Refund Update — How will it work?
Following the announcement of the new SALPay roadmap and optional ICO refund, I would like to take this opportunity to express my gratitude to the community. The team and I appreciate the positive responses from everyone. It means a lot to us that many of you remain supportive and willing to come along on SALPay’s journey to solving the money remittance woes of our clients.
That said, we are also aware that our last update has raised some important questions regarding the refund process, which we aim to address at this moment. For those interested in participating, please be informed that the refund process will be completed in phases, as detailed below:
Phase 1: Apply for a refund by logging into your SALPay ICO profile page at https://app.salpay.com/login and clicking on the green ‘Refund Request’ button. Next, you will be shown the address you initially got your SAL tokens deposited to, with the amount of SAL Tokens available to refund, which can be modified. You will also have the ability to add a new address where you prefer to get your ETH or BTC back.
Phase 2: Validate your identity by using the feature we will provide to upload your photo and ID. We will also make legal documents accessible, which should be signed at this stage. This is scheduled to go live by the 23rd or the 28th at the latest. If you have completed Phase 1 already, you should receive a notification via email to proceed to Phase 2.
Phase 3: Actual refund. You should receive your SALPay Tokens refund from us. Do take note, however, that sending back the funds will take us approximately 2–3 weeks, as per our previous communication.
Our goal is to finalize everything by December 15th, with a hard deadline to get it finished by the end of the year. The ability to apply for a refund will open until December 15th
Q — Given that I don’t have the same wallet address as I used to during ICO, would it be possible for me to use a different wallet where I’ll be sending the SAL from, as well as a different wallet for deposit of my ETH or my BTC?
A — Yes, it is possible. We know that changing wallets isn’t uncommon, even encouraged for security reasons, and the team has taken this into account. You will be able to send you SAL’s from any address and receive your ETH & BTC into a wallet address you will be providing us during the process.
Q — In the event that I didn’t participate in the KYC during ICO, due to being part of a pool of investors, am I still eligible for ICO refund?
A — No, we only are able to refund to contributors who participated in the KYC during the ICO.
Q — What will be the exchange rate used to calculate my refund? Will it be the current SAL to ETH/BTC rate? The original rate SAL to ETH/BTC rate I bought it? Or will it be by the USD value?
A — We want to provide our community with the ability to refund what they put in. We are aware the value of SAL has been reduced since the ICO, so we are happy to be able and provide you with the same original rate, in your original currency you contributed. Meaning that if you sent us ETH, we will refund you the same amount and same exchange rate of ETH-SAL at the time of your ICO contribution.
If you sent us BTC, we will refund you the same amount and same exchange rate of BTC-SAL at the time of your ICO contribution.
If you sent us USD, we will refund you the same amount and same exchange rate of USD-SAL at the time of your ICO contribution.
Should you have any other inquiries about the refund process, please do not hesitate to reach out to us. Our team would be more than happy to accommodate you.
It is our hope that this endeavor can convey our sincerity in being more forthright with the community. We will be releasing more updates along the way to keep you fully informed. And you may rest assured that further efforts to rebuild confidence in the project would be done in the same respect.
Once again, on behalf of the team, I thank you all for your patronage. Here’s to a brighter future ahead.
Judah
