July Update: Closed Beta

Midsummer is marked with work behind closed doors. Continuous preparations for the launch, polishing the final application for NBB license, onboarding more users, testing, and undergoing a financial audit, that we hope to be over with by the end of the summer. Transparency and accountability are one of our cornerstones and we are one of a very few ICO funded companies that are actually going through a financial audit for the second year in a row.

Licensing

All details are being double-checked and validated in our NBB application, therefore we had to engage in a couple more drafting iterations throughout July. In the latest update, we had to add more capital to our Belgian entity ahead of schedule. This way, we give our regulator further comfort about our long term commitment to the project.

Invite only onboarding

During July, we invited another batch of nearly 3000 tokenholders to become our OSOM users. And now we are observing 200 OSOM wallets being created every week. Interestingly enough, the time between creating an account and a wallet is getting shorter. This is due to the identification process getting faster and growing trust in our app. As you read, that OSOM has a steadily growing number of user accounts and behind the closed Beta doors, our first users are giving us valuable feedback, which is essential when preparing OSOM service to scale.

For the time being, we continue operating a web version of the app. However, mobile development is in full swing, and we expect to deploy the apps shortly.

OSOM app updates

Our development endeavors are going forward at full-speed, with daily app updates on UI. We are studying our options to make the most convenient and precise functionality, and sometimes it takes us back to re-evaluate our decisions. You should’ve noticed an update on the PIN code screen and a more comprehensive Dashboard. Although the current UI update is more specific fix-oriented, we are already planning our next UI update, integrating all the functionalities that are currently in the pipeline.

Considered updates to OSOM user interface

At the same time, we’ve already invested a significant amount of development time to the Exchange functionality. Very soon we’ll start testing it, and then open the gates to everyone interested in buying or selling Bitcoins and Ethereum for Euro.

We’re also working on setting up the FIAT functionality and creating the workflow. The development will pick up speed right after the exchange is completed.

Robo-Advisor

We are working on the proof of concept of our robo-advisor, and so far the modeling tests have been satisfactory. At the moment, we are designing our custom solution. We’ll connect it to selected exchanges, which will allow us to test this innovative service on real transactions prior to offering it to our users at the break of the year. As mentioned in newsletters before,  in June, we signed the L.O.I. with a Belgian startup InvestSuite to build a first of its kind robo-investment advisor for a crypto portfolio.

OSOM marketing

Mockup of upcoming OSOM website UI

We are in the final stages of developing a new website for OSOM. That means OSOM will reenter the scene with better appearance, clear messages, more focused user journey. What’s more, we have started putting together our digital marketing essentials: focusing on planned quality content and organic growth, A/B testing our ad messages, layouts, and placements.

OSOM team life

Our whole team is meeting for three intensive workshop days in the Baltics at the beginning of August. Having team players spread across two countries, it is essential to periodically align our visions, strengthen value bonds, and improve our internal processes. The next newsletter will have more info on that.

We’ve recently added three new team members in our Tallinn office and are now in excess of 20 strong. We think working in a team is fun, but it’s even more exciting to be on the winning team. If you want to become one of us, keep track of our job openings at join.osom.team, or drop us a spontaneous application – some of the best discoveries are often led by confidently introducing yourself!

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