Grant Request by DAPAY

Submission Date

December 1, 2021

Project Links

Website: https://dapay.io

@DapayIo

Project Description

DAPAY is a platform enabling the user to settle a FIAT invoice in crypto. We provide API into 3rd party payment systems, fetch open invoices in FIAT and provide the user with an interface to collect these funds in a selected range of crypto-assets (mostly stable coins).

The platform handles the settlement of the pending payment without holding the assets at any point. While doing so we also do a KYT check during the settlement and we also close the original Invoice on the source payment system.

On top of that we plan to provide a factoring service in order to help small and medium size businesses to keep their liquidity up. The exact details how this will work are currently in a design phase.

Amount requested

100,000 USD

Milestones

DAPAY Integration to Polygon. Port the implementation to Polygon to enable the payment gateway. - 25,000 USD

dFactoring. Develop the Factoring service for DAPAY running entirely on Polygon. - 35,000 USD

KYC OnChain. KYC to NFT service that provides the user with a compliant solution. - 30,000 USD

AML Oracle. Port AML-Oracle service to Polygon to build a trusted compliant network check for DAPAY. - 10,000 USD

The TVL is hard to measure at this point as we have not decided yet how we implement the lending part. One way could be that we provide a link to existing lending platforms and just take a small commission. Or we create our own lending pool where we lock capital from investors.

1 Like

Grant Request Status

Allocated to the Team

Hello Laurent,

is there anything I can provide further, shall we maybe have a call and I give you a Demo
of the current version as well as an outlook of what we are planning to build.

Happy to jump on a call
André

1 Like

Happy new year to all of you!

I wanted to give a quick update on what we have been up to in the past few weeks.

Our new website has bene deployed for DAPay, feel free to check out the details.

We also started our social media campaign, it is a slow process but we want to bring awareness to potential future users.

  • The important stuff -
    We have a (only for invite) version running, that is because we integrated a accounting system from Switzerland into it. (runmyaccounts.com) Our testing worked well and we will announce a first partnership with them soon. Meaning all clients of RunMyAccounts will be able to send out crypto-invoices instead of FIAT invoices and receive the funds directly into their wallet.

We will close the FIAT invoice in RMA and book the Crypto-Funds on a dedicated account too.

  • DAPay V2 -
    Currently we adding new functionality to this and hope to launch a public test-net within the next 2 weeks. Mainly usr will be able to create invoices independent of the fact if they use RMA or not. Over time we add support to more accounting systems but I think the use-case of writing a crypto-invoice and have a non-intrusive dunning service that keeps track of the status of your invoices is already a big advantage to how you would do it today.

Plus not to forget our integrated AML check that we execute for every payment made. DAPay will be the first payment solution that is fully compliant with upcoming new regulations.

I will update you with new features we plan in the coming week and what will be finally in the V2 already to use.

Looking forward to hear from you.
Best regards,

André