As usual, once a month we hold a webinar to communicate to participants the steps taken by the group and the latest updates on the progress of the project. On Tuesday 16th October, our CEO, Gianluca Massini Rosati together with our CMO, Federico Pacilli, respected the usual appointment with a live broadcast directly from Singapore.
Given the numerous requests received previously, this time the event was reserved for 500 participants; so if you have not had the opportunity to participate, you will surely be pleased to read this report which summarizes in 10 points the topics discussed during the live.
Let’s go to order to see what they were:
You may have been wondering why was the webinar held in Singapore? Well, our board was there as Xriba was a proud partner of this event. During the conference, international speakers and financial experts, including our CEO Gianluca Massini Rosati.
Singapore is an important city for the finance industry in Asia, the event helped lay the foundations of a partnership between us and financial professionals in the city.
The objective of the partnership was to test our business model abroad. This will allow us to make deals with large accounting firms, which will work on onboarding 2000 Xriba customers.
This will allow us to increase our presence quickly in Asia.
The same will happen in Italy where we are acquiring new accounting firms, which will bring in 200-300 customers, rather than acquiring customers one by one. There are also 29 new accounting firms that will be affiliated to the “Soluzione Tasse” network for a forecast of about 3000 new customers within the next year.
But the mission of the event extends far beyond just accounting.
The goal of the WCOA is to celebrate different cultures, recognize important milestones and establish a model for the future of accounting.
To find out more, find here an in-depth study.
Initially, the accounting management software of the Xriba protocol consisted of two elements:
In order to improve our system we decided to combine these two elements into a single platform.
From this, XribaBooks was born: An accounting management software that uses artificial intelligence will allow businesses automate and record all the financial information directly in the company accounting software, without the need for human assistance.
The software records the information and at the same time uses the protocol to store them in the blockchain.
We are now building a research and development department.
This team will support our existing software developers. They will help us to evaluate market opportunities, analyze competitors, select which countries are next on the list and much more.
We will be releasing new versions of both XribaPay and Xriba Books. By mid November an update that allows the OCR system to photograph a receipt and associate it as an accounting document for each transaction made.
It will also be possible to receive an email with monthly report on the transactions made and received to be kept as an accounting note or to be sent directly to the accountant.
For Xribabooks, we will be splitting the release into four steps including 3 relating to the OCR system for the collection and extraction of accounting data and 1 for the development of Artificial Intelligence that will process the data.
As previously announced, the token economy of Xriba is active, with client orders from onboarding on the platform. The operation will still take time, but gradually more orders will come to market.
We are currently ranked 672nd on CoinMarketCap the ranking platform of all the tokens in the world.
The token capitalization calculated by CMC will begin increase, consequently climbing to the first two pages of the rankings table. This is will bring us much needed authority and visibility as (CMC has a lot of sway in the crypto world.
Although Xriba is a start-up, after just two months we already have customers using our products. The XRA token was designed with long-term logic, not for short-term speculation.
The partnership between Xriba and ETHLend, the startup that facilitates loans lending and receiving loans on the basis of tokens offered as collateral, has officially started.
The idea behind ETHLend is to exploit the blockchain and cryptocurrencies to create a microcredit platform.
The platform runs on Ethereum with tokens of the ERC-20 type, therefore its operation is linked to smart contracts, a type of contract that is secured and validated by the network that has the task of acting as guarantor for each transaction.
To find out more about how the partnership works, find out more here.
To facilitate the commercial development of XribaPay two strategies have been chosen that will allow a “booster” effect for this product:
Details on the two strategies will be finalised in the coming months, in order to identify more opportunities for contributors.
We realise that there are a lot updates listed, but it is the mirror of a project that is undergoing concrete development on several fronts. In the coming months,there will be more webinars and more updates that we are unable to announce due to confidentiality reasons.
But above all, if you are an entrepreneur and want to start saving your time and have a suite of cutting-edge tools that help you to evolve your business, request an invitation to be one of the first to use the tools of the XRIBA ecosystem as soon as they are released on the market. But be quick, as these are in limited supply!