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CoinPayments Launches a Token with No Plan for Exchanges

Coinpayments.net, one of the oldest cryptocurrency payment processors on the internet, launched it’s own token from the SYSCoin platform called CPS Coin. According to coinpayments.net although they call it “coin”, it is actually a utility token for the coinpayments platform.

The CPS Coin features are that instant zero confirmation transactions can take place on the coinpayments platform, it can be staked to earn even more CPS Coin, it can be used to reduce transaction fee’s of specific coins that have not been named yet, it can be used to host ICO’s on the coinpayments platform as well as to purchase tokens from ICO’s willing to accept the token and it can be used to reduce listing fee’s of coins on their platform.

The funds raised from the sale of the tokens will be used to launch a decentralized version of the coinpayments platform. The complete details and plans of Coinpayments Coin can be viewed on their project page.

Currently anyone who joins the CoinPayments website, will receive 100 CPS coins that are valued at a total of 10 GBP.

After several people purchased as much as 50,000 USD worth of the tokens (based on statements made in their telegram group), it was made clear by the core developers and administrators that there was no plan the token to ever be listed in any exchanges nor ability to trade the tokens for any currencies in any sort of way as can be seen from the message below.

So members that were unhappy about this took that message to heart and started a campaign to get the token listed as quickly as possible after it launches.

The selected platform to have the token listed on is NEXT Exchange.

There has been a campaign started which requires getting 1000 votes before a new token will be listed. At that point, the listing may take as many as two or more months to actually be listed but according to Christiaan van Steenbergen, the NEXT platform founder, will be listed at that point.

Anyone interested can vote here.

It will be very interesting to see what the future of CPS Coin will be with such strong connections to both the cryptocurrency community and businesses willing to accept cryptocurrency.

Is it possible that in the future that will become bigger than sites like coinbase?

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