TokenPay [TPAY] speaks up: A response to Tone Vays’ harsh remarks

In the live YouTube broadcast of 16th July, TokenPay CEO Derek Capo along with Sean Davis clarified his viewers’ doubts on the recent accusations made by the Bitcoin influencer, Tone Vays, at the onset of its partnership with cryptocurrency leader Litecoin.

TokenPay's tweet | Source: Twitter

TokenPay’s tweet | Source: Twitter

Derek started off by clearing doubts raised by Tone Vays, on his work experience and credibility. Tone had previously stated that Derek Capo’s past work is questionable due to multiple overlaps in his career timeline. To this, Derek said:

“Yeah, I’ve done a few businesses at the same time. I am an over-achiever that’s for sure. I speak three languages… I speak Spanish, I speak Chinese. But my life from my past, financially and I guess doing business has never been successful and I’m always trying.”

He also added that he was working at a robots education company, during which he was simultaneously working on multiple other businesses of his own. He recalled that the work went on at nights and weekends, but the businesses failed. He added:

“I have a lot of battle scars from dealing with all the stuff in business and it hasn’t been easy but at the day that’s what you have… a more polished, I guess more savvy Derek.”

The previous accusations thrown at TokenPay were finally marked as “petty” by the CEO. He moved on and established that he wants to prove the haters wrong. In his opinion, what TokenPay is trying to achieve is not easy and takes time. What matters is the right team and being able to execute to keep going forward.

Sean Davis migrated to an altogether fresh topic of ICOs. He pointed out that a lot of people hate the money raised by ICOs. For instance, Litecoin and Verge came out and were unable to raise money through ICOs. Sean admits that a lot of ICOs are money grabs since he listened to several ICO talks at the Blockchain World Conference and sensed that all of them were scams.

However, Sean had a distinct perspective on the money raised by TokenPay through ICOs. He stated:

“…but in the TokenPay’s case, you raise some money in your ICO and you have used that money to build an ecosystem in seven months.”

Further, he concluded that TPAY is a cryptocurrency that owns a brokerage firm in Switzerland via ICO money, is creating an exchange and helping other coins such as the deal between Verge and Mindgeek, which would not have been possible without TokenPay.

Sean David also asked about TokenPay’s partnerships and the flying news of its association with McLaren, a British Formula One team. Previously this month, TokenPay dropped a casual comment on Twitter about closing a deal with McLaren, which was an apparent cause of these rumors.

On this, David clarified that the partnership is a mere rumor. He also explained the dynamics TokenPay requires from brands to establish a partnership and why it is not feasible in most cases. In his words:

“Whenever it comes to a brand, it’s a little bit more about sponsorships and stuff like that. For us [TokenPay], the only way that we would be able to do that is if it makes actual business sense, so for example if it it something like McLaren or any other any company or any brands, the deal would have to be multi-level.”

Another critical factor put forth was a big brand’s inability to have control over its distributions. Derek cited an example and elaborated:

“Let’s say I have a meeting with Nestle chocolate you know, it is a big, big chocolate company right. I can’t tell Nestle… Hey Nestle, go to all your retailers and all the stores in the world and tell them to accept token pay. It’s not gonna happen.”

Currently, according to TokenPay’s official website, its partners are Token Suisse, Litecoin Foundation, Verge, WEG Bank AG and Bitcoin Association Switzerland.

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