General News

Rupaya Official Statement on RupeeEvolution

TL;DR – RupeeEvolution is not partnered by Rupaya in any way and we strongly advise our community to avoid this project and their proposed swap.

RupeeEvolution is a new cryptocurrency project started initially by disgruntled members of the Rupee Blockchain project. A few of them approached Mobay (Aasim), Velk (Tobias – former team member), and I (TooShameless, Kevin) with the proposition of merging all the South Asia specific projects together under one name.  After a long series of questioning we had concluded that no solid plan outside of “unite together” was available.  We are not the only project that they spoke to who came to this same conclusion.  To add to the problem, Rupee Blockchain, to whom our Founder (Mobay) has spent a long time combating, wanted control over the Rupaya community.  We feel that we possess the better technology and team to support the mission of bringing the digital currency marketplace to the unbanked in South Asia. They must believe we have the better technology as well since they have forked the Rupaya Core wallet and branded it as their own.

The RupeeEvolution team assert that they will provide solutions that don’t exist and potentially couldn’t exist from current projects.  Examining in closer detail we find this to be absurdly false.  Thus far their achievement is building a woocommerce store and implementing the woocommerce-altcoin-payment-gateway plugin to accept RUP (plugin found here https://wordpress.org/plugins/woo-altcoin-payment-gateway/).  This is an implementation that anyone in the community with desire to setup a retail/service marketplace within woocommerce could achieve utilizing the existing Rupaya system.  Other aspects of their project have yet to see realization.

They have premined approximately 38 MILLION coins to facilitate a series of swaps they will be offering to the Rupee community, Rupaya community, as well as a few others.  This poses a threat to our community and others as they intend to build their team capital with the sale of swapped funds from participating parties.  What that means is they will be taking RUP and RUPX from the community, and then selling them on the market to build their BTC buckets.  All the while preventing swappers from doing anything with their new RupeeEvolution coins as those will not be available to trade on the market for some time.  This funding model does not align with their stance that they “support” these projects, it’s much more akin to “parasitizing” our projects.

By no means is this project endorsed or supported by the Rupaya Core Team.  Our current official stance is to warn our community of this project along with the potential repercussions of their project’s strategy.