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Sprint Check-In & Exchange

Financial Services Cohort

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Title of Research/Study: OTC ESCROW

Company/Organization: MUDA VENTURES LIMITED

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City, Country: Kampala, UGANDA

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BUSINESS PLAN SUMMARY

REGULATORY REQUIREMENTS

UPDATED TECHNICAL REQUIREMENTS

  • Key point summary of project’s mission
    • "Our mission is to create a global OTC platform that enables secure transactions and provides a reliable dispute resolution system."

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  • key research findings -
  • Regulatory landscape
  • System Infrastructure
  • Remittance fees
  • Agent network
  • Evaluation of project’s activities over the past 5-month

This phase of the project was not as successful as we anticipated in meeting its objectives of understanding how it can be implemented in our current cross-border solution, publishing our research findings and recommendations plus designing an escrow system based on ILP technology that can work in the OTC trading environment. However, there are areas for improvement such as technical upgrades and getting the right partners. The recommendations provided will help to improve the system and its implementation in the future.

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  • Outline of target market to benefit from service and Possible proposed business model approach
    • 1. Online marketplaces
    • 2. Crypto Traders
  • Identification of requirement to get a money transfer license
    • We are required to comply with various regulations governing payment services in Uganda. These are not limited to regulations issued by the central bank of Uganda (BoU) through the money remittance or FX license. We are also required to comply with AML and data protection laws.

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  • Progress (or activities undertaken) to ascertain such license
    • We are revamping company-wide corporate governance structures as well as internal controls and processes

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  • Project’s plan to integrate the proposed service with Interledger Protocol (Rafiki or any other technology)
    • Developed the concept to show how we intend to use ILP to execute the OTC transactions
    • Came up with prototype - exchange requests with to confirm if they are receiving
  • What blockers do you still
    • Finding the right testing partners

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PHASE 2 – PULSE CHECK

  • How ready are you for Phase 2?
    • We shall review the project objectives, goals, and deliverables to help us clearly understand what we want to achieve in phase 2
  • What’s your sigh of relief?
    • Integrating the OTC Escrow with Interledger protocol