BNPL Pay Update -February

Hello BNPL stakeholders,
We are writing to inform you of a decision that has been made by the BNPL team in conjunction with a major node operator.

Major Node Operator — MetaAsset Capital Inc.

Firstly, we would like to take this opportunity to introduce you to one of our major node operators who has committed to immediately come on board with their institutional borrowers to establish a node when we officially launch our first full version.

Mr Jay Leong, the Chief Executive Officer of MetaAsset Capital Inc. has over 25 years of experience in the traditional banking and finance space. He has held senior positions in several global institutions like Citibank, Deutshe Bank, Credit Agricole and Standard Chartered Bank. In his banking roles, Jay was appointed the Global Head of Commodities Structuring, Head of Financial Markets and Co-head of Standard Chartered Bank Wholesale Banking Division in Singapore.

Recognizing some of the inherent weaknesses in the traditional centralized capital market environment, he has created a decentralized financing facility using the BNPL Pay platform. Jay has combined his rich knowledge from the traditional banking environment in risk management methodologies and governance together with the efficiencies and scalability of the BNPL Pay protocol into a powerful decentralized finance paradigm. Our participants whether its lenders, borrowers or stackers will benefit from our protocol which taps into a worldwide pool of liquidity and a diversified group of borrowers.

Revised Launch Timeline for MVP

The development team at BNPL Pay has made the decision to revise the timeline for the launch of the BNPL application in consultation with Jay Leong and other large institutions who are seeking to establish banking nodes on the BNPL platform. These institutions include publicly listed companies on major international stock exchanges and a crypto VC who have expressed interest in committing up to USD$200,000,000 to establish their own node; commencing with a first tranche of USD$20,000,000 followed by further tranches over a 12 to 24 month period in order to fulfil a commitment of up to USD$200,000,000.

As part of the consultation process with these institutions, the team at BNPL Pay have had to add core functionality and conduct additional testing to prove the security of the platform. Several of the institutions we are consulting with have put their own additional requirements for security to the BNPL Pay development team.

The institutions are concerned about several DeFi hacks resulting in billions of dollars in losses the last 12 months which are well documented in crypto and mainstream press.

As you, our community, are aware, BNPL Pay has already completed a successful three phase audit process with Hacken.

It is the strong view of the BNPL Pay team that Hacken have performed a satisfactory audit, as a respected firm, to ensure security of funds in our platform. However, as we are dealing with institutions — not merely crypto trading funds but publicly listed companies — the particular institutions we are dealing with are requiring further levels of security and vulnerability checks.

In particular, one of the institutions has requested — as a prerequisite for them establishing a banking node and committing significant funds — that BNPL Pay to engage an additional audit firm to provide yet another independent external audit.

The BNPL team is as eager as you our community are to launch. We have put in countless hours of hard work to get to the point of being ready. We have to be mindful that BNPL Pay is different from other players in this space in that we are connecting to traditional financial markets. With this effort comes more work but with it, much higher rewards and market size.

Despite thorough internal testing, we do respect the fact that the institutions seeking to establish these nodes are making large outlays of their capital, and as such, require multiple independent external audits as a prerequisite for deploying.

A Reward for our Loyal Community — 🪂AirDrop

The BNPL team wants to thank everyone for their ongoing support and will make certain we do everything in our power to get the changes implemented and additional audit completed in a timely manner and while we are doing this we will also be incorporating more institutional grade roadmap features around loan flexibility and off chain integration.

In addition we would like to announce the first major airdrop from the foundation!
Of the 10 million BNPL tokens reserved for community airdrop we will be dropping 2.5 million tokens to holders of BNPL.

Random snapshots will be taken between now and MVP launch date and 50 random people will be selected to each receive 50,000 BNPL tokens. Each wallet holding at least 5,000 BNPL at the time of the snapshots will be included in the draw.

To be eligible for the airdrop, at the time of the snapshots you must be:

• Holding 5,000 BNPL or equivalent in BNPL / ETH Sushi LP Tokens staked on our app.
• Holding in a non exchange wallet. (A wallet you control)

BNPL on ETH or AVAX chains are both counted.
⭐ Wallet addresses caught on both snapshots will receive 2 entries into the draw.

Rewards will be distributed to winners on the Ethereum Chain (ERC20).

Detailed Revised Timeline:

1. Obtain new thorough audit of all smart contracts via secondary third party firm
2. Resolve any additional critical and high priority issues
3. Upon baselining smart contracts engage with ImmuneFi for further bug bounties
4. Launch MVP
5. Complete airdrop

What is BNPL Pay

BNPL Pay is a decentralized blockchain lending protocol that is putting credit in the hands of those who need it the most: people without capital. The BNPL Pay Protocol addresses the issues that are presented by uncollateralized borrowing, with a decentralized network of banking nodes. With the BNPL Pay Protocol anyone can become a bank and anyone can apply for a loan.
BNPL is the governance token at the heart of the protocol.

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