Welcome to the recap of our AMA with aXpire!!
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what aXpire is about, we are sure this recap is gonna help you. So without further ado, continue reading
Introduction with aXpire
BILLY D/C:
Q1. Can you provide a brief introduction to the core team behind aXpire?
Of course! aXpire was created as an off-shoot of LSG, a legaltech company that’s been in business for over 17 years working with the likes of Nike, IBM, Intel, Coca-Cola and many other household names. LSG has saved its clients over $1.2 billion dollars over this time.
In terms of the aXpire team, we’re led by Gary Roy Markham, our CEO. He’s the founder of the company and has been working in the computer software space for many years, growing aXpire’s sister company LSG to the size it is today, and now growing aXpire.
Our Chief Product Officer is Philip Knight, leading our product team and strategy. He’s very experienced and has also been involved since its funding.
Personally, I’m the VP of Marketing and I’ve been with the company for over 3 years, in my 4th year now. I’m working within both operations and marketing across both the B2B and crypto sides of the business.
Lastly, our technical lead is Kiran Chandrashekhar. He’s an API wizard and all-around technical wiz that’s been with the company for a little over 2 years now, leading the international dev team.
The wider team is around ~50 people strong including the above, with offices in the US, UK and India. Hiring 10 more people as we speak, within sales, marketing and development.
BILLY D/C:
That’s wonderful. Seems like you have a small but very experienced team already with successes previously
This only instils people’s confidence on aXpire further!
Joakim HJ:
Indeed, there’s a track record of success already with the team. Building on this with aXpire :)
BILLY D/C:
Q2. Can you talk a bit about what are the services/products offered by aXpire to its customers ?
Joakim HJ:
Absolutely. aXpire offers several products spanning different industries and demographics. I’ll summarize below.
For businesses:
- ExpenseCore is an expense management software for any type of business, helping them manage their vendors and spend through automating the input and review of invoices received as PDFs, Excel and similar formats via email with rules-based automation.
The product has 4 core deployments: ExpenseCore, ExpenseCore Wealth, ExpenseCore Fund, and ExpenseCore Legal, each serving a different focus industry.
This product suite can dramatically reduce the cost of processing invoices across an organization, freeing up large amounts of staff currently working on manual processes related to the accounts payables part of client businesses.
- Bilr is a legal billing software for law firms, helping lawyers track time and create invoices that are compliant to their clients’ billing guidelines. The software uses rules-based automation to check recorded time against these guidelines, making sure that an invoice will not be rejected or have its invoice total reduced when received and reviewed by their clients.
This product enables lawyers to track more time each day while also creating more profitable invoices, ultimately improving law firm clients’ profit margins.
For individuals:
- PayBX is a cryptocurrency payments application, with a number of features (see below).
Spend cryptocurrencies anywhere:
Some crypto providers have certain limitations as to which merchants you can use. With PayBX, users can spend their crypto in any store (online or physical), regardless of whether the vendor accepts crypto or has even heard of them.
Utilize multiple cryptocurrencies:
At launch, PayBX will support a wide range of cryptocurrencies stretching from BTC, ETH, and stable tokens such as DAI, USDC, and USDT, to DeFi tokens such as UNI, AAVE, COMP, and YFI.
Purchase and sell crypto with FIAT:
Users of PayBX can buy crypto using FIAT as well as sell into FIAT and withdraw to their bank account with competitive fees, providing a quick and easy on-ramp/off-ramp for crypto.
Swap between cryptocurrencies:
Additionally, PayBX will allow you to swap between different cryptocurrencies supported on the platform, so there’s no need to move the assets onto an exchange in order to do this.
Earn interest on crypto holdings:
As an especially interesting feature, PayBX also integrates with a to-date undisclosed major CeFi player to be able to offer interest to its users for their crypto holdings. Users holding BTC, ETH, and stable tokens will be able to get competitive APY through their use of PayBX. Additional APY can be unlocked through HODLing PayBX’s AXPR token in-app.
Integrate with your bank:
Lastly, users are able to link their cards into the PayBX application through an API and enjoy the ability to spend crypto easily through everyday transactions.
- MatchBX is a decentralized freelance platform built on Ethereum, with arbitration through Kleros — more detail on this soon. AXPR used as payment mechanism as well as can be HODL’d to receive on-platform benefits. Several Ethereum-based cryptos offered through the platform.
