Summer is wrapping up and it is time for another transparency recap. Here are our statements regarding some of the product and team questions you have expressed. The Verso Summer Transparency Report.
Throughout the past month we’ve had some great conversations and acquired new partners that will become very relevant in the future. Unfortunately, we can’t name as yet due to non-disclosure agreements but we can mention a bit about the scope of our projects.
We are currently working closely together with a tech company to launch a parametric rain cover insurance for OTA’s (Online Travel Agents). The product is incredibly exciting for us and we can’t wait to promote more about it once it’s live. We have already spoken to a large online travel agent with millions of bookings each year! A great distribution channel for us and a perfect partner for a POC bundling travel with weather protection.
We’ve also forged a partnership with another insurtech that can give us a great exposure to underwriters and risk carriers. Through this, we can develop innovative insurance products for DeFi. We are working on an announcement — stay tuned for more updates on this.
You may also remember an article published by Oliver Wyman. It was all about how web3 / metaverse and insurance fits together. We managed to talk with the authors of the study and talked about industry trends. We believe through this we can get great industry connections as well as a spot in future papers for exposure!
Roadmap and Product Releases
The bear market has affected countless projects throughout the space including Verso. The decrease in our valuation is something we have prepared for but the extended winter comes with ramifications in terms of roadmap and product release schedule. The macro environment forced us to cut costs and review priorities.
Firstly, we eliminated marketing spend by doing more stuff ourselves and utilizing our amazing community to moderate our channels other than very expensive marketing agencies — thank you so much to our superfans for stepping in here!
Secondly, we’ve had to slow down our development roadmap, it is simply not feasible to execute with a large developer team on a roadmap we have previously established during the bull run. We had to adjust rates for devs, set some of them on part time. We totally understand that building and shipping products in an uninterrupted fashion during a downmarket is ideal, but as a small project, we cannot afford to spend skyrocketing rates forever. As a consequence, our roadmap will be delayed. We will primarily focus on one big product release with an existing partner and postpone validator roles until the end of the year.
Lastly, this also affects the speed with which we onboard new partners. As an example, we signed a great agreement with a weather insurance provider but they are only comfortable to get a press release out once we have finished the integration.
Listings / Exchanges / Token
Many of you have been asking about exchange listings and our response remains the same. We have submitted applications and are in discussion with several centralized exchanges, however, we have no control over their process. In addition, we would want any listing announcements to be coordinated with a product release or other milestones in order to maximize the exposure.
While we re-prioritize the pipeline, our team continues to bring a presence, eyes and ears, to important crypto industry conferences. In July, our marketing lead Carina attended the Ethereum Community Conference (EthCC) held in Paris, and in August, our Ecosystem lead Pascal attended the Korea Blockchain Week and an Avalanche Hackathon.
Our CEO Gregor attended Coinfest Asia. In the next months, our team will be present at Token2049 in Singapore (September) and at Devcon in Bogota (October).
Despite the macro conditions, we remain committed and excited to the project and will come back with announcements as things progress. In the meantime, please use our google form to submit any questions and we will setup an AMA to answer them.