COSS update March 10th 2018

Dear all.

This will be a fairly brief update. In this industry it is not always easy to make predictions, and especially not about the future. Right now our main focus is to deliver FIAT trading. In order to get there we first have to finalize the implementation of the new KYC system. This has resulted in a larger than predicted UI job, and hence the focus had to shift. There is also a UI job to do in regards to the FIAT trading, deposit and withdrawal also. As you might already have guessed and seen this have forced the team to relocate resources from the planned UI upgrade. The upgrade of the COSS token and the DAO also resulted in some pushbacks from the backend team. The backend team is also working hard on implementing smart contract wallets for all the erc20 tokens which is aimed for end of March. Deadlines are not always easy to keep, but we are trying as hard as we can. The process is now moving forward and it is looking good. Mong’s team have now confirmed a new and much needed Devops Engineer and we are in negotiations with several new additions to the dev team here in Singapore. As always there are notice periods involved but we are very much looking forward to getting a strong devops engineer onboard to focus on the entire architecture of our system.

The various teams have been settling well in and going forward we win to have much clearer updates from the various departments instead of only general updates from me. IT will cover IT, Compliance will cover compliance etc. I will focus more on the business side of things by conducting meeting with a variety of companies for listings, promo’s, strategic partnerships etc. we haven’t been the best on delegating roles and responsibilities but at least we have more good people in-house which makes that part a lot easier. A lot can happen in a week, both predicted and unpredicted and whenever we estimate timelines, it is just that: estimates. If anything comes in between sometimes timelines need to be pushed. We have experienced what rushing can do before and we try our best to avoid that in the future and therefore we will take the time needed to ensure we deliver quality over quantity.

We have seen red markets all over he crypto sphere but being on the road attending multiple conferences I must say that there is a lot of positivity in the industry. Many good projects in the making and many solid tokens to hit the market. The interest of being added on coss for trading is increasing and the amount of meeting requests is piling up. We prefer to meet the teams, look into the projects and evaluate to the best of our capabilities before proceeding in this process. Last week it was the d10e conference in South Korea, next week it is money 20/20 conference in Singapore. I will also be speaking at a combined Lalaworld, stellar, Monaco, Coss presentation here in Singapore during next week. All these meeting has created a little backlog also for me and that has resulted in me being late with some promised updates, but better late than never and although this update won’t be very long and detailed we felt it was important to let you know where we are at the moment and what is coming soon. So while the general UI update has been pushed back, the UI work for the new KYC system and the FIAT is moving along nicely. Praveena’s team is working hard with concluding all necessary work to be ready with FIAT trading. There are challenges but they are all overcome-able and we WILL soon have FIAT trading on Coss.io . Don’t shoot at the team if it will be last week of March or first week of April, it will be launched when it is fully ready and tested. We are moving into an area that has far more regulations and implications than just trading crypto to crypto and we are here for the long run. This of course results in more thorough due diligence and compliance work for every step we take.

We will come back with more updates next week as we are getting closer and closer.

Have a wonderful weekend all.

Team COSS Singapore.