There’s also Digital Shares, which I forgot to mention. This is a tool for businesses which enables the tokenization and trading of illiquid assets such as real-world art and real estate. Not quite NFTs, but digitized assets.
ExpenseCore and Bilr are live products, with PayBX releasing in Q3 and MatchBX + Digital Shares releases TBD.
BILLY D/C:
So basically you guys built a plethora of products with a vision to solve multiple challenges
Joakim HJ, [22.03.21 11:10]
Yes, exactly. We’re servicing businesses with solutions to problems that plague their profitability, and we have a number of crypto-focused products as well. PayBX’s goal is to make crypto function more as currency, MatchBX increases the transparency of freelancing, and Digital Shares opens up brand new opportunities for traditional assets through tokenization and a 24/7 market.
BILLY D/C:
Everything is great. But what caught my eye was that I can pay in crypto to a person who doesn’t even know or want crypto
Joakim HJ:
Exactly. You can spend crypto in any store, digital or online :)
BILLY D/C:
Q3. From the perspective of investment how is aXpire beneficial to its long term token holders?
Joakim HJ:
The tokenomics of aXpire is structured in such a way that all product sales have a portion of the contract size (5%) used to buy AXPR from the open market to then burn it, reducing supply.
Additionally, the AXPR token can be used for HODLing within PayBX to unlock lower fees, higher APY, and other additional benefits (potentially looking at a Celsius-type model for APY as well, longer term). Within MatchBX, HODLing AXPR will provide users with a tiered level of trust badge along with use-it-or-lose-it weekly free promotion of jobs they list, to name a few of the benefits we’re adding in. Our listing onto Uniswap will also feature staking/benefits in AXPR offered to those that help provide liquidity to the AXPR/ETH pool.
Lastly, as a future goal once clients are ready for it, we’re planning to implement an AXPR-powered stamping model of “receipts” onto the blockchain for an immutable audit trail. An example of this would be taking an invoice’s allocation amongst a client fund’s different entities, and then stamping this onto the blockchain through a small burn (~$0.1) transaction of AXPR. This would provide the client with a completely immutable record of their allocations, which could then be shared with regulatory entities in the event of an audit, while also reducing AXPR token supply.
A requirement for this last use case is a massive reduction in gas fees for Ethereum, and/or expanding AXPR to be more multi-chain interoperable.
Supply will continue to reduce, and the need for the AXPR token should increase with the further adoption of aXpire’s products and platforms.
BILLY D/C:
Q4. What is aXpire gunning for further in 2021 ? @JoakimHJ
Joakim HJ:
We’re gunning for a number of things. Bilr released in February, ExpenseCore is live already but has its website releasing this month (in fact the website should go live today/tomorrow), and PayBX is releasing in Q3 of this year. All of these new products will receive their own marketing pushes, which will serve to increase customers, burn and token adoption. Uniswap will also come with this.
The team is also growing, as mentioned, with 10 new hires over the next couple of months. 3 of these are dedicated to just the PayBX app.
Beyond this, we’re working on a number of larger enterprise deals that we’re trying to close, specifically with a top 10 investment bank for the ExpenseCore product.
BILLY D/C:
2021 will be epic for aXpire . I am convinced.
Joakim H:
We’ve been building for over 3 years and are finally starting to release and push all of it out! :)
Community ask question by Website
BILLY D/C:
Website question no 1.
From : @romadel33
aXpire has a range of attractive products that facilitate the economic life of users, where they are specified in certain areas, do you plan to expand your products with new prototypes that cover other areas such as health, sports, or academic?
Joakim HJ:
In short, yes. The ExpenseCore product has a generic deployment which is relevant for any type of business, while also having specific deployments for specific industries. The goal is to increase the use cases of the core products to several different industries and types of companies. For example, Bilr will eventually also become relevant for accounting firms, freelancers and more with a generic timekeeping and billing deployment of the app.
BILLY D/C:
Website question no 2.
From : ANGELO ENRIQUE SALAS SOSA (@asalas95)
You comment that the AXPR token is modeled after the Binance BNB token. Why did you decide to model your token after the BNB rather than other tokens that are more widespread in the market such as Bitcoin and Ethereum? Thank you!
Joakim HJ:
We modelled AXPR after BNB because we really liked the burn and fee discount models and felt this could tie into all of the aXpire products. Since our launch, BNB has expanded its use by quite a bit, and though not all of this is relevant to AXPR, we’re not against the idea of our own chain at some point in time. At its core, aXpire is a computer software company, so we wanted to be a token first and foremost. We’re actively looking to improve tokenomics to include even more than what’s specific to the products.
