Sulopay is a payments platform attempting to make crypto payments as easy as possible to support communities around the world who are still left without critical financial services.
Sulopay is a blockchain project focusing on improving the lives of communities around the world via swift and easy payments infrastructure.
The PoS network offers multiple tiers for participants: An application that doubles as a light client, full nodes, and validators.
Mainnet launch is slated for 1st February 2021.
As Sulopay concludes its latest $10 million token sales, many may still be wondering what the payments platform is all about. In the following guide, Crypto Briefing will dig into the technology, the native cryptocurrencies, and the project’s broader mission.
What Is Sulopay?
Sulopay is a blockchain project focused on making crypto payments as easy as possible. Instead of having to manage complex crypto addresses, users can send cryptocurrencies using mobile phone numbers.
replaces cumbersome and dated paper processes with a streamlined, web-based method for collecting payment information. Not only is our solution simple and convenient, but it helps to reduce fraud and chargebacks, enhance security and address PCI compliance needs.
The process is straightforward.
Once users connect their mobile number with the app, the app sends an invite code via SMS which users must input to synchronize their number. After that, the app sends three SMS messages to verify the synchronization.
According to a company blog post, users can connect multiple phone numbers to the same Sulopay address.
There is also a small fee to verify the phone number. From there, the testnet gives users a small amount of Sulo with which to experiment. There is a related platform that developers and early adopters can use to replenish their Sulopay accounts. These are all testnet tokens and hold no real value.
Adding the token offering, Sulopay’s coffers now hold roughly $46.5 million. Co-founder of Sulopay, Ben Schulman, told Crypto Briefing that the proceeds from the latest raise “will be used to fund ongoing development work and for community grants supporting the ecosystem.”
The team behind the project comes from an impressive tech and finance background. There are three co-founders, Ben Schulman, Kelvin Pair , and Ann Barton . Ben Schulmanis the inventor of a digital reputation system called Bridge Trust. Kelvin Pair and Ann Barton sold their machine learning startup to GoDaddy.
How Does Sulopay Work?
We have designed an entire suite of purpose-built products designed to solve real business challenges. From digital payment forms to electronic signatures to virtual card issuance, we do the heavy lifting so you don’t have to. Whether you’re trying to improve a business process or solve PCI compliance issues.
Secure Data Proxy Helping You to Stay Out of Scope
Have you worked hard at creating an out of scope environment only to find an external data source that has sensitive data? Or are you trying to reduce the scope of your environment to minimize compliance certification efforts? SuloPay Intercept is a solution that can help to solve these challenges.
SuloPay Intercept is an advanced proxy designed to protect sensitive data while in transit. API messages that contain personal or payment information can be routed through our proxy to have that data stripped or replaced with token representations, while the sensitive portions remain safely stored with us.
With advanced features and countless use cases, SuloPay Intercept will help to keep sensitive data out of your environment.
Digital Third Party Forms Save Time & Improve Security
SuloPay Essentials replaces cumbersome and dated paper processes with a streamlined, web-based method for collecting payment information. Not only is our solution simple and convenient, but it helps you address security and compliance concerns at the same time.
With powerful features and unlimited usage, SuloPay Essentials will revolutionize the way you collect, store and process payment information.