We are pleased to share our intention to issue Relay Gift Cards on the Bitcoin (SV) blockchain. As with other gift cards like Starbucks, Relay Gift Cards may be used for the purchase of goods and services in the Relay ecosystem starting with the RelayX app. The first offering by Relay will be the Relay Gift Card Dollar Token (“USDR”). 1 USDR can be used to pay for 1 USD worth of goods, services, or fees within the Relay ecosystem.
USDR will be issued on the BSV blockchain and our development team is currently awaiting the public release of the Tokenized Protocol. Shall there be unforeseen delays in the release of Tokenized, Relay may choose to use an alternative implementation on the BSV blockchain to issue USDR.
Relay users may find uses for Relay Gift Cards such as to send and receive USDR between friends, or benefit from potential discounts on service fees.
Further details below:
- The Relay Gift Card Dollar Token (USDR) will be issued by Relay Trade Limited (“Relay”) for BSVs. Other payment forms such as fiat may be accepted in the future.
- Similar to pre-purchased movie tickets, Relay will incur a goods and services liability equal to the total amount of gift cards in circulation.
- Upon use of the USDR token for goods and services on Relay, it is considered redeemed and thereafter burned.
- Relay Gift Cards do not have an expiry date.
- Relay will not conduct buybacks of outstanding gift cards.
- As USDRs are interchangeable gift cards issued on the public Bitcoin (SV) blockchain, there may exist secondary markets where users can find liquidity to buy and sell their gift cards in exchange for other assets.
- USDRs should not be associated with stablecoins commonly found in the cryptocurrency industry, which claim to be backed by USD or crypto assets. USDRs are not backed by USD or crypto assets. 1 USDR is only redeemable for 1 USD worth of goods, services, and fees within the Relay ecosystem of accepting partners. Relay makes no reassurances as to the market price of outstanding USDRs.
- USDRs should not be associated with security tokens, ICOs, or IEOs often falsely advertised as “utility” tokens where such holders hold expectations of token price appreciation. USDRs do not represent any financial upside potential for holders in the form of price appreciation nor qualify for any interest or dividends.
USDR Gift Card Offering — (Date TBC awaiting Tokenized completion):
- USDR Gift Cards will be issued by Relay daily within the RelayX app or at RelayX.io for BSV at a rate of $1 USDR for $1 USD equivalent of BSV. The USD price for BSV will be calculated as [FloatSV BSV/USDT x OKCoin USDT/USD.]
- Relay may from time to time offer discounts for USDR similar to retailers selling gift cards at a discount during holiday season.
- Relay reserves the right to terminate new gift card sales at any time but pre-existing gift cards will be honored as long as Relay remains operational.
- Relay reserves the right to make certain goods, services, and fees not usable with USDRs.
- Relay may issue other gift cards in the future such as EURR, JPYR, AUDR etc.
We believe these attributes qualify the Relay Gift Cards to be the first true utility token on the Bitcoin (SV) blockchain. As Relay wishes USDR to be one of the first tokenized assets on Bitcoin (SV), we welcome feedback from users, experts and leaders around the world.
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