November Update: Tests Before Release

The month of November has gone at an incredible pace polishing the app and adjusting go to market plans.

OSOM Exchange in internal testing

We have finished building the exchange but would like to properly test the functionality before releasing it. We would like to encourage our readers (if some of you haven’t done so yet), to finish creating accounts and pass the ID verification flow to be ready for our biggest release so far. Here’s what to expect: OSOM Exchange will offer free deposits and withdrawals in Euros and amazing BTC and ETH exchange rates. In a recent comparison against most popular alternatives, we found out that by buying BTC and ETH on OSOM, our users will have the most of their deposited Euro value left in their wallets. Combine that with our state of the art custodial wallet and public address and exchange aggregator, and you will have the best gateway from Euro to Crypto and back with the most functional portfolio manager out there! With the release of OSOM Exchange, we will complete our first part of the promise – you can finally do it all in one place: buy, sell, keep, send, receive crypto, and track your whole portfolio across all the wallets and exchanges.

Qualitative research and Usability testing

The first two weeks of December are set for qualitative research – one-to-one interviews with the target audience at our office in Brussels. The goal is to test the ease of use and to map deeper the behavior around the product. This time, we will focus on the general flow, identity validation, asset aggregation, trying out the exchange, and payment services. Tests will consist of questions and short tasks with frequent crypto users and will give us insights into the real day to day usability of the app. Last but not least, we will evaluate people’s experiences and perceptions, to further design delightfulness and ease of use.

Next steps in the OSOM development

The immediate next steps in OSOM development will focus on two points. Point A is rolling out fiat functionality that has been in development for a while – right after we get the license and are done with tests. Fiat aggregation will be initially launched in Belgium, where we will build our primary user base, with more countries to follow possibly throughout 2020. Contrary to point A, point B is about increasing the value of what we already have. We are looking to supplement current functionality with charts and visualizations. This will make the app more intuitive and easy to use.

As usual, we continue to tweak UX/UI, including payments functionality, portfolio tab, and the general user onboarding flow.

First public exposure at WebSummit

As most of you know, we attended the largest European tech event – WebSummit – in Lisbon Nov 4-7. OSOM was part of the Brussels region’s “Hub.Brussels” representation at the event and had a one day stand in the BETA startup area. Despite the licensing lag and exchange not being ready for the time of WebSummit, the event still resulted in great networking with potential partners and user surveys. Amongst others, our team had attended a reception hosted by the Belgian ambassador to Portugal. This gave us the opportunity to meet fellow entrepreneurs from Belgium and interact with the ambassador herself.

Adjusted go to Market plan

We have already finished the core functionality for the virtual asset part of the app. This allows us to onboard everybody out there – beginner or trader – interested in the virtual asset world. We will not wait for the FIAT part to do that – we have some awesome benefits to offer to our users already. Nonetheless, we want to properly test it in-house first and that’s what’s happening as we are writing this news release.

Addressing the most popular question on Telegram group in November

From time to time, we are asked —  what is the business and monetization model for OSOM?  For now, we will be trying two monetization strategies: (a) paid premium services within the app and (b) a marketplace of financial services.

Strategy (a), as you may have already learned from our Telegram chat surveys and discussions, will focus on creating value-added solutions for the users of OSOM, such as budgeting tools, PoS-like functions for earning interest on holdings and advanced analysis of financial behavior. There is no shortage of plans in our idea lab. We will offer some features for free while applying a fee to others.

Strategy (b) will be a B2B2C model. Within the app, we will offer our users third-party products, most suitable for their situation. If a user accepts our offer, then the service provider will pay Osom a reward fee. The best thing is that the user won’t have to leave the Osom app to access those products, which will result in a truly unique experience for each. Contrary to a traditional bank, we won’t be limited by our own products. Instead, we will use the offers in the market like a lego. Consequently, our users might be holding their deposits in one bank, trade stocks on another platform and use yet another service to make international transfers. All of this will happen within the Osom app. All that will work if we get a big userbase, which is our first priority. At this moment we are awaiting the finalization of our core functionality (exchange and fiat aggregation and payments) to start active marketing. Our focus is long-term, and with the competition in the market, our task is to be technically and functionally ready for the influx of users. That is why we invest heavily in OSOM development before anything else, but soon the user acquisition will get into the books too.

Our goal has always been to build a profitable business, in line with the expectations of our core ICO participants, the stakeholders, and the OSOM team.  We are sticking to our plan and are happy about the results so far as well as excited about the road ahead.

Team life and new hiring

We are still actively looking to hire a Growth Hacker in Brussels and a Community Manager in Tallinn. The two positions are closely related to our adjusted go-to-market strategy. If you happen to know a perfect candidate, please share the job listing with them.

This concludes our monthly report for November. We would like to encourage you to follow the news and invite your friends to join our mailing list!