Ferrum Network Traction Update March 22, 2019
Dear Ferrum Network Community,
There has been a lot of activity behind the scenes and we want to start giving you regular weekly updates explaining our traction and developments, starting today.
As a frame of reference, our primary focus for the past months has been our first product — a digital currency exchange + payments app for emerging markets — launched first in Nigeria under the brand “Kudi Exchange”.
In the past two weeks, we are happy to report the following traction:
- Kudi Exchange — the “Coinbase + Venmo for emerging markets” — is now live with 400+ users in the pilot (please check out this Medium article for a full explanation)
- We ran a small 25 person pilot to test the Kudi app and they provided valuable feedback and data (thank you Testers!)
- We recently closed the initial beta testing of the Kudi app. Customer response was overwhelmingly positive with only 5 star reviews.
- We had 200 submissions from a 25 person one week beta testing program, which is 8 submissions per person.
- Each submission takes about 5–10 minutes. This means our beta testers spent approximately one hour of their time submitting improvement and suggestions — strong evidence of user engagement and community interest.
- We added a critical new feature to the app: instant Niara transfers allowing Kudi customers to send money to non-customers through their mobile number or What’s App. The recipient is notified via What’s App/text that they have been sent money, and prompted to download our app in order to receive it. So it’s both an easy way to send money, and an effective user acquisition tool.
- We increased waitlist from 400 customers to 2500 users.
- We entered later stage talks with numerous Nigerian merchants interested in using Kudi as a faster and cheaper point of sale system.
- We are in preliminary talks with an exchange in Ghana that is interested in our product as a white label solution.
- We are in due diligence with a $50 million dollar fund considering sizable investment.
Coming up Next:
The hard launch of Kudi Exchange! We will be doing a major marketing campaign including bounty program to announce the product launch.
Thank you for your continued support, and please stay tuned each week for a new traction update.
The Ferrum Network Team