Moola Progress Report 29 August
This report covers key updates regarding the progress made over the past few months, as well as what to expect going into the remainder of 2022 and beyond.
Moola App Developments
We will begin by discussing developments related to the Moola application.
We planned to launch Moola this quarter, sharing with you all the expected end of Q3/ September release date a few months ago. This was of course taking into account the remaining workflows and the anticipated time required to complete them.
What we did not, however, take into account the significant delay created by a partner who supposedly had a ‘ready-to-go’ product. They mis-sold us on their capabilities and have failed to meet their deliverables within a reasonable time. The SDK upon which we were building simply does not work, and communication has been poor to say the least.
They recently requested several more months to have their technology ready for us to utilise. With the components provided by this partner playing an important role in the Moola app, we decided that it would be best to terminate our relationship as it was not what we signed up for. This is a contentious issue which we are aiming to resolve as soon as possible and would greatly appreciate your patience on this matter.
In the meantime, this does not pose a risk to the Moola app being launched — only a slight expected delay in its launch. The functionality offered by this partner (such as the card program) will be provided by an alternative provider. We have already spoken to numerous alternative providers and are very close on determining who we will utilise for Moola going forward. We are now carrying out final due diligence checks.
While the specifics will differ slightly in the capabilities provided by the new partner we select, we are very confident that our new partnership will allow us to provide more value to our users at and beyond launch. More information on this will be made apparent in due course.
As outlined above, the transition to the new partner will add some time onto the expected launch date. While we cannot give a specific date just yet, we look forward to sharing further details with you on this in the immediate future. We are working quickly towards a resolution, and a resumption of our release roadmap. It is worth noting we are continuing to work on other aspects of the app, which are progressing very well.
Website v1 Release
We recently launched our website, in line with the transition from the PayBX to the Moola brand. This provides a proprietary platform to build our user base in anticipation of the Moola app launch.
You can check out the website here and sign up for the waiting list today. Who knows what surprises might land in your inbox.
Marketing Updates
The product is undergoing fluid motions, as expected with the change of a partner responsible for providing several core components of the v1 Moola app. This naturally impacts the marketing roadmap as aggressively marketing the product prior to it being ready to be shipped is not efficient, especially with paid ads, however we are still looking to ramp up and improve our organic content and posts.
That being said, this update will provide further insight into what you can expect in the coming months as we inevitably draw closer to the app launch.
Token Swap Update
As previously stated, we will look to conduct a swap of token contracts to update the name and ticker from AXPR to Moola. In addition, we will take this opportunity to map the token to an L2 to take advantage of the opportunities provided from a low transaction fee environment. This, at the moment, is looking most likely to be Polygon or Optimism.
The primary hold-up on this front is exchanges, where there are financial considerations when a token swap is required as well as the addition of support for L2 deposits and withdrawals.
Social Media Profiles Rebranded
You may have noticed over the past month since the rebranding that our social media accounts have transitioned from the ‘axpire_official’ name to ‘trymoola’. This will be consistent across all 3rd party platforms we intend to have a presence on.
Please make sure to give us a follow on these platforms:
Upcoming Referral Program
The Moola Referral program will play an integral role in our marketing strategy as we incentivise our community to invite their friends and family to join the app.
This will be deployed in two main phases.
- The initial launch of our referral campaign will be pre-launch and less stringent in terms of eligibility requirements. We intend to launch this soon.
- The second phase will be post-launch and will have a more intricate system designed to reward those that truly help the Moola app grow.
Loyalty Rewards program
In addition to using a referral program to incentivise the virality of Moola adoption, we will also implement a loyalty program to reward our users for being an active participant within Moola.
By carrying out specific actions, from creating a Moola virtual card, to ordering your physical card and making your first purchase, users will continuously progress towards a variety of perks and rewards.
Content
Over the past few months with the rebranding, we have been ideating around the content aspect of our marketing strategy. What relevant content can we create that will be useful and interesting for our target audience? What content will support us in our objective of creating an app that serves as a companion for millions around the world to be able to exchange value internationally as well as gain exposure to an exciting space?
In the coming weeks, we will begin deploying some of these content initiatives. For example, the Moola Markets content series will focus on providing regular technical and fundamental updates on various aspects of concern to our target audience. More on this and our content strategy in due course.
Advertisements
Alongside our content strategy and other organic initiatives, paid advertisements will play a big role in our growth plans. We intend to use high traffic platforms and websites to generate attention to what we are offering. This will play a much bigger role closer to and post-launch of the app.
We intend to begin social media paid promotion in the immediate future, promoting our content to our target audience. We will conduct A/B testing with variables we will be aiming to ascertain the efficacy of, optimising the efficiency of our campaigns.
Product Direction
It is worth noting that we have admittedly taken some time getting to an initial product release, however, we can see the light. Apart from the aspects that were expected to be supported by the aforementioned partner, development has gone very well. We are continuing to commit additional resources to get the Moola app launched soon with sleek design and a plethora of functionalities for a fantastic user experience!
Q&As
With all that’s happening and our promise of regular community communication, our next Q&A session will take place tentatively on Friday 9 September 2022. More details on the Q&A will be provided in due course (such as the exact time the event is to take place).
You can submit any questions for the Q&A here
