Earlier this month, two extra developers joined the Oxy Family! We’d like to say Welcome! to Hugo and Richard. They bring more than 15 years of experience and will be focussing on the integration of new payment methods and back-office portals.
Next month, more skilled people will join our team. Be sure to check out next month’s newsletter for the new team update!
Exactly one month ago, after months of discussions with our bank and showing them how we are going to do our utmost to be compliant with (current and upcoming) Dutch regulations, we made an important decision.
Why is it so hard to get the approval from European banks and regulators when you mention the word crypto?
Banks and regulators have to approach this new technology with caution. The origin of capital has to be as clear as possible and as we cannot know for sure where the crypto came from, mixing crypto with real money can easily lead to money laundering.
Based on the difficulty of having real money and cryptos flowing through one app without any regulations for the crypto-part, we decided to leave the features Deposit and Withdraw out of our main app for now. Our Compliance department will keep track of any changes in the regulatory landscape so we are ready to activate these features without any implications as soon as we receive the necessary guidelines.
This decision led to exciting news just a few weeks ago: we received the approval from our bank to activate the Sell feature in our app!! This means, customers will be able to Buy and Sell crypto using our mobile app.
Of course, we had to celebrate with some cake 😋.
As you all know by now, our mobile app is not the only product we’re working on. An advanced app like this has to connect to a super-secure, scalable, and most of all blazingly fast platform. Do you remember the modular circle mentioned in earlier articles? https://oxycoin.io/platform
Our platform, O.C.E.A.N, is built to be ready for the next generation of crypto and the adoption by large corporations. With O.C.E.A.N, we have the ability to connect several products to blockchain technology. Besides that, we will be able to offer all the services needed to operate within a regulated environment. Whether a company is looking for a highly-secure cold storage of digital assets, ID verification possibilities, payment methods, or real-time market data, O.C.E.AN. is able to provide all that, and more. Our mobile app is just the first product to be connected to O.C.E.A.N. to showcase the potential of our platform.
Earlier this week, our back-end team has reached an important deadline. They finished building all the features of O.C.E.A.N. needed to publicly release our mobile app for Dutch residents! This includes features such as:
- Verify account (email, phone number, bank account)
- Purchase crypto with iDEAL (buy)
- View live data in your portfolio
- Exchange crypto for a different type of crypto (swap)
- Add contact based on QR or Link
- Send crypto (user to user, internal)
Of course, since we did not get the exciting news from the bank until earlier this week, the Sell feature wasn’t on our To-Do list for the upcoming release. But now that we have the approval to include this much-needed feature, we have two things to focus on this month:
- Implement the new UX flows and design based on the feedback we received from our Public Beta test results
- Implement the Sell feature
This means we can safely say we'll be able to release the first production-ready version of our mobile app in December!
Exciting, isn't it? An awesome new design, the ability to buy and sell cryptos, easily send cryptos to your contacts, and simply exchanging your cryptos when you're feeling optimistic. And all that before the end of the year.
It's important to know a few things about this release, though.
Since we've only implemented one payment solution (iDEAL) and are still discussing the options of implementing a KYC verification solution without having them store the SSN (social security number) of our customers, the app can only be used by Dutch residents. Therefore, we will not publish the mobile app in the app stores yet but will grant access to our app using a special sign-up page. Don't worry, we'll announce it in our social media channels when it's time!
A second app?
The actual problem banks and regulators have, is having cryptos and real money going in and out through one app, right? So, why not split those features into two apps? That’s exactly what we’re going to do!
One app to serve customers wanting to purchase some crypto with money from their bank account, and one other app to serve customers who already own cryptos and would like to easily send, swap and safely store them.
Is that the reason you hired more developers?
Exactly. As more products start to rely on O.C.E.A.N. services, the workload increases for our development teams. Our new colleagues will start mapping out data flows for the Deposit and Withdraw features and start working on a wallet app in collaboration with our UX specialist.
Since our current mobile app developers are working hard on the first app, and we don't want to postpone that release, we're also looking to hire more mobile app developers. Interested? Or do you know of an experienced app developer from The Netherlands who's looking for an exciting job? Check out our job offers: https://oxycoin.io/careers
Oh, before I forget…there's something very different about our new wallet app. You've never seen anything like this before, I can assure you that!
But let's keep it a secret for now until we're ready to release our prototype 😉.
Connect with us!
To connect with our team and other community members, click the Connect button on our website: https://oxycoin.io
Our Token Contract: https://etherscan.io/token/0x869b1f57380ae501d387b19262efd3c0eb7501b0