Open financial

platform

1
WHITE PAPER
DISCLAIMER
This white paper is for informational purposes only. The information set forth herein is subject to completion
or amendment, may not be exhaustive, and does not imply any elements of a contractual relationship. While we
make every effort to ensure that any material in this white paper is accurate and up to date, such material in no way
constitutes the provision of professional advice. Paygine, LLC does not guarantee, and accepts no legal liability
whatsoever arising from or connected to the accuracy, reliability, timeliness, or completeness of any material
contained in this white paper. Any potential PGC token holders or investors should seek appropriate independent
professional advice prior to relying on, or entering into any commitment or transaction based on materials published
in this white paper. Such materials are published purely for reference purposes. PGC tokens are not intended to
constitute securities in any jurisdiction. This white paper does not constitute a prospectus and is not an offering
document of any sort, and is not intended to be construed as an offer of securities or a solicitation for investment
in securities in any jurisdiction. Paygine, LLC is not providing any opinion or advice on whether to purchase, sell, or
otherwise transact with PGC tokens, and this white paper shall not form the basis of, or be relied upon, in connection
with any contract or investment decision whatsoever. The tokens described in this draft white paper will not be
available for use until the successful completion of the Paygine Platform.

No regulatory authority has examined or approved of any of the information set out in this white paper. Thus, no
action has been or will be taken under the laws, regulatory requirements or rules of any jurisdiction. The publication,
distribution or dissemination of this white paper does not imply compliance with any applicable laws, regulatory
requirements or rules.

Certain information contained in this document constitutes “forward-looking statements,” which can be identified
by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,”
“intend” or “believe”, or other variations thereon, or other comparable terminology. Due to various risks and
uncertainties, including those risk disclosures described herein and made available at https://paygine.com prior to
the beginning of the token sale, actual events or results or the actual performance of the tokens may differ materially
from that which is reflected or contemplated in such forward-looking statements.

No purchaser should make any investment or expenditure based on this white paper before fully reading full
offering documents, risk disclosures, or such other information as may accompany the token sale in the future.
Purchasers are also advised to seek independent advice from an accredited financial adviser.

2
Introduction 4

The Paygine Platform 5

Pay Engine Limited & Best2Pay 7

Cryptocurrency & Blockchain 12

Paygine: The Solution 18

Project Roadmap 31

Initial Coin Offering 33

Team Members 38

3
INTRODUCTION
Over the last several years, cryptocurrency has entered the mainstream. Bitcoin,
Etherium, and others have captured the public’s imagination and have intrigued
investors and consumers alike. Yet while some people have started investing in
Bitcoin (BTC) or other cryptocurrencies, few understand how they work, and
even fewer know how to use them to fulfill their promise as a means of exchange
that is digital yet un-hackable, that enables us to make transactions instantly
and securely, and that cannot be controlled by governments, banks, or other
middlemen.

•• While the underlying blockchain technology is undoubtedly novel and

fascinating, most end users only really care about some of the basic questions we
take for granted with any currency:

•• Can I easily use cryptocurrencies to buy goods and services, either online or in
brick-and-mortar retail shops?

•• Can I use a smartphone app to easily and quickly transfer funds to a friend,
whether across town or across the globe?

•• Can my wealth be conveniently carried with me on my smartphone at all

times, while remaining secure from loss or theft?

•• Can I easily sell goods and services online and collect payment from anyone
in the world, including low-cost currency conversions?

•• Can the promise of blockchain technology and the various cryptocurrency

offerings be harnessed and used in a practical way?

With Paygine, the answer is YES.

4
T H E PAYG I N E
P L AT F O R M

5
 Paygine is a financial platform designed to offer cryptocurrency-related services
to both individuals and businesses, allowing for easier, faster, and less expensive
currency transactions in a variety of usage scenarios. In short, Paygine is designed
to help consumers and businesses use cryptocurrency as simply and conveniently
as any other currency, in everyday life.
For individuals, Paygine allows people to quickly, easily, and securely:
•• Maintain wallets in both fiat currencies (USD, EUR, RMB, etc.) and
cryptocurrencies (BTC, ETH, etc.) with the ability to convert funds between them

•• Transfer cryptocurrency to and from a bank card

•• Pay in retail shops and online stores using their cryptocurrency

•• Carry out worldwide, cross-border transfers of any currency with minimal

costs

For the business user, Paygine allows retailers to accept cryptocurrency as a

payment for goods and services at their place of business or online storefronts,
and then automatically convert those payments into the currency of their choice.

$ B €
USD BTC EUR

Creating such a powerful payment and exchange platform from scratch would
require major amounts of both time and money in research, development, and
testing. However, Paygine is licensed to utilize Pay Engine Limited technologies
and products, which already have undergone years of successful development
and testing and have a proven track record of successful real-world use and
support. By leveraging the existing technology solutions created by Pay Engine
Limited, Paygine will avoid the growing pains and get right down to business.

