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July 12, 2018

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Here's the The Lowdown from DN Journal,
updated daily
to fill you in on the latest buzz going around the domain name industry. 

The Lowdown is compiled by DN Journal Editor & Publisher Ron Jackson.

Payoneer Decides to Shut Down the Domain Escrow Service They Launched Two Years Ago

For the past two years  global payments service provider Payoneer has been trying to expand its brand by becoming a major player in the domain escrow business. Despite earning positive reviews from customers who used their services, the company apparently didn't reach the financial goals they were aiming for.

Last night I received an email from Payoneer announcing they were shutting down their domain escrow service. It was signed simply Matt Watts (with no title to indicate what his role at the company is). However, a quick check at LinkedIn showed Matt listed as Payoneer's Head of Enterprise Strategy & Business Development, starting this year. Prior to 2018 he was Head of Business Development, B2B Services. 

Two other Payoneer executives, Scott Reynolds and Brandon Abbey, were the company representatives most people in the domain world were familiar with. Just this past January they did a joint presentation about Payoneer services at NamesCon in Las Vegas. After getting the shutdown news from Watts I learned that Reynolds (who had been General Manager, B2B Services) had left Payoneer in March to start his own blockchain-related company, TangoTrade. I haven't yet had a chance to connect with Brandon (who served as the highly regarded President of Escrow.com before joining Payoneer where he has been the Director of Strategic Accounts) to see what is next for him (either in a different role at Payoneer or a new one that would hopefully keep him in our industry where he has been a leader since 2004).

In January 2018 Director of Strategic Accounts Brandon Abbey (left) and the company's GM for B2B Services, Scott Reynolds, detailing Payoneer's domain escrow services in a presentation at NamesCon in Las Vegas. 

Here is the full text of Matt Watts's email announcing Payoneer's exit from the domain escrow space:

"Itís with sincere apologies that Iím sharing news that Payoneer is discontinuing our escrow business. While we have been excited and honored to service prospects and partners like yourself, after careful review of our product portfolio have decided to commit our focus to other areas of the Payoneer business. 

If we can be of help to successfully transition our relationship to other Payoneer products that might support your business, please let us know. We offer a variety of money transfer services such as mass payouts, virtual bank accounts, invoicing with credit card and bank transfer payments, and other products, and would be happy to support exploration of our services.  

We know the transition for some may not be easy, but we are here to lend guidance and flexibility where possible. Thank you for your business to this point and understanding of our situation. Weíve appreciated all youíve done in partnership with Payoneer."

(Posted July 11, 2018)  

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