The last update was different than usual, thus in addition to coming back to a more structured format, we decided to include a questions and answers part (Q&A) in every update from now on. But first – about the latest developments of OSOM.
Our application for a payments institution license is well underway and we are clarifying the last details of our business model with all the responsible third parties in Belgium. The additional clarification has led to some unplanned extra leg(al)work, but we have collaboration and compliance culture and we aim to be as open about our business as we can, so as to build productive relationships. More news is expected to come in a few weeks.
Audit of the whole group of companies is now complete
We are happy to announce that Baker Tilly Baltics completed the audit of the whole group for the year 2018. Regular audits are at the core of our security and transparency efforts and we will prepare a separate review of the report this autumn. The review will be in English. In the meanwhile, the auditor report is publicly available on the Business Registry of Estonia.
Market’s preparedness for PSD2
We have been observing banks’ efforts to push back the deadlines of PSD2 compliance and lobbying to gain more time and smaller fines. As a result, all the open banking fintechs are stalling. As we are waiting for the banks to provide a stable and reliable infrastructure for account aggregation and payment initiation, Global regulatory and technical delays give us extra time to refine parts of OSOM.
OSOM features, App and Play Stores, Closed BETA
The first big news of this update is that we started developing the traditional finance (FIAT) functionality of OSOM. The work started in September, and we aim to release bank account aggregation and transaction history in Q4 2019.
What’s more, is that just days ago, we secured an operational bank account specifically dedicated to the OSOM crypto-fiat exchange functionality. And that’s excellent news! We will, therefore, be able to make the exchange available in Q4 so as to offer a convenient way to move from ETH and BTC to Fiat.
Last, but definitely not least, is the release of the Native Apps. You can already find and install the Android App on Google Play Store. The App Store app will be made available shortly. If you already are the OSOM user, native apps will be more convenient, as they support Biometric Logins. And if you aren’t yet – it’s a good opportunity to start! We are also keeping the support of our Progressive Mobile Web App and will keep working on the desktop version of the web app.
OSOM has a new website
The new OSOM website is live too at osom.finance. We crafted and tested it to present visitors with the vital information and lead to signing up in a brief and smooth way. Take some time browsing the FAQs and keep coming back for our blog – a regular knowledge-sharing platform that we promise to keep frequently updated…
The fate of Polybius wallet on Ambisafe
September 30th was the deadline to move PLBT from the old infrastructure. The tokens and the wallet won’t be closed down, but we will not keep investing to maintain the infrastructure or support. It’s what software companies call “end of life”.
We know that some of you connected the last day and that the whole procedure can take several days to complete. We will do our best to help everyone who attempted to move their tokens before the deadline. Each case is different and takes time to resolve, at times it does not happen from the first try, and we are happy that OSOM is built on far more superior infrastructure, that works much smoother. The most often difficulties our tokenholders run into while attempting to migrate:
- Access to the wallet: It often happens that you are just now logging into the wallet for the first time after the ICO. In this case, the account has to upgrade, which can take 24-48 hours. Another common reason is the change of phones and emails that need to be updated.
- 2FA preventing from completing the transaction: We suggest to switch off the 2FA completely or leave only email verification, not SMS. This can be found under settings > security.
- Transaction limits are preventing the transfer: If it happened to you, we can advise increasing the limits under settings > security.
- Duration of the transaction: Due to the specifics of the Ambisafe operations, transactions might take up to a week to complete. Understanding the inconvenience, we apologize for not having control over that and can only suggest waiting.
If you have any questions regarding the Polybius wallet, the first action to take is to contact support via intercom (green chat bubble at the bottom right corner of your screen). And make sure you have read the handy guide we’ve prepared for a smoother transition from Polybius to OSOM wallet.
Robo advisor test
After three months of theoretical modeling and concept development, we have entered a real-life testing stage together with InvestSuite. We are excited to be building the first robo advisor for stable virtual asset growth. Each party invested 1 BTC in this mutual test and we will keep you updated with our findings. The test has just started, but we already have some interesting findings:
- We are tracking a universe of 197 tokens
- Math tells us that, 40 are currently worth looking at investing in
- The Robo is currently invested in 9 instruments
- Today, it changes daily, the 3 biggest positions are BTC, MCO, THETA.
Monthly Tokenholder Q&A
Are tokenholders from the ICO times going to be privileged (they invested at 10USD per PLBT, now the value is below 1USD)?
We are looking for ways to acknowledge the tokenholders who’ve been with us all this time. Most likely, it will have something to do with OSOM features and services, but more on that in the nearest future. But yes, we won’t forget the visionaries who helped us bring OSOM to live, and we are looking forward to showing our appreciation to our early supporters.
When is Beta planned now?
Initially, Closed Beta was planned to happen early in Autumn, but we’ve made a decision to first deliver the core functionality of the app. We want the wallet, aggregation, payments, and exchange functionality to be in place for Closed Beta. The latest development of the events postponed the release to late autumn. Make sure to invite your friends to the waiting list – EVERYONE joining this list before the release will be accepted to the Closed Beta. The following joiners will have to wait again for the Open Beta later in the year or early 2020.
What about the results of surveys? Could we receive some info?
Some of the surveys we completed are closely connected to our sensitive competitive decisions, so we would like to reveal it after those decisions are reflected in functionality. Upon the release or rejection of relevant features, we will provide the public and the media with more insights and reasons for doing so.
What about the breach of April? Has the investigation finished, how were the victims compensated?
As reported in April, wallets of 28 users were compromised, resulting in freezing of all the transactions within the Polybius wallet. We are happy to announce today, that we’ve finished the investigation, contacted all affected tokenholders and allocated 7649 tokens to be compensated. Every victim of the attack has been contacted, most losses have already been compensated. Once again we apologize to our users whose funds were compromised. Learning from experience, we strengthened our regular security audits and will ensure maximum protection for the OSOM infrastructure on all levels: software, audit, and compliance with the regulation. To stay safe, move your tokens to OSOM (see the section on Polybius Wallet above)
What is the status of Bhive collaboration?
We are a member of B-Hive as well as Fintech Belgium. Both organizations are very supportive of our efforts. For example, B-Hive gave us the opportunity to demo our product during the Paris Fintech Forum back in January and meet Alexander De Croo, Deputy Prime Minister of Belgium and Minister of Finance and Development Cooperation.
What would be the actions taken if Bitcoin drops to 0 or the whole crypto industry will stagnate?
First of all, we do not see BTC dropping to Zero as a realistic scenario. Even less so, for the price to stay at Zero forever or the industry disappearing. In our view, both fiat and virtual assets will co-exist for a very long time. That’s why we are operating a so-called “DUAL business model” straddling the two converging worlds.
Team life and new hiring
We are now 24 team members strong and still continue to grow. Our recent additions to the team were a full stack developer and an in-house UI designer who will contribute greatly to the consistency of our appearance and make us rely less on third party services.
At the moment, we are actively looking to hire a Growth Hacker in Brussels and a Community Engagement and Care Specialist in Tallinn. If you happen to know a perfect candidate, please share the job listing with them.
This concludes our monthly report for September. We would like to encourage you to follow the news and invite your friends to join our waiting list!