THE PAYGINE PLATFORM 6

PAY E N G I N E
LIMITED
& B E S T 2 PAY

7
 Pay Engine Limited is an international payment processing company founded in
April 2012 in the United Kingdom. Its founders included experts from the banking
sector, who brought a wide range of experience to the company, including
successful projects implemented at American Express, SEB, Bank St-Petersburg,
Sberbank, Renaissance Credit, ABN-AMRO and RBS. Pay Engine Limited is the
owner of the Best2Pay brand.
In 2014, working together with Visa and MasterCard, Best2Pay developed and
launched the Best2Transfer platform. Best2Transfer allows bank customers to
repay loans instantly using a Visa or MasterCard credit card issued by any bank.
The Best2Transfer platform services were first launched by Home Credit Bank, a
leader in the consumer loans market.
Today, Best2Pay services are used by finance and technology businesses,
e-commerce, and beyond, to service more than 1.5 million clients every month,
with a portfolio of more than $18 billion in serviced loans, with the number of
end-customers increasing by an average of 34% per month.
The Best2Transfer platform was recognized by The National Banking Journal as
the product of the year for banks in 2015.
The Best2Pay service offers many advantages over competitors, including:
•• Speed & Simplicity: clients can start accepting online payments in just one
day

•• Safety & Security: Best2Pay has a Level 1 certificate of compliance with

international PCI DSS security requirements

•• Cost Efficiency: Best2Pay is the only participant in Visa International’s “Bill

Payments” program, enabling us to reduce the cost of the transaction interchange
fee by 42.8%

PAY ENGINE LIMITED & BEST2PAY 8

 The Best2Pay service also already includes the provision of information on
transactions in the formats of the merchant’s accounting system, the calculation
of the commission at the time of payment, SMS (text message) invoicing, IVR
(telephone) payments; payment using social networks and instant messenger
networks, and more.
Best2Pay currently works with more than 50 clients, including banks and other
financial services companies.

With the Best2Pay platform, technologies, and business experience, much of

the groundwork has already been developed and tested. With a proven backbone
already in place, it is time for the next step: bringing the existing technology
together with new innovations in crypto­currency.
That step is Paygine.

PAY ENGINE LIMITED & BEST2PAY 9

Best2Pay – a market leader
in online repayment of loans
2015–2017 revenue per month, repayment of loans, and peer-to-peer transfers
(USD, millions)

115

88,4

64,7

55,2

41,3
37,9

20,6

8
0,76 1,2 2,8

2015 2016 2017

6M $115M >2М
unique customers turnover per month transactions per month

PAY ENGINE LIMITED & BEST2PAY 10

 Based on the needs of international banks and financial organizations, the
founders of Best2Pay decided to create a new platform united by a single
information technology system. The Paygine system is designed from the ground
up to be seamless, convenient, and low-cost, and to overcome many barriers
people run into when getting started using cryptocurrencies.
Paygine’s key competitive advantage over similar projects is that it leverages the
existing Best2Pay services and technologies. The Paygine platform (under the
Best2Pay brand) is already actively used by many merchants to accept payments
using bank cards, and conducts more than two million transactions per month,
with a turnover of more than $115 million per month. Paygine aims to bring
Best2Pay’s services into the cryptocurrency future.

PAY ENGINE LIMITED & BEST2PAY 11

CRYPTO
CURRENCY
& BLOCKCHAIN

12
 The world’s first cryptocurrency, Bitcoin, was introduced in 2009 by a person
(or group) known as Satoshi Nakamoto. Upon its release, Bitcoin was described as
“a peer-to-peer electronic cash system.” Essentially, what cryptocurrency does is
to replace the trusted third party behind a currency (like a bank or a government)
with digital encryption. The currency is stored in a digital wallet with a private key,
which is kept in the cloud or offline on a computer.
Cryptocurrency is predicated on cryptographic algorithms that are encrypted
to confirm transactions. Cryptocurrency transactions are recorded on an online
ledger called the “blockchain.” In the language of cryptocurrency, a “block” is a
record of a new transaction. Once each block is completed, it is added to the
chain, creating a chain of blocks: hence the term “blockchain.” The blockchain is
therefore a secure, public record of each transaction involving cryptocurrency.
Many people see blockchain as an alternative to traditional banking. The
blockchain, together with the encryption built into the cryptocurrency, allows
secure transactions between parties, which are based on the verified values
represented on the ledger, rather than merely trusting the other party involved or
relying on a middleman (i.e. a bank, who usually takes a fee and puts certain limits
what you’re allowed to do with your money) to complete the transaction.
Information on the blockchain is publicly available. It is decentralized (meaning
it doesn’t rely on a single computer or server to function), and is not controlled
by a single bank or company. Instead, copies of the blockchain are shared among
thousands of computers all over the world, and reconciled with each other via the
internet. Therefore, any and all transactions are instantly visible to everyone on a
public ledger. For example, if you send Bitcoin to a friend, sell it, or use it to make
a purchase, that information is publicly available on the blockchain. Other people
may not know your identity, but they know exactly how much value has been
transferred from one person to another.
Just as the Internet decentralized and liberated the exchange of data and
information online, blockchain and cryptocurrency make it just as easy to transfer
money across the world, instantly and securely.

CRYPTOCURRENCY & BLOCKCHAIN 13

Why Cryptocurrency?

Cryptocurrency and the innovative blockchain technology behind it are more

than passing fads or investments. They help democratize banking and exchange
services, making them available to billions of people around the world who are
currently not serviced by the existing banking and financial system.
With cryptocurrency, no central bank is required. Instead, users can directly
exchange currency, goods, or virtually anything of value with other users. Such an
exchange is:
•• Digital. It does not require physically mailing documents , titles, or satchels of
cash.

•• Instant. Much like sending an e-mail, the transaction can be transmitted

world-wide in seconds.

•• Secure. The military-grade encryption used by the system renders it un-

hackable.

•• Worldwide. It is available to anyone, anywhere.

•• Non-discriminatory. No central authority can block access or transactions.

