December Update: 2019 in Review

It’s the time of the year when we have to stop, look back, assess progress and set plans for the future. We spent December conducting retrospective meetings, planning and setting new goals. As for  2019, it’s been a very satisfactory year, with a pinch of reality salt: we are happy with the results we achieved, but a year ago we had higher hopes for the achievements throughout the year. Let’s have a look at 2019 together.


Honestly, we had higher expectations for the year 2019. We have obtained the necessary licensing for our crypto activities (virtual asset wallet provider and virtual asset exchange). Account aggregation and Payment initiation service provider licence application with the National bank of Belgium proved to be more time consuming and sparked regulatory debates. No one except us has the ambition of bringing both virtual asset and fiat functionalities into one service, therefore completely new decisions have to be made, which doesn’t happen fast. On the reality check side though, no third party in Belgium has yet utilized a payment initiation service provider license. We knew from the beginning that Belgium would be tough but it remains our focus market to launch OSOM publicly.


2019 brought us from zero to hero in making OSOM a reality: Today OSOM is a cross-platform (Android, iOS and web) service offering a wallet, virtual assets aggregator and soon-to-be-released Bitcoin and Ethereum all-in-one exchange. We are proud that all of our activities are fully legal and compliant. We are also building a lot of our solutions in-house. Native mobile apps are now available on Google Play and App Store and are constantly updated with new releases. We have also been mastering Flutter, which significantly speeds up the release process.

More on the inside news, over the last year, OSOM has undergone major reinventions of UI and we are constantly developing the front end and UX based on our users’ feedback and research. FIAT functionality is lagging behind now due to regulatory uncertainties. What had to be the breakthrough innovation in the whole fintech field, is actually holding us back from moving faster. We are determined to use this time for more thorough product testing, quality assurance, and more crypto-related functions.

User base

OSOM is over 8’000 users strong. We are happy that it’s a healthy mix of our tokenholders and new leads.

Team life

Our team doubled in size over the last year. We succeeded in attracting top talents to work in our two offices across all departments: product, customer success, development, and UI. WE also grew as a team – working more agile, adopting new approaches, building a more in-house team, and following best practices.

Major events of 2019

Ambisafe migration was what adjusted our plans on short notice. Our third-party service provider had a turbulent year, which made us regroup early into OSOM development to provide our tokenholders with a better and more secure alternative to keep their PLBT. We are happy that the majority of PLBT hodlers, not yet involved in trading, chose OSOM over other ETH20 wallets and exchanges.

InvestSuite partnership. We are long term testing the OSOM robo-advisor functionality to help our users maintain their portfolio at the best value without active trading. For some users, it is the most anticipated function right now. InvestSuite is experienced in building robo-advisors for traditional markets. To prove the concept, we invested our own funds in the test trade and so far the tests have shown stable growth. We will be conducting a thorough review of trading results in January and making a decision on whether to proceed with the product rollout.

Security audit and penetration tests. We have completed multiple security tests in 2019 and will be doing more on an ongoing basis in the future. We take these matters very seriously and are giving our best to ensure the security of the app stays up to date!

The Year in Events

While active marketing is on hold due to regulatory discussions, we presented OSOM at three major global crypto and tech events: Token2049, Consensus, and WebSummit. Attending events is not a user acquisition channel, but they are good testing grounds for our ideas. We had a chance to meet different audiences in different regions and those encounters were great for insights, networking, and future partnerships. OSOM will bridge the traditional finances with crypto – the most user-friendly gateway between the two worlds. But more importantly, it will take very technical, routine and unnecessary tasks off the users’ shoulders. Even experienced users don’t have a solution to eliminate mental accounting, self-made spreadsheets and time-consuming analysis of their finances. We believe, stronger than ever, that OSOM is going to be the easiest to use, all in one finance solution, that even the most advanced users will make use of.

One of the most often asked questions throughout the year

Ever since we started inviting users to OSOM, our tokenholders kept asking us about the fate of our business idea during the ICO: what happened to the “digital crypto-friendly bank” and “Digipass”. We have tried to address this a few times and the end of the year report is a good opportunity to summarize it all: Building a payment initiation and account aggregation service is a faster road to the market than starting a new bank. We have examples in the market, how from zero to a bank might take up to 8 years in preparations, and capital requirements are immense. Even the challenger banks already in the market started their path as financial service providers with focused functionality. We strongly believe that our current roadmap is the best option to use the fundraised money and to land an income-generating business faster. We also understood, that the world is still too early for the idea of the Digipass and even though it is the future that someday will happen, nobody can tell what is the timeframe for that.

Looking forward to 2020

The year 2019 was productive, but regulatory turbulences prevented us from achieving all the goals we set ourselves. 2020 is going to be the year of catching up and moving forward. We are ready and eager to:

  • Finish the FIAT licensing processes ASAP
  • Start marketing OSOM in all relevant jurisdictions
  • Exponentially grow our userbase
  • Introduce more personal finance management features, crypto, and fiat, to ensure we stay relevant and competitive

And we are starting with a very optimistic note

Just before releasing this newsletter we received great news from HitBTC. As of Wednesday, January 8, HitBTC has enabled the PLBT/ETH pair! Having this pair on the trusted, well-established and leading European exchange will open more opportunities for our tokenholders, and save traders some time and exchange fees.

We are looking forward to revealing more great news in the coming future. As for today, we would like to finish this update with best wishes for you for 2020 – best of luck and personal achievements to all of our users!


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