Paygold is currently going through cybersecurity and banking regulation audits which is a lengthy process. We are expecting to launch and disrupt the global remittance market on January 1, 2024.

Paygold is a Web3 Banking as a Service

I initially conceptualized and implemented Paygold.io to disrupt the $50B global remittance market by leveraging various blockchain technologies. Later, I added a Web3 Investment vehicle and decentralized auction platform to make it an innovative Web3 BaaS product

The first step was identifying the problems associated with international money transfer systems at large

I conducted user reviews and distilled most important list of features implement

Developing a go to market strategy involved dealing with restrictive fintech licensing norms in USA and elsewhere, forcing me to look for innovative onramp solutions

Despite having to pay on ramp and off ramp fees, I was able to keep our transaction costs at 3%, which is much lower than global averages

As part of my roadmap of building a Web3 BaaS, I implemented a white label and API solution of Paygold, to foster B2B partnerships with other fintech companies

Paygold's Payment Infrastructure : How We Built It

In this section, we look at the key pieces of infrastructure making up Paygold and how we put them together to offer various innovative financial services.

Powered by AWS

The foundational strength of Paygold lies in cutting-edge technology. Our journey began with strategically leveraging servers on Amazon Web Services (AWS), laying the groundwork for a secure and scalable payment ecosystem

Blockchain Powered Peer-to-Peer Transactions

The core of Paygold’s development focused on seamlessly integrating blockchain technology for peer-to-peer transactions.

The platform ensures transaction validity through consensus mechanisms like Proof of Work or Proof of Stake, enhancing security with advanced encryption techniques.

Transaction costs on blockchain are a few cents, which allows us to keep our transaction costs low.

Clearinghouse Functionality in Financial Transactions

In addition to its blockchain-powered peer-to-peer transactions, Paygold excels in implementing onramp and offramp software, functioning as a clearinghouse to streamline the entry and exit points of funds within the financial ecosystem.

The onramp facilitates the conversion of traditional fiat currency into digital assets, seamlessly integrating users into the blockchain network. Conversely, the offramp serves as a gateway for users to convert digital assets back into fiat currency.

Debit Cards Loaded With Staking Pool Rewards

Our platform utilizes blockchain nodes to manage staking pools efficiently, enhancing security and operational efficiency.

Bridging traditional and digital finance, Paygold offers a convenient debit card, simplifying access to your funds. The debit card is loaded with the rewards earned from the staking pools, and can be spent at any retail outlet.

 

 

Whitelabel Remittance Solution

Remifirm  offers a white-label platform for secure and compliant international money transfers. Customers first complete a KYB process, and based on their requirements, RemiFirm designs a complete remittance solution, including backend infrastructure, frontend dashboards, and branding.

White Label Crypto Onramp

 

Sending.cash is a white-label fiat-to-crypto on-ramp provider. We specialize in offering seamless solutions for converting traditional fiat currencies into a variety of cryptocurrencies, tailored to meet the specific needs and branding of our partners.

We handle the technical and regulatory aspects, ensuring a smooth fiat-to-crypto onboarding experience for their users.

Tech-Driven Transformation: Paygold's Role in Non-Profit Sector

Paygold’s infrastructure, tailored for application in the non-profit sector, introduces a purpose-driven technical framework that aligns seamlessly with the unique needs of charitable organizations.

 

 Leveraging the robust blockchain foundation, Paygold ensures transparent and traceable donation flows, addressing concerns related to accountability and trust. 

 The decentralized nature of Paygold’s infrastructure enhances inclusivity, allowing non-profit organizations to efficiently receive and manage donations across borders while maintaining the security and integrity of financial transactions. 

Visit Save Desis to see how a non-profit organization is leveraging Paygold to allow Indians in USA to send remittances, with a 100% of the transaction fees going to their non-profit disaster relief fund.

Decentralized Auction Platform

We run an innovative Dutch auction platform based on blockchain smart contracts. The goal is to open these traditionally underserved auction markets to the multi billion dollars flowing through the remittances.

Challenges Faced

There were numerous regulatory and technical challenges faced during this journey

Learnings

Despite the challenges faced and the sacrifices I had to make to get this project off the ground, this has been one of the most profound learning experience for me, both personally and professionally.