The possibilities are truly endless, and the advantages are clear. Money can
be traded, spent, saved, or used instantly, between friends sitting across a table
or strangers from different corners of the Earth. No government can prevent
rebels or charities from exchanging and using cryptocurrencies within their
borders, nor can they prevent people from taking their funds with them and
using them throughout the world—no border searches will detect or confiscate
cryptocurrencies. No banks can pick and choose which customers are allowed
to open an account, or which countries or regions are worthy of having a bank
branch; instead, anyone with a computer or smartphone can access the system.

CRYPTOCURRENCY & BLOCKCHAIN 14

 On more practical and mundane levels, the ease of digital conversion and world-
wide transmission of cryptographic assets enables easy commerce and trade.
No more worrying about exchanging cash (at terrible exchange rates) at each
airport, or finding traveler’s checks, or finding an ATM that takes your bank card,
or finding a merchant that accepts your credit card—and wondering what the
foreign exchange fee will be. Instead, by using a virtual wallet on your smartphone,
you can securely “carry” your assets with you anywhere you go, and use them
anywhere you shop, all instantly and with very low fees. That is the promise of
cryptocurrency, and it is only the beginning.

Cryptocurrency Problems & Obstacles

Cryptocurrencies have many advantages over the traditional banking system.
Some of the traditional banking system’s barriers and shortcomings that are
overcome by cryptocurrency include:
•• The possibility of governmental and oligarchic influence;

•• Difficulties of companies and entrepreneurs in different countries and regions

in reaching mutual settlements;

•• Slow speed of transaction processing, currently not meeting the requirements

of online business;

•• Inflation;

•• Lack of transparency; and

•• Higher cost of services compared to cryptocurrencies.

Despite the obvious advantages of cryptocurrency, traditional banks are leery

of this new form of currency, and many often restrict and limit cryptocurrency
transactions, refuse to open accounts utilizing cryptocurrencies, and refuse to
work with businesses that utilize cryptocurrency, even when all anti-money
laundering (AML) and anti-terrorism (CFT) requirements are met. According
to a study conducted at the University of Cambridge, the biggest challenge
preventing the majority of companies from providing payment services based on
cryptocurrency is the establishment and maintenance of contractual relations with
banks and money transfer operators.

CRYPTOCURRENCY & BLOCKCHAIN 15

 Companies who provide such services say that their main barrier is the high costs
of ensuring compliance with regulatory requirements. Taking into account the
complexity of the regulatory requirements for cryptocurrencies and the high rate
at which they change, the task of maintaining and demonstrating compliance with
these requirements is complex and very costly.
Clamping down on money laundering and tax evasion are currently major
focuses of the banking sector. Their abundance of caution in this regard has
caused banks to classify legitimate operations as dubious without a valid reason,
simply because they were associated with the use of cryptocurrency. It is easier
for the vast majority of banks to block an account or transaction dealing with
cryptocurrency than to try and understand the essence of the operation. In
such cases, the account gets blocked without a practical way of challenging the
decision. Challenging a bank for blocking an account can take more than a year,
often without concrete results.
We believe that the solution for this problem is obvious: owning and managing
banks that allow clients to store and use cryptocurrencies, while ensuring strict
compliance with anti-money-laundering and anti-terrorism requirements.

Other Obstacles
While blockchain-derived cryptocurrencies offer the promise of inexpensive,
fast, widely-available currency transfers and exchanges, the current marketplace is
devoid of convenient and easy-to-use solutions that enable average consumers to
buy goods or transfer money to friends or business partners around the globe.
While the conversion and transfer of digital currencies should be easy, seamless,
fast, and inexpensive, early adopters of Bitcoin and other cryptocurrencies are
currently faced with multiple implementation problems, including:
•• High technical barriers that make purchasing cryptocurrency confusing for
new users

•• Lack of merchants who accept their cryptocurrency

•• Slow transaction confirmations

•• High fees

CRYPTOCURRENCY & BLOCKCHAIN 16

 •• Security concerns with unreliable e-wallet providers

•• Lack of interactivity with existing bank accounts and funds in fiat currencies
(like USD)

•• Difficulty in converting among various cryptocurrencies

A solution is needed that overcomes these obstacles and allows for users to
unlock the full potential of cryptocurrencies as a store of value and medium of
exchange. Ideally, customers would be able to use any cryptocurrency they wish—
Bitcoin, Litecoin, Bitcoin Cash, Etherium, Ripple, etc.—and use them not only to
transfer to whomever they wished anywhere in the world, but also use them to
purchase goods & services both online and in brick-and-mortar retail shops.
Customers are accustomed to the convenience of online bank accounts that
are able to convert currencies and wire transfer funds across the globe—even
though they are often saddled with various account restrictions, trading delays,
and hefty fees for the privilege. Accounts may be shut down or transfers halted for
what banks deem to be “suspicious activity,” or even “high-risk” types of business
transactions. Small businesses seeking to obtain payment from foreign individuals,
for example, must often jump through arduous hoops, have their funds frozen or
transactions reversed, pay large fees, or simply have their accounts closed at the
discretion of their bank, with no recourse.
Digital currencies offer a way around these bottlenecks, and cryptographic
security and the blockchain offer decentralization and prevent banks or
governments from controlling what users do with their own funds. But the
promise of free and open cryptocurrency transactions is undermined when users
face hurdles in exchanging their current savings into cryptocurrencies, tracking
and managing those cryptocurrencies, and using them to make payments or buy
things.
A better way is needed, one that marries the familiarity and convenience of
existing currencies with the advantages of cryptocurrencies.

