At Rand, we want to build the next evolution of banking to help our users achieve their financial goals faster. In order to provide banking services through our partners, we need to become regulated for digital assets and obtain our Exchange & Custodial Registration Approvals from the Bank of Spain. This process allows us to operate and offer financial and custodial services within the EU as well and gives us the best foundations from which to build product features over the longer term. Our registration is in process and should be approved between Q3 and Q4 of this year.
As we’ve closed our most recent funding round (official announcement to be released soon) and are building a strong team and vision for Rand, we’re ready to share our roadmap with our community for the next six months. This has been a long time in the making, and we’re excited to show you what we have in store for Q3 & Q4 2022! Let’s chat about what we’ve been building and where we’re going.
We have continued to build and test our Beta AppV1.0 with Rand team’s friends and family as our first users to go through Beta onboarding in Q2. As a global company with remote teams, it has been interesting to see how our ‘Rand-family’ use the Beta App and get feedback from actual ‘users’ on their experiences.
We are user-centric in everything we do here at Rand and it is exciting to see engagement within RandApp across our dashboards. ‘Rand-family’ helped us identify that we needed to integrate KYC and Fiat on-ramps differently within the App to create a smoother onboarding experience. We also needed new prize distribution architecture to improve Prize Account functionality and ensure we increase the ratio of winners every week. Building our critical user journey is the most important part of our product development process, and the whole team is currently engaged in this journey with our ‘Rand-family’ users.
As Sergi, our CTO, says, the secret sauce has been our beta onboarding. For our Tech team, it has helped us identify areas where we need to work on user experience to make it smoother and more intuitive, especially within the identity verification flow. We tested live integrations to see how they work with users active in the app, something you cannot recreate in a testing environment. This also allowed us to test our back-end security architecture and security monitoring features.
Currently our Beta-testing gives users ‘deposits’ in their accounts for testing and onboarding purposes. To be able to invest public users’ funds (receipt/transfer/custody of Fiat/Crypto from outside RandApp), we need registration. This is also necessary for holding user funds and for our integration partners: Checkout, Onfido and Pecunia. These integrations will provide seamless banking services including Fiat on/off funds transfers, KYC/identity verification and credit/debit cards linked to all Rand accounts. As soon as we have registration approval we can start on-boarding our community from the app waitlist into RandApp. So watch this space!
In other news, we have expanded our amazing team of people in Q2 with some exciting new hires, including Roger (our data science lead), Maria (our HR Manager) and Felix (our investment strategies manager). By building out our team capabilities, we will be better able to deliver RandApp v1.0 for public release.
***As soon as we have received our exchange and custodial registration approval from the Bank of Spain, we will open onboarding for our community into RandApp from the App waitlist and prepare for our token launch.
In order to build Rand’s open banking capabilities from the ground up, we are focused on back-end and operational infrastructure developments necessary for our v2.0 release. This includes building operational dashboards, engagement metrics, yield strategy tracking and yield aggregator automations as well as integrations for institutional digital asset management.
We are currently upgrading our whitepaper to reflect our product roadmap and our values. We hope to be able to share this with our community in the coming months. So watch for future updates about our Token Roadmap to Launch! We genuinely appreciate our community’s support and patience as we work towards these milestones. Once we have licensing approval, Rand’s token launch will take place by the end of Q4 2022.
Community participation and rewards are central to our mission to democratize finance for all. We are excited to be able to offer this opportunity to our community of awesome supporters to reward their patience and belief in our project from the beginning.
The public release of Rand AppV2.0 will take place Q4 2022 — Q1 2023. AppV2.0 will feature our Prize Accounts with multiplier RND staking. To take your place, join the RandApp waitlist here.
Each step in our Roadmap is bringing us closer to delivering our mission to forever change and democratize finance for all. Simplicity. Trust. Excitement. These are our values. Together we can take our place in the league of risk-takers, world-changers, move-makers and system-breakers to start creating the world around us the way we want it to be.
Rand provides the tools — you set the limits. Join Rand’s revolution today.
Rand App brings its users the next evolution of banking. The Rand App is a simple mobile wallet and debit card that reimagines the way you save, spend, send and earn money. Simply open an account, and earn up to 7% interest on the savings you move into your Rand Earn Accounts. Or achieve your financial goals faster by moving your savings into Prize Accounts where you can win big every week without risking your money. If you don’t win, your initial investment stays put or can be withdrawn whenever suits you. It is that simple.
Rand was founded in Barcelona, in 2021, with the premise that banking should evolve into a more user-centric industry where you have the financial tools to manage and make the most out of your money, no matter how much or how little savings you have.
Since the 1970s, the financial industry has changed very little and is deeply established in our economies. These services have become commodities built on volume, not value. This financial business model involves making as much profit as possible from your money, meaning that you will never profit as much as institutions do.
We want to forever change the financial status quo because we believe everyone should have access to exclusive financial products to make the most out of their money. So we built Rand to allow you to manage and grow your money differently, in a way that is profitable for you.