Single-click automatic payment for Walimai protected products (at current exchange rate if the user has insufficient WaBi). Paying with WaBi grants additional benefits: discounts, improved delivery terms, bonus WaBi points with every purchase. Allows users to buy loyalty points in bulk with discounts
Wabi Project’s ICO is taking place in times of significant regulatory turbulence. In the midst of our ICO preparation process, the People’s Bank of China halted all ICO related activities in China. Wabi Project is a Singapore-based company. However, a major part of our business activities currently takes place in Mainland China. In order to comply with the existing regulatory framework, as well as to mitigate the risks of future changes, we are making special provisions for WaBi token circulation in regards to the China market.
Below are the key features of these provisions.
►All crypto activities (crypto payment processing, token issuance, circulation of exchange-listed tokens) will be held outside of China.
►WaBi Project will develop a blockchain-based, remotely-hosted loyalty program that will be licensed to Walimai China.
►Point issuance in Walimai China loyalty program will be rigidly linked to WaBi through a smart escrow contract in a 1:1 ratio. In other words, to issue 100 additional points for the Walimai China loyalty program, WaBi Project must first obtain 100 WaBi tokens. ►Features and flexibility of the Walimai China loyalty program will be in-line with the maximum allowable standard for loyalty programs currently operational in China, pending further regulation regarding crypto-activities.
►WaBi tokens will be user-exchangeable to Walimai China loyalty points through the Wabi Project ltd., but NOT vice versa.
►In other markets WaBi tokens will be circulated in Walimai loyalty programs directly, local regulations permitting