salpay

CONCLUSION

CONCLUSION

• Idea: 9/10 - they are trying to improve exisiting payment solutions
• Documentation: 7/10 - overall solid but I feel that additional documentation would be useful
• Product: 8/10 - existing product that is already used by thousands of people, needs blockchain application
• Team: 9/10 - company has been around for a long time and is already working actively with several big companies in Philippines
• ICO conditions: 6/10 - hard cap is way too high but pre-sale bonus was small and there will be token buyback by the company

Idea

IDEA

• Salarium has been founded in 2013, mostly operates in the Philippines and is providing companies with attendance, and payroll software.

• SALPay is their financial product and it is a complete ecosystem with an e-wallet, a debit card, and a financial services suite used by employees and their families.

• With this ICO they are introducing blockchain technology and cryptocurrency to solve clients’ problems like high bank fees, poor exchange rates, and long processing times.

• Verdict: Existing company with existing clients is introducing blockchain to make it easier for them to manage the payments.

DOCUMENTATION

DOCS

• The website is very simple but presents the information nicely since everying is laid out on the front page. It might be considered a bit too simple?

• Whitepaper is 39 pages and is presenting information in a very clear and accessible manner but there is no additonal paperwork like 1-page or presentation.

• There is a blog, FAQ and roadmap available. FAQ and roadmap concentrate mostly on the existing payment solution and not ICO.

• Team is displayed and while there is no team description there are links to LinkedIn.

• Verdict: Overall decent quality - everything that should be there is there but doesn't look very high budget.

EXISTING PRODUCT

EXISTING

PRODUCT

• Existing product SALPay allows users to manage money, pay bills and have complete access to funds with just one app.

• Salarium helps over 500 companies and more than 10,000 employees in the Philippines get paid their salaries using its software and financial service.

• The blockchain implementation is set to be implemented in March 2018 with SALPay 3.0. Also in March the tokens will also be available on all major exchanges.

• Verdict: The blockchain implementation is ongoing but Salarium already works with several big companies and serves payments for thousands of employees.

Usage

MORE DETAILS

• Through the usage of blockchain, crypto and MasterCard paired with an e-wallet/mobile app SALPay will incorporate following improvements:

• Save time - keep track your earnings, ATM withdrawals, fund transfers, and purchases.
• Cut remittance costs
• Show and withdraw money
• Manage funds with an e-wallet - Pay bills, transfer money, apply for loans
• Ensure protection - Salarium's Smart Contract will ensure that work will be done and that payments will be sent.

• SALPay will be able to provide instant liquidity for converting SALPay Tokens to Philippines Pesos through the SALPay App. These funds will be immediately accessible through the SALPay Wallet.

TEAM

TEAM

• Salarium was founded in 2013, is registered in Singapore and operates in Philippines.
• 8 people listed for SALPay ICO, overall number of employees is over 60.
• The investors include CEOs of Barhead, VC Growth Partners and Cebuana Lhuiller.
• Salarium works with 500+ companies, 10k+ employees with $10 million monthly payroll volume.
• Team appears to have the neccessary knowledge and staff to push the usage of the blockchain through.

• Verdict: Salarium and it's product SALPay is really impressive in terms of number of companies using it for their employees as well as total number of employees.

ICO

ICO

• Pre-sale finished and sold over 2.5million tokens
• Main sale ongoing, finishing on December 31st
• accepted tokens ETH, BTC
• no further tokens created, unsold tokens burned
• Salarium will buy back the tokens from exchanges

• looking to sell around 7 million tokens/333= 21k ETH (assuming 1ETH=$500) = $10 million

• MAXIMUM CROWDSALE CAP: 50million/333=around 150k ETH = around $75 million

• Verdict: The hard cap is too high but the contribution they are asking for is justified considering the scope of the project. There shouldn't be any dump from exchanges due to low bonus in pre-sales and unsold tokens will be burned.