Plutus Weekly Report — June 24th 2018
Welcome to a very special weekly report here at Plutus. There have been a lot of fascinating developments, we know that many of you have been waiting for.
We were honored to have been chosen by Money2020 and others to appear at various conferences and network with potential strategic partners, but now it’s time to focus on and demonstrate tangible progress regarding Plutus infrastructure.
- Built fully functioning Plutus app for iOS
- Added generation of trader e-wallets (IBAN) to the PlutusDEX
- Developed transfer flow from trader e-wallets to Plutus e-wallets
- Designed entirely new payouts flow
- As a result of security testing, add balance flow has been remade to be far more robust. This caused other changes in apps and microservices that had to be adjusted as well.
- Implemented load balancing improvements
- Completed opt-in system for newsletter updates
- Added error messages to KYC verification and other flows
Personal IBAN Integration is Nearing Completion
Generation of trader e-wallets on the PlutusDEX is completed. For the highest level of convenience, personal IBANs will be available for both mobile and PlutusDEX users. We’re quite excited to be able to add this feature (and more which build upon it)!
We have also developed a new add balance flow for fiat in order to improve security and make it more robust. Now it only takes a few steps from verification to deposits:
New Add Balance Flow
Many frequently requested e-wallet features are now on their way as well. See our new e-wallet flow below:
Internal iOS Prototype is Completed
One point of concern that everyone has been waiting for is our support for the Apple ecosystem mainly iOS. This is now at a satisfactory level to engage in localized testing.
No longer will users be left out simply due to their choice of mobile device.
Our internal iOS ALPHA version is completed and will be opened to BETA testing once ready. This means that you will be able to download the app (however, not in app store just yet) and take it for a spin.
Successful BETA test with hundreds of active users
As our first BETA test has come to a close, we are getting ready for 2.0.
Plutus has taken a considerably different road than many other blockchain startups. First and foremost our idea was to avoid centralized storage of currencies, as well as meeting the highest standards of compliance to ensure longevity of our business.
Building a cross platform payments service that incorporates blockchain technology is a formidable challenge and our dev team led by Martin Szyllo has performed masterfully thus far. From the birth of an idea, we have come a long way.
State of Affairs in the Cryptocurrency Space
Cryptocurrencies by their very nature are more libertarian then the legacy systems they are replacing. Speed of Bitcoin and Ethereum growth has been unstoppable with new use cases being built everyday. Unfortunately this does not come without its caveat, as traditional systems are more resistant to change.
This is the main reason that now that we are in the process of selecting a new card issuer and strategic partner. Due diligence procedures are extremely important when considering new contracts. We have to know with certainty that our partners are not only conducive to cryptocurrency business but also committed to its core values and ideals.
Due to their dependence on larger institutions, inter-company agreements policy changes or even regulatory oversight changes, many of these businesses are prone to change their trajectories when dealing with digital currencies.
We believe we have narrowed down our list of issuers to several companies that follow a philosophy that is in accordance with both our own and the original set forth by the early cryptocurrency community.
While this may increase costs on our side we are committed to working with the most user-friendly and qualitatively high standards in the industry.
The underlying technology is advancing at a rapid pace. As is usual in the cryptocurrencies space current delays are reliant on connection to the traditional Finance ecosystem as well as precise compliance with requirements in this disruptive field.
Plutus does not hold any balance of PLU, and is committed to sustainable development. This means that we have to be sensible with our choice, as start-up costs in such cases are significant.
Another point of concern is that their API has to integrate well with our infrastructure. As Plutus made up of over two dozen moving parts microservices and more, we have to make sure that our technology is interoperable without too many headaches.
We are now in the process of being researched by exchanges for due diligence and therefore with all eyes on us our conduct has to be exemplary.
The same amount of scrutiny is being applied to our negotiations with payments issuers. From a purely technical standpoint we have completed several milestones and performed at a tremendously high standard as will become visible once we launch.
Our relationship with the media especially UK media has greatly improved and our head of marketing Peter Panayi is steadily on the lookout for new opportunities to connect with influencers in the traditional media space. See our previous blog below for a few of our media mentions.
Advertising Spend Optimisations
We have optimized our advertising spend and achieved impressive reductions in the cost per acquisition (down to single digits). At this stage we are building a network and strategy that once our product becomes publicly available will enable us to create an environment where customer acquisition will be far easier than before.
Need to know what happens when it happens? Head over to our official Telegram channel for exclusive news on exchanges and much more. Updates are shared live and you’ll have the chance to interact with both members of the community as well as the Plutus team itself. (Please keep in mind, only those with an “ADMIN” title are part of the team.)
If you have any questions or suggestions, reach out to us on Telegram.