Details on Shariah, the CrescoFin Stable Coin, and who wants to demo the app?
Next week will mark two months since our token launch, it’s hard to believe.
It’s definitely been a bumpy road, but all the signs are pointing towards success. The team is doing a fantastic job, we are building a strong community, and the overall valuation peaked at just over $100 million this week. Rob and I were chatting last night and sharing some of the stories, he said we should write a book once this is all over, I said that no one would believe most of the things that have happened.
It was just over a month ago that I dropped a cut and paste of my excel spreadsheet into the Telegram and Discord group, subsequently, one of the community turned it into a nice flow chart. People had been asking for a Roadmap and I think we may have given them quite a lot of information. Rob and I are back to full-time running the business, but I realize as well that most people want more than just an excel spreadsheet for information and that we needed to add some further detail on where we are. So, at 6 am on a Saturday morning, here I am…
I was surprised by the number of people that honed in on the Shariah compliant offering in Roadmap 1.0. A frequent question was: If you’re launching your Shariah product in Q2, when is your primary market launch? The short answer is that it has already launched. We opened for business in 2020 to selected institutions. The listing has occupied the majority of Q4 so now we are back to a full court press on sales and marketing to these potential clients, an effort which is beginning to bear fruit. We are looking at fiat clients as well as digital, more on the digital a bit later with Aave progress.
Another great question was: how can your product be Shariah compliant if it’s interest bearing? The core activity that generates revenue for CrescoFin is asset purchases, specifically receivables. So we buy an invoice at a discount so that a supplier has cash flow, then we wait until it is paid at full value. Because of the time involved, we can calculate an equivalent interest rate but at its core, this is an asset purchased at a lower price, and redeemed at a higher price for profit. Now that the dust has settled, it’s an obvious thing to accelerate and we have moved the target up from Q2 to end of March for the Shariah launch to institutional clients.
Now back to Aave, and we know a guy there, his name is Stani. The Aave Test Phase needs a whole article (which is coming this week) but here are some more details. The principle of the money market on Aave is tokenising our core activity. We have a main account with cash, we use this to buy receivables and wait for the increase in value. Our friends at Chainlink have an Oracle which reports the value of this main account back into Aave and the next step is being able to capture this reporting. Simple solution; a CrescoFin Stablecoin, or coins. Again, full details once we get the Aave test fully documented. The Aave test starts with us deploying the stablecoin and reporting real data against it. The coin is yet to be named but it is being deployed this week and we will start testing it next weekend.
Next on my list is the product demo, also due by 31 January or sooner. I had some fun with this over the holidays but there is a lot of work that is going on in the background to advance it from UI/UX designs into a functioning demo product. Well done to the dev team.
The main question here; what do we do with the demo? We will have an internal team doing testing and refinements. Perhaps the obvious answer came from one of the community: give it to us to test! The next bit of exciting news is that we will be looking for 10 community members to test the demo. I had some fun with the screenshots over the holidays but the fair thing to do here is select random members who are interested in testing. We will drop the registration details into Telegram and Discord to become a demo tester once we have done a series of functionality tests.
The Visa partnership attracted a lot of attention in 1.0, specifically about how it works with our product. Initially this will be a benefit for our community who are using the app. It will be a pre-paid model where users can upload their funds and access them worldwide. The fully functional app will be delivered by the end of March and we have scheduled the Visa integration for end of April. After the prepaid version, we will measure demand and consider upgrading the offer to more of the benefits of a full card offering. It will also have a nice CrescoFin logo on it of course.
The heart of what CrescoFin does is Proof of Delivery. Once this is established, the contract between buyer and seller is fulfilled and we can step in to purchase the receivable. We have this nailed in telecoms and our full-scale expansion into other markets depends on adapting this for a specific use case. Once this is fully integrated, we can then adapt it from everything to a drink at the pub, to tires delivered to an auto manufacturer, or to streaming media revenue. Just before Christmas I was sat in the Blue Posts pub and we were ordering food and drinks through the pubs own app. We could execute the order through this, but as time ticked closer to last call, we had no way to track or prove that the food and drinks were delivered. Another simple example coming out of the Covid environment is simple deliveries. The likes of Amazon and DPD take a picture of my orders as they leave them on the doorstep, and I can access the photo if I can’t find the parcel. Whether or not this is truly “delivered” to me is debatable, but it is the same principle that we apply.
The full details of this are yet another article for us to produce but these examples show what we are trying to accomplish.
It feels like I could keep writing for another few hours, but I think I’ll stop here as my kids are waking up and there’s fresh snow outside. I hope this adds some clarity and we look forward to delivering a few exciting milestones in the next week.