Just days before our IDO launch and the first exchange listing of $VSO, our utility and governance tokens, our community has swollen and some good questions have come our way. We plan for different ways to keep our community and supporters updated on real-time development with Verso, for now, we consider answering your best questions here on our blog is the most convenient way ahead. Let us traverse this journey together and yes, keep on asking.
- What are your marketing plans? So far hardly anybody investing in cryptocurrencies knows about Verso. The Twitter channel has only a few followers… hype would be nice to have…
The Verso initiative is no longer in stealth mode and the world is taking notice. We are ensuring a stable and consistent stream of media coverage. Notable outlets such as Yahoo Finance, Bloomberg, and Financial Post have already reported on Verso’s mission of connecting DeFi with traditional finance and making complicated DeFi protocols and services available for millions of mainstream users right from the comfort of their preferred e-wallet provider. We are the first project incubated under the TrustSwap Incubator Program, an initiative started by the reputed TrustSwap launchpad, aiming to support promising crypto companies with community management and marketing assistance.
In the high-pitched, high-riding world of crypto, it is easy to forget that crypto startups are also… startups. Early-stage companies do take time to develop and execute their vision. Mainstream media is taking note, but we’d still take more pride in being a team that promotes a building mentality rather than a hype mentality in our core DNA. You may not know us as the most hyped ever project in the crypto space, but that’s because our focus would be on building quietly and making silent inroads.
We will dedicate significant resources from our end to communicate our vision. Much of our efforts in Q2 and Q3 of 2021 will be focused on building serendipitous community partnerships. The rest of our time will be focused on building, building, building. We are not keen on creating hype for the sake of solely boosting our token price, instead, our business fundamentals and the strength of our product should reflect in the price of our token.
2. How can Verso survive in crypto winter? What are your plans to survive the likelihood of a couple of years of crypto winter?
The ICO bubble from 2017 left a deep mark on anyone who was paying close attention. Projects raised up to $100M in Initial Token Offering only to have irresponsible founders run away with the funds a few days later or introducing a bug in the smart contract that had let them mint additional tokens after the ICO, diluting existing token owners and investors.
You can view today’s period in crypto investing as the post-2000s tech stock bubble. Many perished, many ran away with other people’s money. Those who survived turned into some of the well-known, best-managed companies of today such as Amazon and Netflix. The days of massive ICOs are over now, crypto founders raise smaller amounts, act frugally from Day 1, and are more focused on product development rather than hype chase.
Business cycles and business winters are usually a consequence of a bubble, a period of so-called irrational exuberance when many unsophisticated users enter a market. DeFi is still in its nascent stage, far from the day reach of most mainstream customers, its adoption is linear. Our business is about bringing DeFi to traditional finance as well as opening new markets for micro-finance industries such as insurance. Even if the industry experiences a temporary crypto winter, we will carry on with our mission of distributing micro-finance products to e-wallet companies.
Verso is a platform that hosts both regulated CeFi and DeFi products. The fact that both product types can live on the same platform creates new opportunities for hybrid products with multiple providers, e.g. an insurance company underwrites a risk to 50%, the remaining 50% is underwritten by DeFi. The benefit is that the claim process is handled by a traditional insurance company and DeFi is only involved in the underwriting part. This means we are not strictly dependent on the weather conditions in the dynamic cryptocurrency space, much of our business also rests with building for the traditional finance space. Wallet Engine, one of Verso’s founding partners rests on solid fundamentals in the traditional finance space, its API already powering e-wallet service providers across the globe. The founding team comes with top notch industry experience in this domain.
3. What is the focus on? Who are the competitors? What can you do better?
Verso has been specifically designed for microfinance. There are many products for people with a bunch of money, but Verso is being built for the billions of people who today have $100 in a wallet. or $200. or $50. Verso will bring more financial products to them and it’s been built to specifically focus on that. In other words, Verso is not about 1 X $1000 (one person with $1,000 dollars), Verso is about 1,000 X $1 (one thousand people with one dollar each).