On Monday the 7th of September 2020, we will apply a fiat gateway conversion rate adjustment which will affect new payment channels set up on our marketplace via the PayPal gateway.
Currently, the conversion of fiat to AGI through the gateway is set at a ratio of 0.05:1, that is 5 cents per 1 AGI (excluding PayPal transaction fees). Following the adjustment, the conversion of fiat to AGI will move to a ration of 0.10:1, which is 10 cents per 1 AGI. This brings the value inline with that which was originally set at the TGE.
Why are we making the Adjustment?
The deployed infrastructure of the platform is evolving as we progress toward fulfilling the mission articulated in our initial whitepaper. In time, our intention is to roll out an automated mechanism that will continuously sample market conditions and adjust the conversion values in the marketplace backend automatically.
In this preliminary period before the automated mechanism is rolled out, we want to minimize the number of manual incremental adjustments we make and so in order to match the conditions of the community, marketplace and market we have elected to make this change ready for early Q4 2020.
Who is affected?
Marketplace users that buy services and open payment channels via PayPal after September the 7th of September 2020.
Existing payment channels already established via the gateway prior to this date will be unaffected.
- Note to Service Providers - We are committed to supporting you in any way we can, this change should not affect the internal processing of services on our marketplace, however, if you have any questions or concerns please do feel free to contact me email@example.com
We’d like to take this opportunity to thank our tremendous community, without you none of what we have achieved together could have been possible! We endeavour to push toward our goal, spreading awareness, increasing adoption and reaching toward creating a positive technological singularity!