News Jan 20 ,2021

Credits product strategy and roadmap 2021.

This article describes Credits products related to Financial Crypto Services, growth strategy for 2021, and our general future vision for their development.

The Credits team is creating an ecosystem consisting of various products that will be intertwined, built on the Credits blockchain, and involve the CS coin.

As of January 2021, there are thirty people in the Credits team. These are all permanent full-time employees, from which seventeen people are in the development and the rest thirteen are in the BD, finance, support, and PR.

We have got a positive view of the crypto market and we strongly believe in the bright future of the Credits project. We are working on the number of products and continuously hiring IT professionals, so the development team keeps increasing.

The services we are working on now presented by:

  • Blockchain

  • Digital Wallet

  • Stable tokens

  • Crypto processing

  • E-commerce

In this paper, we would like to provide some details on these products, information on current states of development and expected dates of new releases.

1.Digital Wallet 

We are building Digital Wallet because we experienced difficulties with the simple operations of buying and storing cryptocurrencies. The idea behind our app is to provide a service that will be easy to use in your day-to-day crypto and fiat operations.

The Crypto market is growing rapidly. It demonstrates an increase of 50% per year and this continues to be a trend for at least the next 10 years.

The first market we enter with our Digital Wallet is Europe. There were 35 million users of similar services in the EU in 2020, which equals 7% of the total population of  513 million. So this market has got huge potential.

We are creating a service that allows to easily manage the following four products in mobile and web versions:

  • Debit Cards

  • Bank Accounts

  • Cryptocurrencies

  • Shares and investing

At the beginning of  2020, we have announced the start of Digital Wallet development. Since then we have done a great job! The first release of the wallet was made in the summer, with further subsequent updates and improvements. We were developing and testing the wallet continuously and we caught some mistakes, but the main difficulties are over. The most time-consuming part of the Digital Wallet is our Processing platform for fiat and cryptocurrency transactions, an account system, storage of crypto-assets, support for nodes of different blockchains, transfers, card processing.

Below is just the part of services we are developing in the Digital Wallet:

  • Anti-fraud system

  • KYC

  • AML

  • Scoring system 

  • Back office

  • Customer Support

  • Deposits/withdrawal via card

  • Deposits/withdrawal  via Bank accounts

  • Deposits/withdrawal/store crypto

  • Mobile APPs

  • Web Wallet

  • Loyalty Module

At this moment we are in the final stages of launching the integration of Debit cards and bank accounts in one place. In parallel to integration, we are completing testing of the new version of the Digital Wallet.


Roadmap for 2021

Q1 (Feb 2021) - Purchase/Sale via the checking accounts. Adding new cryptocurrencies

The goal for Q1 is to upload perfectly working and safe functionality:

  • Application

  • Crypto wallets

  • Purchase with cards and SEPA accounts

  • Purchase & Withdraw

  • Analytics and additional services

Q2 - Debit Cards and Fiat Accounts. Crypto functionality working globally.

Q3-Q4 - Adding new functionalities and services. In Q3-Q4 we will be considering entering new markets with fiat products (cards and accounts), namely the US or Asian countries. According to our approved plans by the end of 2021, we will have 85k active users and 300k registered users.

2. Crypto processing for business

This project is a continuation of the Digital Wallet and operates using the functionality of the Bank. The difference is that it provides service to B2B clients. This includes crypto exchanges, wallets, exchange services.

We see an opportunity to compete with other projects in this niche with the following services:

  • Purchase with Visa/ MC cards or via account transfer

Using the page or widget, you can buy by card or from an account

  • Sell crypto for fiat/ Exchange crypto to fiat

Roadmap for 2021

Q1 - The first version of the service. Dashboard and widgets development.

Q2 - Adding new cryptocurrencies

Current status: the team is testing the web version of the services. The project is 80% completed. In February, we expect to announce a service for purchases to be released on the site. After the release work will continue to add new currencies and tokens and expanding the technical functionalities of the services.

3. Stable Coins 

We believe that stable tokens are one of the main products of the blockchain that potentially will bring mass user cases, for the blockchain industry as a whole and the Credits blockchain in particular. Despite the simplicity of launching tokens, the team faces a big task, including storing the reserve assets and attracting users. Creating work procedures under the AML.

As of now, together with several partners, we have fully worked out the legal and technical plan for the release of the stable tokens. This covers USD, EURO, and GBP stable tokens.

Our research of the companies that already issued stables (USDT and USDC) proves that it is not the availability of stable coins that is important, but the use-case scenario. 

In practice, these stable tokens work in internal ecosystems, and after reaching some level of success there they are expanding their presence on third-party resources. Such examples are Tether-Bitfinex and USDC-Circle. 

We plan to implement stable tokens and promote them more aggressively after the launch of the Digital Wallet and crypto-fiat services. So to be clear here: stable tokens release will be done only after the successful launch of the main products.

The stable tokens’ project has been worked out and is ready for implementation, right after the main product release.


Roadmap for 2021

Q1-Q2 - Issuing stable tokens for the main products ( Digital Wallet )

Q2-Q3 - Development and popularization. Connection to third-party services.

4. E-commerce 

E-commerce products are made for business use cases. It will be presented by the service for accepting payments from clients in cryptocurrency, for offline and online payments by QR code.

Like PayPal, you can accept crypto from clients, change to fiat, and withdraw to the business account. Everything is in the Merchant's account.

The product consists of:

  • Mobile application for receiving offline payment via QR code.

  • Payment page for proceeding payments by QR code based on wallet number on the websites.

  • Web service widget for payment on sites

Roadmap for 2021

Q1, Feb-Mar 2021 - Mobile version release

Q2 - Website version release

5. Blockchain

Earlier in this article, we presented in detail Blockchain development strategy for 2021. Please read it here.

Conclusion

The services and products described here are aimed at the practical application of our blockchain and also the presentation and increasing popularity of CS coin which is used in all our services.

With the continued expansion of digitalization and the ever-growing use of crypto products, or rather the penetration of crypto financial instruments into the world of ordinary finance, we expect great demand for all services we are developing on Credits Blockchain. 

Fintech services and products that allow working with both fiat and crypto are trending already now and will remain the most growing segments over the next years in finance.

Here we set out a vision for further development in 2021. Of course, the market does not stand still and with time we will supplement our products with services that will be needed by users. Therefore, the roadmap will be amended as it develops.

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