Sharing the Kable story - blog launch
When we started building Kable a little bit over one year ago out of bit4coin, we had a grand vision: We wanted to revolutionise international business transfers using "blockchain technology", or in this case, bitcoin.
We saw a few things coming together in early 2017: International bank transfers are very expensive, slow and error-prone. Bitcoin and blockchain technology were starting to be more widely accepted globally, with local companies all over the world engaging in blockchain-based payments. And lastly, we felt we had the right capabilities. Our main "brand" bit4coin was growing nicely and profitably (it is still entirely bootstrapped), providing necessary cryptocurrency trading volume as well as resources for Kable. And we had the perfect team for B2B payments: Our CFO Chris had worked for eight years at PwC, and my experience with five years at BCG gave us enough credibility when talking to corporate customers. And our tech-team was battle-tested to take this challenge on after more than three years building and running bit4coin.
So we set out to test our idea, starting with a few key hypotheses:
- The product would work. We assumed we would find international partners in interesting countries to facilitate these transfers who would provide local pay-in/pay-out.
- Kable transfers would be faster than international bank transfers. We were pretty sure about this one.
- Kable transfers would be a lot cheaper than international bank transfers. Still pretty sure. But getting accurate data on this was way harder than expected.
- Working regulatory setup. We expected this to take a lot of time and money, but that it would be feasible.
- Finding initial customers would be easy once we had our product with a clear value proposition. Well, we could not have been more wrong on this one. Getting customers is way harder than expected, and frankly, we still haven't cracked it. We will get deeper into our learnings about the "hows" and "whys" in future posts.
Beginning from next week, we plan to share with you the journey we have taken, our learnings and insights, what has worked and what hasn't, and how we plan to double down. Our first post will be called "How we managed to not disrupt international transfers using blockchain technology". 😀
Thank you, and watch this space! :)By Dolf Diederichsen (Google+)