CRYPTOCURRENCY & BLOCKCHAIN 17

PAYG I N E :
THE SOLUTION

18
 Due to the technical and regulatory complexities of each country,
cryptocurrencies do not yet have the convenience and worldwide acceptance
of traditional payment instruments like bank accounts, credit cards, and cash.
Paygine will solve this problem by offering a universal open financial platform,
which will connect the worlds of cryptocurrency and traditional payment
instruments.
Initially, Paygine intends to buy two banks in jurisdictions known to be hospitable
for companies working with cryptocurrencies: one in Europe (presumably
Switzerland), and another in the Caribbean. This will allow Paygine to ensure the
stable operation of its financial platform around the world.
The system will be built on Paygine’s existing financial platform and will take into
account the laws and regulations to work with cryptocurrencies in the jurisdiction
in which each of its banks is located, enabling it to provide full-fledged services to
clients from different regions.
Due to the technical and regulatory complexities of each country,
cryptocurrencies do not yet have the convenience of traditional payment
instruments like bank accounts, credit cards, and cash. Paygine will solve this
problem by offering a universal open financial platform, which will connect the
worlds of cryptocurrency and traditional payment instruments.

PAYGINE: THE SOLUTION 19

Summary of Paygine Functionality
Put simply, Paygine will allow both individuals and businesses to maintain wallets
that hold a mix of their preferred fiat currencies and cryptocurrencies, with easy
conversion between them; to use a bank card to buy whatever they want online
or in stores around the globe (and allow sellers to accept such payments); and to
transfer their money to or from any other user in the world instantly and securely.

Cryptocurrency & Blockchain Technology

The Paygine blockchain—or rather,Paygine Distributed Ledger Technology
(DLT)—provides transparent and secure interaction of the platform’s participants.
Paygine will use blockchain technology in the following ways:
•• Building Paygine DLT, a decentralized ledger, to register all transactions in the
system. All Paygine participants receive unique Paygine-ID identifiers.

•• The information is available only to participants involved in the transaction and

to the platform administrator (arbitrator). The transaction receives a unique code
in the system, which can be used to obtain detailed information on the operation
in real time. The use of blockchain technology makes it possible to monitor the
information’s invariability and its safety at the network nodes available on different
continents.

•• Implementing basic application program interfaces (APIs) for accessing

Paygine DLT services. Using the Paygine-ID, the client can interact with Paygine
DLT using the API provided. At the first stage, the client will have access to
information on his or her own transactions and publicly disclosed information
(exchange rate, reference, information, etc.).

PAYGINE: THE SOLUTION 20

Open APIs
All services available on the Paygine platform will be provided to clients through
unified Application Programming Interfaces (APIs). It is important to note that
Paygine will not provide services directly to individuals. Instead, we will work with
financial technology companies, internet shops, and financial service providers, as
well as aggregator sites, and they in turn will provide services to their customers—
individuals and businesses—thereby creating a completely new ecosystem around
the platform. Paygine does not aim to develop an electronic wallet, a crypto-
wallet, bank cards, or transfers under its own brand. These products would be built
by our customers under their own brands, and private individuals and businesses
will be able to choose services from Paygine’s clients.
Paygine is creating a system that will help to develop our clients’ businesses,
rather than compete with them. We are providing a financial and legal back-end
for our clients, within the existing legal regulatory framework (including AML/CFT
procedures).

White Label Service

All of Paygine’s services are based on the “white label” principle, a popular
cooperation model for businesses throughout the world. A white-label product
or service is produced by one company, and packaged and sold by another under
its own brand. For example, the largest U.S. and Australian banks issue white
label cards for smaller banks, which can save on production costs. Each partner
can concentrate on its specialty (i.e., production, development, or sales), thus
benefiting all partners financially.
The term white label comes from the music industry. U.S. record companies
produced vinyl records with a white (clean) label, so sellers could then put
their own brand on them. Later, this approach was adopted by other industries,
including information technology and finance.
White label opens new opportunities for large companies and start-ups alike. We
have had very positive experiences using this model in our existing businesses.
The white label model enables start-ups to evolve faster, introduce new products

PAYGINE: THE SOLUTION 21

quicker, and gain access to a wide audience, and the model is flexible enough to
succeed in most business industries. It is important to properly assess the potential
of white label in the context of particular industries and to understand how to use
it to introduce new technological opportunities, develop new services, and attract
customers.

This partnership format provides all parties with numerous advantages.

For the client:
•• Quicker launch of new products and services;

•• Lower costs of implementation and maintenance of financial services;

•• The ability to provide users with payment instruments under their signage, as
part of their service or sales process;

•• The ability to focus on the core business without diverting resources to ensure
compliance with regulatory requirements

For the Paygine platform:

•• The ability to provide services to clients in new markets and new segments;

•• Increase in sales revenue without superfluous spending on advertising.

Targeted Clients
•• Peer-to-peer aggregator platforms that integrate people to sell products
or provide services directly, without intermediaries (i.e., Airbnb, Avito, Uber,
Freelance.ru, etc.)

•• Companies that create wallets and crypto-wallets;

•• Solutions for international money transfers on the basis of cryptocurrency;

•• Internet shops and Internet services;

•• Exchanges and trading platforms;

•• Fin-tech companies.

PAYGINE: THE SOLUTION 22

Services Available
The Paygine platform will enable a number of useful services for both clients and
consumers alike.

