Community Update (November 2018)
We are very excited to share this month’s Community Update. There has been a lot of activity, significant advancements with our product sets and an update on our product roadmap.
The Crypto Converter has been live since October 30th, and we have had many users sign up, even without any marketing efforts. The Crypto Converter is a perfect example of where HOLD has made the right decision to deviate from the original roadmap and deliver a feature which addressed a regulatory opportunity. By delivering this feature it will expedite time to market for the borrowing and lending capabilities.
Product roadmaps are to provide clarity of direction for delivering capabilities. While having a roadmap is important, it is even more important for the business to be agile and adjust priorities based on changes in the market.
In the case of HOLD, and with regulatory changes in Malta, this meant we reprioritised the Crypto Converter as it enabled us to obtain a transitional license. This in turn allowed us to drastically increase the spectrum of regulated activities that we can perform in the next 12 months.
This is great news, as we can now drive some functionality to market much faster, while adding new and exciting things to our roadmap. In the next weeks, we will be able to share a detailed and updated roadmap with you.
The release in the week of 17th December will see the HOLD mobile app growing up. It will be evolving from a pure waiting list to a more feature rich app. Delivering features quickly will allow HOLD to capture useful user feedback to learn and improve in the next release.
You will see 3 new features in the HOLD app, in addition to the existing HOLD card waiting list:
- Borrowing Calculator
- Lending Calculator
- Crypto Converter
The Borrowing Calculator will allow the user to enter the amount of Euros they want for their cash advance and select a 1, 2 or 3-month duration to calculate the cryptocurrency collateral required and the cost of borrowing. The user can alternatively enter the amount of cryptocurrency they want to put up as collateral and the amount of Euros they can borrow will automatically be calculated. The borrowing calculator will form part of the complete borrowing feature.
The Lending Calculator will allow the user to enter the amount they wish to lend and choose from a selection of durations with associated interest rates. It will then calculate the expected interest they could earn. The longer they lend for, the more favourable the interest rate and the higher their return.
Although the Crypto Converter is already live on the HOLD website, it will now be accessible from the HOLD app. It will be more tightly integrated into the app in a future release.
We look forward to getting feedback from our community when they try out the updated version of the app. To allow customers to do this, we have incorporated the ability to provide both quick feedback in the app and more detailed feedback via a survey when trying out the borrowing and lending calculators.
Member staking rules
Intrinsic to the HOLD Borrowing and Lending services is the HOLD token utilisation. As per the whitepaper the HOLD token fits three main areas: Membership, Payment and Rewards. In order to define a sustainable token economics model and as shared previously, the data science team at HOLD came up with a thorough interaction model simulating what the real system usage will be. As an output, to become a member and take advantage of the Borrowing service, 40,000 HOLD tokens will be staked for a duration of 6 months. The amount of HOLD tokens for membership may vary over time, adjusting to strong HOLD token price changes. Stay tuned for further updates on Payment and Rewards functions.
HOLD welcomes: Warren de Villiers
Warren has joined the HOLD team as Head of Product to build products that our customers will love! Warren has extensive experience building strong products and teams across both consumer and business with the past 12 years spent in the FinTech space. His career has included stints at Betfair (the first P2P betting exchange with many colleagues going on to build out P2P lender Funding Circle … notice the P2P theme), Ethoca — a start-up in the card payment and fraud prevention space (10 years building the business), iNBOTiQA — a start-up using machine learning to put intelligence behind business email, and most recently the FX and hedging business Currencies Direct where he built out a conversational UI to engage with small and medium sized businesses.
Having worked within both start-up and high growth businesses Warren is used to fast-paced environments and the need to wear multiple hats. In this key Product role at HOLD, Warren is fully aware that to build products that customers will love the only way to do this is to engage with customers to understand what they need, not just what they want. Being customer-centric is key. To do this requires the use of quantitative and qualitative discovery techniques including use of product analytics, prototyping and customer interviews. Discovery, in some cases, is more important than delivery Warren argues. After all, if you have delivered features that customers don’t use, both they and the business get no value. It’s extremely important to deliver painkillers and not just vitamins.
To that end, Warren is excited to start the journey to deliver meaningful value for HOLD customers and the business — and of course, build products that you will love!
HOLD visits Malta Blockchain Summit and Web Summit in Lisbon.
Malta Blockchain Summit
HOLD CEO, Priyanka Lilaramani, was on a key panel including representatives from Revolut at the Malta Blockchain Summit this month, delivering her views on a topic of conversation in the market, “Banking on Bitcoin. Can Banks Evolve and Embrace?” Joined by reputable members of the crypto industry, Priyanka expressed her opinion on what may happen in the future:
“Two polarised opinions, one side are believers of crypto and blockchain that will replace fiat and on the other side are the critics, however, I think banks and crypto currencies are going to co-exist.”
Lisbon Web Summit
Attending one of the largest technology conferences of the year in Lisbon, Portugal, we were able to engage with key technology companies in the industry who were showcasing impressive advances in their respective fields.
The Crypto Conference was of particular interest hearing from key individuals in the industry giving their thoughts on recent events as well as some very interesting predictions on what might happen in the industry in 2019 and beyond.
In 2019, we will be speaking and attending the relevant conferences in both Blockchain and Crypto as well as the wider Finance and business industries.
— HOLD Team