BILLY D/C:
Website question no 3.
From : KASG (@KASG95)
Can aXpire create software for you, fulfilling the requirements that the company wants? Or do they really have some limitations or requirements that prevent them from providing services to some companies?
Joakim HJ:
We’re not a custom software development company, per say, however if a client is large enough then we’re certainly open to the idea. The way the company works in cases like this is that the developed software is not owned by the client, but by aXpire, and can then be resold and licensed to others. The client would essentially help produce a piece of software which would then be added to the aXpire suite of tools and services.
As a privately held company, aXpire is quite nimble. The approach when selling software to larger enterprises is to provide extensive customization to fit their specific needs, without necessarily charging for the custom build outs (unlike competitors). With each scenario like this, the product only gets better and more extensive in its features.
Community ask Questions by Twitter
BILLY D/C:
Twitter question no 1.
From : @Ksalom95
Their motto is “We create FinTech SaaS for the modern age” but really what problems does conventional SaaS have that will evolve it to the modern age? Could you detail us more about it?
Joakim HJ:
It depends on the industry and type of software, I’d say. With enterprise software, the problem is often that a client has to accept that a piece of software works a certain way, without the ability to customize it. Enterprise-level software is often offered by other enterprises (such as Oracle) who are not too nimble and able to help clients in the way they might need.
Beyond this, a lot of enterprise-level SaaS software offers extremely old and inefficient UI/UX, which makes using the product a pain and requires tons of training. This isn’t the case with modern SaaS, such as the likes of Monday, Trello etc — that’s the type of experience we want to offer.
BILLY D/C:
Twitter question no 2.
From : @meml97
From what I can see, all the products aXpire offers have kind of a similar path, so, do you have plans on making in the future a combination of all this product and just have one amazing product with all their features in it?
Joakim HJ:
Great question. This is exactly what we’re doing with ExpenseCore. Several of our products are being combined into one, such as our prev. Resolvr brand, packaged underneath a single brand so that it’s easier to market, sell and provide custom modules (with aspects of different products) to aXpire’s clients.
BILLY D/C:
Twitter question no 3.
From : @bimasuryaatmaj1
Axpire also released PayBX, which is a cryptocurrency wallet, will it support all types of payments such as amazon, paypal, etc., and does it have additional features other than payments?
Joakim HJ:
PayBX will integrate with any type of card. So you can use Amazon, PayPal etcetera so long as you use these with the card connected to PayBX. Additionally, you can fund your wallet with FIAT (to buy crypto with) using Apple Pay, Bank and more.
Lots of features, which I recommend reading about here: https://cryptopotato.com/paybx-spending-crypto-with-your-existing-card/
Telegram live Questions answered by aXpire
Q1 from Marian Merheb:
I saw that in 2018 you released a product called MatchBx, which people said complement Resolvr, another product that we can’t see anymore on your website. Can you tell us more about this products and why they aren’t available now? Will they make a comeback?
Joakim HJ:
Resolvr is being built into ExpenseCore, making it so that we only have a few brands instead of too many. It’s still an active product, just with a different name.
MatchBX was released as a semi-decentralized product. We decided to close it down while building out other products and re-releasing the 2.0 as a completely decentralized version of the product.
Q2 from Che Tut:
Tell me how will PayBX function technically? If I want to pay for something with crypto, will it be converted to fiat on your side?
Joakim HJ:
When a transaction is identified through the bank API, we sell the equivalent amount in crypto into FIAT and push this to your bank account.
Simple and easy!
We’re looking to develop a “push-to-card” feature for Europe which does this in under 30 minutes, but to start it’ll happen once a day.
Q3 from Tahani SG:
Of all the products aXpire has developed, which one are you most proud of, and which one do you think has the most growth potential?
Joakim HJ:
On the B2B side, it’s ExpenseCore. This product suite is a massive new creation which will be able to serve tons and tons of different companies with unique features. It can save a company millions and millions of dollars.
On the B2C side, it’s PayBX. Tons of exciting features, the best of which being spend crypto as FIAT, earn APY on holdings and swap crypto-to-crypto.
Q4 from Niketta:
So many Rug Pulls and scam projects are nowadays . How can we trust your project and how you are different from others?
Joakim HJ:
The team has been around for over 17 years, doing exactly what we’re doing now. The team is also not anonymous.
Real products and real clients!