E- WA L L E T
An electronic wallet is the perfect payment tool for those who spend or earn
money on the Internet by making online purchases or selling goods and services
online. With the help of an e-wallet, it is possible to make various kinds of
transactions using virtual money, which can then be converted into individual
cryptocurrencies or into fiat currencies, and withdrawn to a bank account or card.
E-wallet services will be offered to our client companies in the Paygine platform
services suite through the API, providing access to many exchanges through
a single interface. The number of crypto exchanges in the world is constantly
increasing, but the conditions, protocols, and requirements of all exchanges are
different. Often there is a need to work with several exchanges at once. However,
not every business can afford to carry out such complex integration with all of the
exchanges of interest and meet all of their requirements.
Paygine’s solution is to aggregate exchanges via a unified API, which will allow
us to work with exchanges of interest while creating our own rules and financial
schemes without regard for abstract liquidity.

E X C H A N G E B E T W E E N C R Y P TO C U R R E N C I E S
A N D F I AT C U R R E N C I E S

Exchanges play an essential role in the cryptocurrency economy, by offering a

marketplace for trading, liquidity, and price discovery. Therefore, it is crucial for us
to be able to provide exchange services to our clients and end users as well, and
to allow them to exchange between different cryptocurrencies and to and from
fiat currencies, as well as among different fiat currencies.
For merchants, this service is the logical continuation of merchants’ receiving
payments in cryptocurrency. Despite the growing popularity of cryptocurrency,
the vast majority of merchants transact in fiat currencies. We believe that in order

PAYGINE: THE SOLUTION 23

to increase the attractiveness of dealing in cryptocurrency, merchants need to be
able to freely convert fiat currencies and cryptocurrencies between each other.
If this happens automatically and at an optimal rate, then the convenience of
cryptocurrency conversion will surpass that of traditional bank cards.

I S S U I N G O F C A R D S L I N K E D TO A C C O U N T
I N F I AT O R C R Y P TO C U R R E N C Y

It is still quite difficult to pay with a cryptocurrency account on the Internet and
in brick-and-mortar stores. This problem is solved by issuing virtual/physical cards
in combination with the mechanism of conversion from cryptocurrency to fiat
currency. Having experience in implementing similar projects at banks, Paygine
will join one of the international payment systems and certify for the issuance
of cards, both physical and virtual. Paygine’s clients will be able to provide its
customers—private individuals—with services such as issuing cards and linking
them to an electronic or crypto-wallet. The design of the card will be determined
by Paygine’s clients. In addition, we will provide for card delivery and an activation
system for the private individual. All actions involving the order of cards, choice
of design, type, tariff setting for the end user—the private individual—and service
conditions will be available to Paygine’s clients through the API and graphic user
interface.

PAY M E N T P R O C E S S I N G F O R C R Y P TO C U R R E N C Y-
ACCEP TING MERCHANTS
The Paygine platform (under the Best2Pay brand) is already actively used by
many merchants to accept payments using bank cards and conducts more than
2 million transactions per month, with a turnover of more than $115 million
per month. At the same time, we provide our merchant clients not only with
industry-leading existing functionality, but also with novel functions that are rarely
offered by our competitors. The first category includes rendering invoices that are
ready to integrate with the main CMS and mobile platforms, resulting in minimal
connection time and a convenient and simple interface. The latter category
includes a flexible inclusion in the protocol of the exchange of information

PAYGINE: THE SOLUTION 24

about the order that will be reflected in the card statement, the provision of
information on transactions in the formats of the merchant’s accounting system,
the calculation of the commission at the time of payment, (depending on the
terms of payment), SMS (text message) invoicing, cascading payments for different
technologies, IVR payments (via telephone), payment via social networks and
instant messenger platforms, and more. We plan to implement the ability to accept
cryptocurrencies and at the same time ensure a simple and fast connection of this
new payment method for our existing and new clients.

MONEY TR ANSFER SERVICES

Cryptocurrency is actively used as a mechanism for transferring funds abroad
and within certain countries. This is a quick and often the cheapest method of
transfer. Because of this, we predict that such services will be in high demand.
Therefore, we plan to use the most common and liquid cryptocurrencies as a rail,
which make international transfer much faster and more profitable than traditional
methods.In the future, to implement transfers, we plan to use PGC Tokens
(Paygine coins, see ICO section later in this document for details).

P E E R -TO - P E E R S E R V I C E

Electronic wallets are the basis of the peer-to-peer service we have previously
highlighted. This service combines the ability to create wallets through the API,
and allows for the issuance of virtual cards, and input and output channels with
various predefined settlement schemes between private individuals. Peer-to-peer
services are very much in demand in many types of businesses (e.g., aggregator
platforms) that unite people to sell goods or provide services to each other
directly. In these systems, e-wallets can be used as a technical tool for internal
settlements between private individuals within the aggregator platform, allowing
for a significant reduction in the costs of transfer between private individuals,
as well as adding movement and liquidity to the system while the aggregator
platform itself does not physically spend money, but manages the flow of money
between private individuals, receiving a commission for each transaction (if
required by the business model).

PAYGINE: THE SOLUTION 25

 D E P O S I T A N D W I T H D R AWA L
Maintaining a wide range of ways to deposit into accounts, wallets, and private
individuals’ cards on the Paygine platform, as well as developing extensive
ways to withdraw funds from them, is crucial when choosing and evaluating
the convenience of working with a particular platform. We will pay special
attention to expanding the channels for depositing and transmitting payments on
Paygine’s platform. In addition to traditional channels such as cards, accounts,
and cash, we will actively connect new channels for depositing and paying using
cryptocurrency. The popularity of cryptocurrency is growing, but on a global
scale, the number of holders of crypto-wallets is in no way comparable to the
number of holders of bank cards and accounts. The ability to exchange between
cryptocurrency to bank cards, accounts, and cash—and back—is another bridge
between the worlds of fiat currencies and blockchain finance whose demand and
popularity will only continue to grow.
Through the API, Paygine’s clients will be able to choose which of the channels
they will provide to their customers, and which ones they will not.

