deterrent, said Webster. She recounted the ways various ICOs have proved to be ripoffs, and where hackers made off with ill-gotten gains.
One of the projects that could be funded through the ICO includes buying vowels to more properly flesh out the PYMNTS name, including both A and E.
This story was written as part of PYMNTS’ annual April Fools’ Day edition, all in the spirit of good fun. Any resemblance to real news is purely coincidental. We hope you enjoyed it.