Today we complete sprint 13 which is the second last sprint before internal and client testing begins. In line with this we have been setting up the required environments, migrating our alpha users and ensuring we have data ready to enable testing. The testing comprises 27 discrete test scenarios, with a total of 188 separate steps. This work will continue into sprint 14, during which we will also be progressing with additional internal testing and bug fixing ahead of our users testing the platform.
In addition, we have been adding additional pre-trade checks, and extending the loan state machine. This enables a loan to transition through the complete lifecycle including critical back office management processes such as margin calling and liquidation. We have also done extensive simulation of price movements to allow us to better predict the timing and frequency of margin calls and defaults, and are working on incorporating some feedback from clients into the user interface.
Lastly, some stats that may be interesting to people. As at the end of this sprint we have
- test coverage is an average of 95% for backend code and 65% for frontend code
- 11,221 github commits
As highlighted in our last community update, we have pushed the most up to date version of our API docs to production and these are now available here.
The last couple of weeks have seen a lot of on-going discussions come to fruition. Another European crypto asset manager has been signed up along with a well-known fund in the crypto space. The business development team are staying close to the existing alpha group, continuing to share platform demos and keeping this group informed as we progress on the drafting and finalising of the legal documentation.
The biggest event which has been in the pipeline - and been a coordinated effort from many in the firm - was the business trip to Singapore coinciding with Consensus. A number of meetings were scheduled in advance with both existing Asian clients and with new partners. The trip provided us the opportunity to finalize the addition of three funds and one OTC trading service provider to the ever-growing alpha group. These institutions each have a sizeable presence and strong teams with a demonstrable track record of achievement – we look forward to working with them.
Consensus Singapore itself was informative, covering a number of hot topics such as custody, STOs, and regulation. However, the most productive time is usually spent at the satellite events and one to one client meetings happening around the conference. We were thrilled to have hosted our own exclusive invite-only event at LeVel 33, where we were able to build connections with a number of globally recognised firms and engage with a number of key fintech and crypto journalists. The feedback from the majority of the executives we spoke with was positive; the industry was excited to see the developments being made by Lendingblock and feel the project is addressing a key piece of currently absent market infrastructure. These new relationships have led to further strategic initiatives being explored as we strengthen our position within the wider crypto financial services ecosystem.
Charlie Beach, COO of Lendingblock, had a productive meeting with GFSC this week. The GFSC was very engaged, and the discussion generated a number of key actions and questions will be addressed in detail at our final presentation in the middle of October.
Gaining GFSC regulatory approval to operate with a DLT license will provide us a competitive advantage and could make it easier to gain authorization to operate in other jurisdictions. We are also continuing our conversations with regulators in other regions.
At Lendingblock, we strongly believe the adoption of regulation for the crypto and blockchain industry is fundamental to not only driving mainstream acceptance, but even more critically, bringing institutions on board. We continue to proactively work with regulators and policy makers to help shape the regulatory landscape and develop safe, secure and compliant frameworks for ourselves and our clients to operate within. This will contribute to remain a major priority for us.
In the previous update, we highlighted that we will be launching a marketing campaign. Below are some examples of the marketing tactics we will be deploying:
- Advertising and sponsored content on LinkedIn, targeting specific company types and job titles
- Blog posts focused on key industry topics such as regulation, market making, future of DLT & digital assets, securities lending
- Hosting events exclusively focused on crypto businesses and financial institutions
- Display advertising on mainstream and trade media websites
- Building of relationships with fintech journalists and premium global financial publications across the US, UK, Europe and Asia
- Sponsorship of key industry events such as Consensus Invest, where we will have an exhibit booth, speaking opportunity and a large team presence
- The brand will be updated with a new overall look and feel which will elevate the Lendingblock brand and promote a more professional and institutionalized creative hook.
On the 9th of October, Steve Swain, CEO of Lendingblock, will be co-hosting a panel discussion with Mike Kayamori, CEO of Quoine, at Rise London! The topic of the discussion is: “Why institutionalisation and regulation of crypto doesn't mean the end of the Satoshi vision.”
More information about the panel discussion with Liquid can be found here.
On the 10th of October we will be hosting a community meetup, at WeWork Finsbury Pavement! Attendees will have the opportunity to network with the Lendingblock team as well as crypto and fintech enthusiasts. If you are interested in attending, please register here.