PAYGINE: THE SOLUTION 26

Timeline and Stages of Development
The development of the Paygine platform will take place in three Stages: entering
the European market, entering the US market, and increasing transactions by
opening additional branches in southeast Asia and the U.S.

S TA G E 1 , P H A S E 1
B2B

Stage 1 will consist of

replicating and adapting existing
P2P E-money
technologies and services Wallet
Cards
that are successfully operating Aquiring
AML

(the Best2Pay platform) to the API

Invoicing Virtual cards

European market, under the Marketplace

new Paygine brand. The current Money Transfer
& Original Credit
Online
Anti-fraud
Money
API will be refined and the Merchants
Transfer
Agents
foundation for the development
of new services will be
established. Peer-to-peer
Aggregators

This stage will include identifying, selecting, and integrating with a new European
partner (a financial institution). This will enable us to provide services to Paygine
clients immediately after completing the first stage of the development.
We anticipate that Paygine’s clients will be various fin-tech and cryptocurrency
entities, which we refer to as “clients.” The clients of our clients—who can be
individuals as well as entities—are referred to as “customers.”

Services available at this stage will include:

•• E-invoicing;

•• International card to card money transfers;

•• Transfers from card to account, loans repayment, direct debit;

•• International card payments (mass payments, payroll);

PAYGINE: THE SOLUTION 27

 •• Peer-to-peer service for private individuals in three modes:

•• Customers are registered on the platform and directly pay for the services of
contractors (service provider) from their accounts;

•• Contractors (service providers) register on the platform and directly collect

money for their goods or services from customers, and then deposit collected
funds to their own accounts or cards;

•• Secure transactions can be made using the platform: funds are debited
from the customer’s account and held (similar to an escrow account). After the
successful completion of a transaction, the funds are transferred to the contractor,
if the transaction fails, they are returned to the customer.

•• Fraud detection.

S TA G E 1 , P H A S E 2
B2B

SME E-money
Wallet

KYC

Cross AML
Border
Money
Stage 2 involves buying two P2P Cards E-money
Transfer

API
Aquiring Wallet Agents
banks (Paygine Bank Europe and
Paygine Bank Caribbean) and Marketplace
Card Issuing Online
Anti-fraud

creating the exchanger (Paygine Merchants

Peer-to-peer
Invoicing Aggregators
FX

Crypto Exchange). Money Transfer Crypto

& Original Credit exchange core

Fintech Crypto
Wallets
Crypto
Exchanges

This will allow us to cut costs and start working in Europe without involving a
third party, as well as supplement the Paygine platform with the following services:
•• Maintaining individuals’ accounts, including the development of an API for
working with accounts for close integration with Customer Solutions (white-label
bank).

PAYGINE: THE SOLUTION 28

 •• KYC, which involves collecting and verifying customer data for subsequent
identification and authentication, will be available to the platform clients. This
module includes the Central Addressing Scheme (CAS) component, which allows
you to set the payment details for the unique customer ID in the system (Paygine
ID, phone, ID, etc.).

•• E-wallet, or an electronic wallet that allows customers to store money in any

currency, including cryptocurrencies and to make payments with them on the
Internet using the wallet as a virtual card or a wallet with cryptocurrency.

•• Issue of cards (including white label) to the account in fiat currency and/or
cryptocurrency.

S TA G E 2
B2B
E-money
SME Wallet
Paygine will focus mainly on
fintech companies who desire to Scoring &
Lending KYC
Lending Cross Insurance
work with customers around the Border
incl. USA
AML
Cards

world, with particular emphasis Aquiring

API
E-money
Wallet

on larger markets such as the Card Issuing Money

Transfer
P2P
United States. However, the Marketplace
Invoicing
Virtual cards Agents

complexity of US business laws Money Transfer

Online
Anti-fraud

& Original Credit

and regulations, which often vary Merchants

Crypto
FX
Peer-to-peer
Aggregators
exchange core

from state to state, can make

providing financial services in the FinTech Crypto
US a difficult and daunting task. Crypto
Wallets

Exchanges

Paygine recognizes and supports their clients’ focus on larger markets, and will
ensure that the platform is fully compliant with the applicable regulations in the
US and other larger markets. To do this, Paygine has already established a Paygine
representative office in the US, and will work to obtain a money-transmitter license
(MTL) in each state. We plan to start by registering and obtaining MTLs in three
states—California, Texas, and Colorado— and then follow suit in all other states.
Obtaining a MTL can take from several months up to several years. Therefore, to
get a head start, we are already negotiating with local companies that have MTLs.

PAYGINE: THE SOLUTION 29

 Start of operations in the US and obtaining MTLs will allow Paygine to:
•• Provide the last mile for transfers to the US and the first mile for transfers from
the US;

•• Provide all the services implemented in earlier stages to the US market;

•• Launch international transfer services in a white label model from the United
States, South America, Europe, and other parts of the world.

S TA G E 3
Stage 3 in the development of SWIFT,
Ripple
the Paygine platform will entail a SEPA

VISA, Service & Data

significant increase in transfers, Mastercard, UnionPay Providers

within and between countries

Paygine
where clients carry out business. platform

In addition, an increasing number Shared Ledger

(Paygine DLT)
of businesses will begin to make
transfers in cryptocurrency. This Paygine Money
Transmitter (USA)
Paygine Financial institutions
in Southeast Asia & USA

will impose increased demands

Paygine Bank Paygine Bank
on the stability of the Paygine Carribbean Europe

platform and the implementation

Paygine Crypto
of uninterrupted settlements Exchange

inside it.

