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Blockpass Foundation to launch $PASS Liquidity Mining Initiative

By Leandra Monteiro

February 19, 2021

  • Blockpass
  • Hong Kong
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Blockpass Foundation, Mining, Liquidity, $PASS

The Blockpass Foundation has introduced a new initiative designed to improve liquidity for $PASS users. The aim at Blockpass is to provide faster, simpler and more efficient KYC and AML services, taking the pain out of regulatory compliance.

Based on customer feedback Blockpass have decided to promote development of solutions to facilitate liquidity mining for $PASS. As part of this initiative, it intends to prepare a liquidity mining campaign designed keeping in mind the community and those users and advocates of Blockpass who have shared ideas and feedback on social media platforms.

The process will begin with the development of several liquidity tools. To facilitate this, the Blockpass Foundation has announced that they will provide a grant for developers to build these tools. Developers will be paid in $PASS, which will be decided by the community.

GitHub usernames and proposals by developers will be shared with the community for them to share their feedback and suggestions. The ultimate decision of this venture will be down to the Blockpass Foundation who will approve any grants.

Also based on the feedback of the community members Blockpass has decided to promote the development of liquidity mining for $PASS. As part of the initiative, it intends to prepare a liquidity mining campaign based on the input and suggestions of the community.

The focus of the Liquidity Mining program is the existing Liquidity Pool on Uniswap for the price pair USDT/PASS, will be to add liquidity to that pool. The method for this will be collecting liquidity mining ‘receipts’ (liquidity tokens) and staking those ‘receipts’ in return for $PASS. The precise percentage of $PASS to be made available to stakes in the system, as with the developer rewards, will be determined in conjunction with the community.

In addition, Enterprise customers of Blockpass who are using its Identity Verification system will benefit from a 10% credit on services whilst staking $PASS. Note that $PASS has a token activation requirement, so staking is only permitted with users who have activated their tokens.

“We really value the dedication, engagement and insight of our discerning user base,” said Adam Vaziri, CEO of Blockpass. “This new initiative is as a direct result of questions and requests which have been made by the community over the past couple of weeks. We really do read and take on board all feedback in an effort to provide the best possible services and experiences, to merchants and end-users alike. We’d like to thank all of those who have contributed to this development through their passion and suggestions. We hope this is a positive step for users and that they will continue to engage with us through any channels.”

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