BNBPAY was a project fair launched on the Binance Smart Chain on the 4th of July 2021. It came from humble beginnings where the 2 founders had the vision to replace cumbersome fiat payments used in online and offline commerce and replacing it with crypto.
BSC was specially chosen due to the lower gas fees and faster transaction times.
The project gained rapid adoption and had over 50,000 holders over the cause of 4 months. The company has since hired a CEO and grew to a headcount of over 20 team members + moderators.
The BitMart Hack on 5/12/21 forced the BNBPAY team to freeze the trading of their $BPAY tokens, the team took the opportunity to rebrand to PayBolt and start trading on 2 other blockchains Ethereum and Polygon as well as on Binance Smart Chain to attract a larger investor base.
Furthermore, the rebranded PayBolt will have an upgraded smart contract with cross-chain bridging solution, in line with the goal for $PAY to be chain agnostic.