In order to eliminate various risks during Stage 3, we plan to open additional

Paygine bank branches in Southeast Asia and the U.S., so that we can provide
extended services to new users.

This will allow us to:

•• Provide Paygine’s services to companies operating in Southeast Asia;

•• Provide micro-loans to regular clients;

•• Assess the credit risks of private individuals and legal entities working on the
Paygine platform;

•• Work with the regulators for direct connection to the national/regional

payment system.

PAYGINE: THE SOLUTION 30

PROJECT
ROADMAP

31
1 S TA G E ( 3 6 M O N T H S )
Buying banks: Paygine Bank Europe and Paygine Bank Caribbean

Implementation of core system, integration with accounting systems

Updating the peer-to-peer system

Adjusting existing payment gateway to work with cryptocurrency

Global open API for all services + blockchain (private DL)

Development of operational documentation and AML procedures

Agreements and integration with world crypto exchanges

Entering the MPS + implementation and certification

Introduction of processing (emission and acquiring)

Registration of the exchanger + IT system

Workflow management, changing banks team, opening additional correspondent accounts

Launching the crypto-wallet service

Launching merchant account product

Own issue of cards to the wallet, virtual cards

Peer2Peer services on platform based on partnership

Peer2Peer service based on its own emission

Transfers from Europe to US and other countries

2 S TA G E ( 3 6 M O N T H S )
Obtaining a license in all states

Money Transfer(MT) software, integration with external systems

Development of operational documentation and AML procedures

Global openAPI for all services + blockchain (integration of Paygine Banks via private DL)

Signing agreements and integration with major world cryptocurrencies

Launching API for US-MX and US-EU transfers

API Launch for transfers in each state to the extent of MT license
availability or entering into an agreement with local operating MT

Creating an infrastructure for receiving and providing cash

3 S TA G E ( 3 0 M O N T H S )
Opening of Paygine Bank representative offices in Southeast Asia and the US
Connecting offices to the system Paygine core bank system
Global open API for all services + blockchain (uniting
with PaygineBanks and MT (US) into one private DLT)
Registration in the MPS + connection of offices to the central processing
Adjustment of operational documentation andAML procedures for new
activity in the representative offices
Closing of all cash flows of the platform in the banks of the Paygine group
Launching all services in Asia

PROJECT ROADMAP 32
INITIAL COIN
OFFERING

33
Initial Coin Offering
In order to raise funds necessary to develop the Paygine platform, the founders
will hold an initial coin offering (ICO). The ICO will allow investors to obtain
Paygine tokens (PGC) that will be used to pay for platform services. The ICO will
have two major stages: pre-ICO and ICO. PGC tokens distributed during the pre-
ICO stage will be offered at the maximum discount.
•• Purchase currency: BTC, ETH, or various fiat currencies (to be determined)

•• Minimum amount needed to launch the project: $3,000,000

•• Maximum amount: $30,000,000

Token description
•• The PGC token will be the basic functional tool on the Paygine platform and
can be purchased through the ICO sale. Token holder will have the right to pay for
goods or services using tokens with a discount from 10 to 30%.

•• A finite number of tokens (151,750,000) will be generated. There will be no

additional tokens issued.

PGC token policy

1. The Paygine platform will provide services to entities only according to a
determined value to be calculated by the platform by pegging the minimal rate
of 1 PGC=1 USD and maximum exchange rate determined by market price of the
token. In addition to that exchange rule, in case of token usage to pay for platform
services, the payer will receive a discount between 10% and 30% (depends on
service type).
2. The Paygine platform will allow for using PGC tokens to be used as a means of
payment for its clients’ services or goods. In this case, internal exchange rate of 1
PGC will be the greater value of either 1 USD or the current market price of PGC. In
case the PGC token will be used to pay for clients’ services or goods, an additional
discount will be applied that will depend upon the type of service.

INITIAL COIN OFFERING 34

 3. Once the PGC token becomes popular and gains liquidity, it will be used as
an internal technical currency in the money-transfer system on the basis of the
Paygine platform instead of BTC or ETH.

PGC Token Distribution

The total amount of PGC tokens will be limited to 151,750,000. This total will be
broken down as follows:

PGC Token Distribution 151,750,000 100%

Initial Coin Offering 42,699,608 28.14%

Reserved 86,550,392 57.03%

Team 22,500,000 14.83%

During the ICO, 41,508,000 PGC tokens will be presented for sale, including
1,218,000 offered during the pre-sale. 10,290,000 of the ICO tokens will be
reserved for bonuses.

ICO Token Distribution 42,699,608 100%

Pre-sale of Tokens 1,218,000 2.85%

ICO 30,000,000 70.26%

Reserved for Bonuses 10,290,000 24.1%

Bounty 1,191,608 2.79%

INITIAL COIN OFFERING 35

 A further 87,742,392 tokens will be reserved for bonuses. All unsold tokens will
be reserved for future use and will be kept by the Paygine platform. Reserve tokens
will be put on hold for two years, pegged in a smart contract. The remaining
22,500,000 tokens will be distributed among the project team members.

Bonus System
Bonuses will be awarded depending on the timing and investment size. The
earliest investors will be awarded with the larger bonus. The tickets exceeding 2
BTC are eligible for the special bonuses. Bonuses will be awarded depending on
the timing and investment size. The earliest investors will be awarded with the
larger bonus. The tickets exceeding 2 BTC are eligible for the special bonuses.

37%
35%
2%
3% 30%
5%

7% 3% 25%

7% 3% 20%

17%
7% 3%
15% 15%
30%
4%
25% 7%
5% 5%
20%
15% 8%

10% 10% 10%

5%

1 2 3 4 5 6 7 8

Standart 2-3 BTC >3 BTC

Use of PGC Tokens

A PGC token is the key to the use of the Paygine platform Application of the PGC
token:
•• Payment for the platform’s services by entities (clients) with additional
discount from 10% to 30%;

INITIAL COIN OFFERING 36

 •• Payment for goods and services provided by the platform’s clients with
additional discount from 10% to 30%;

•• Internal (technical) currency that ensures global remittances on the platform.

Entities:
•• As we explain on the next page, for those purchasers buying PGC tokens at a
discount, using PGC tokens on the platform will always be attractive because of
the minimum pegged rate of 1PGC = 1USD and maximum determined by token
market price.

•• Cooperation with the Paygine platform will attract new clients.

Individuals:
•• The purchase of goods/payment for service is always made with a discount.

The Paygine platform was conceived with the idea that its users would receive
a direct benefit from using acquired tokens. The fundamental principle behind
this model involves pegging of the minimal token’s exchange rate to the dollar (1
PGC=1 USD) when entities are paying for the platform’s services and when clients
are paying for goods and services. In case the PGC market exchange rate is higher
than 1 USD, this higher market price will be used for purchases. In addition, in case
if PGC is used for payment within Paygine platform, an additional discount will be
applied (from 10% to 30%). Therefore purchasers are protected from potentially
unfavorable scenarios associated with a change of the secondary market price of
the token.

INITIAL COIN OFFERING 37

TEAM
MEMBERS

38
Team Members

Kirill Radchenko
CEO of Paygine LLC (US); co-founder of Pay Engine Limited (UK)

Kirill Radchenko has been working as the CEO of Best2Pay, a leading

e-commerce gateway. He is responsible for the company’s main
strategy and business development.

Previously, Kirill worked for SEB Bank (SEB Group, Sweden) for over
6.5 years, first as head of its payment cards division, then as head of
business development.

Kirill has 13+ years of experience managing IT projects, business

planning, and developing bank products at an international company.
He has in-depth knowledge of the rules and regulations of VISA and
MasterCard, and cards processing.

Michael Luposhtyan
Senior Vice President of Paygine LLC (US); Сo-founder of Pay
Engine Limited (UK)

Michael Luposhtyan was CEO of Pay Engine Limited, UK, until 2012.
He has worked in businesses related to international payments since
2011. From 1993 to 2011, he worked in the international container
transportation field, working in customs clearance and freight
forwarding through the sea-trading port of St. Petersburg. He was also
a general director at a customs broker, deputy director of a branch at a
steamship company, and has held other positions.

Maxim Neshcheret
Business Development Director of Paygine LLC (US); Owner of
KRUT PTE LTD (Singapore)

Maxim has 12 years of experience implementing large-scale,

nationwide financial solutions all around the world. Projects include
implementation of national retail-payments solutions under central
banks’ mandates, central depository systems for central banks and
stock exchanges, and multiple projects for commercial banks.

TEAM MEMBERS 39
Team Members

Raniya Luposhtyan
CFO of Paygine LLC (US); Co-founder of Pay Engine Limited (UK)

Raniya Luposhtyan has been a shareholder of Pay Engine Limited

(Best2Pay) for the past five years. Raniya has more than 10 years
of experience in consumer banking, with ABN AMRO Bank, Bank
Renaissance Capital, and BanqueSocieteGeneraleVostok, leading,
implementing, developing, and maintaining credit initiation, customer
service, and regional development. She also has five years of experience
at Sberbank, in the banking transfers and credit cards group.

Alexander Petrov
Chief Technology Officer of Best2Pay (Russia)

Alexander Petrov has been working as director of cards technologies for

one of the top 10 banks in Russia. He is responsible for the development
of cards, acquiring, and e-commerce-related services, as well as for the
operation of systems that those services function on. Previously, Alexan-
der worked for Raiffeisenbank for over 10 years, first as head of process-
ing and then as head of banking cards division. Alexander has more than
15 years of experience in cards, payments, and payment methods.

Vitaly Furmanov
Senior Vice President, Best2Pay

Vitaly Furmanov, the founder of the processing company Best2Pay

(Russia) and PayEngine Limited (UK). He was the head of IT companies
more than 15 years. He has experience in banking. Since 2011 he works
in business related to international payments.

TEAM MEMBERS 40
Team Members

Michael Vehorev
Developer, Best2Pay

Michael Vehorev has six years of experience in developing software

for Best2Pay, one of the leading e-commerce gateways, as well as
experience working with blockchain technology and cryptocurrencies.
He is an expert in fin-tech technologies, blockchain, Corda R3,
Information Security, high-load systems design and implementation.
He has master’s degree in Computer Science, Computer Software
Engineering.

Vadim Buneev
Developer, Best2Pay

Vadim Buneev has been working as Senior Software Engineer for Best-
2Pay since 2015. His key responbililities include development of fault-
safe highload services and anti-fraud system. Before joining Best2Pay he
worked as Lead Development Engineer for First Ukrainian International
Bank (Ukraine). In this role he was first an IBM AS/400 and DB2 develop-
er, and then an IBM Websphere and MSSQL developer. He has 10+ years
of IT experience, among which are 3D, back, front, and mobile systems
development. Currently, he specializes in Corda, block-chain platforms
and smart-contracts development.

TEAM MEMBERS 41