Last updated: September, 2023
Transforming an idea into a business doesn’t come easy. While there are some common challenges all start-ups encounter, like raising capital, finding the right team, or refining their marketing strategies, the crypto industry presents unique obstacles on top of that. They complicate the situation twice over but need tackling nonetheless.
Recognizing the severity of said uncommon roadblocks is the first step to facing them and finding a way to rise above them. For a long time, that has been Ovoro’s everyday reality, and yet we are still standing, we persevere and offer solutions that outperform big players in the industry. What is more, when times get tough and things start to go down, we still land on our feet.
Ovoro is an AI-driven crypto trading app designed to make it easy for people to invest in cryptocurrencies without the need for extensive knowledge or experience in the industry.
Apart from investing in Bitcoin and Ethereum, two of the best-known cryptocurrencies out there, Ovoro provides unique diversification opportunities that users can take advantage of with a single tap on their phone. Our custom-made multi-asset collections combine several cryptocurrencies you can invest in simultaneously. Not only is the process simplified, but it is also automated — we trade for you 24/ 7.
We are still in beta, and to try how Ovoro works, you can use our simulated trading feature and invest virtual money in any of the collections we offer. (*The performance of the Ovoro asset collections reflects the real world. All results , good or bad, would have happened with real money, too.)
Get Early Bird Access now! (*Limited seats available.)
With thousands upon thousands of cryptocurrencies out there and a market operating non-stop, the crypto world is a complicated, overwhelming, and impossible space for a non-expert to thrive.
The need for a simplified solution that includes non-professionals interested in crypto trading has always been clear to the team behind Ovoro. The motivation to find a way to unlock the market’s potential for them is what made the Ovoro app a reality.
But while solving a problem for the end user is always good and is the beginning of everything, that alone is not enough. Until the Ovoro app is launched with real money, our solution remains just that — a professionally implemented concept that addresses a particular need and has the potential to help users succeed. That, however, does not constitute a functioning business. Therefore, nobody can benefit from the solution. Or at least, not just yet.
As we have illustrated in our roadmap, the next step for us is exactly that — to launch officially and allow our users to invest real funds.
Easy, right?
Unfortunately, not at all.
To explain why that is, we need to dig deeper, take a few steps back, and look at the big picture.
The idea behind Bitcoin (which marks the beginning of cryptocurrencies) was to create a decentralized digital currency that allows peer-to-peer transactions without the need for the middle-man, like banks or governments. That would save us time and money and provide more security through blockchain.
However, being a widely unregulated area in the beginning, cryptocurrencies were exposed to fraudulent players who used them for money laundering and all kinds of illegal activities. As a result, instead of making our lives easier and altogether better, the cryptocurrency industry got a bad name. It became associated with crime and scams, automatically labeling all good crypto projects as the bad guys.
Every start-up experiences difficulties when raising funds and finding investors interested enough to get on board. However, for a crypto project, that process is even more complicated.
Over the years, numerous investors ended up losing their funds to all kinds of fraudulent ICOs (initial coin offerings), rug pulls, or other types of scams. As a result, no matter how good or legitimate a crypto project is, it remains difficult to raise funding due to the general mistrust of such endeavors.
As of September 2023, there seems to be a general withdrawal of investments in all areas which affects all start-ups, but the mistrust still exists, and there is an additional leap of faith one has to take to come on board with a crypto project. Not everyone is willing to do that.
Banks are notoriously risk-averse, so it has been challenging to find one that is ready to work with us. Most banks are unwilling to work with companies in the crypto space because of regulatory uncertainty. Thankfully, FinTech start-ups are beginning to fill this gap with neo-banking services that are more friendly to start-ups like ours.
As mentioned, for Ovoro to become a functioning business, we need to get our operating licenses. That, in an industry with little regulation, is the hardest part.
It is true that a lot has changed since the first days of crypto. With the bull run of 2017, cryptocurrency became mainstream, and its use expanded. This newfound status led to greater scrutiny from governments and financial institutions.
That is not altogether bad because users must be protected, and actions to improve the climate in the industry must be taken, but governments have been taking sporadic and ineffective measures at a very slow pace, to make things worse.
That often results in not knowing which way to go and what specific steps to take for a crypto project to secure a license.
The good news is that despite all that, our team has managed to file our application. We are looking forward to obtaining our licenses.
It’s worth mentioning that in the EU, where we reside, a crypto-specific regulation called MiCA is about to become a reality. That will make things much more transparent, safe, and business-friendly, which is another thing we look forward to.
The end goal for every start-up is to reach its audience and connect with its prospective users. Raising brand awareness and acquiring users is one of the key things to do as a business in development. Without prospects, any product will ultimately fail. To spread the word, companies rely heavily on advertising.
And while the problems most start-ups face in that respect have to do with fine-tuning their marketing campaigns while on a small budget, it’s a whole other story for crypto projects.
Because of the industry’s bad reputation and in the name of user protection, advertising crypto-related products is either widely prohibited on almost all major platforms or follows rules so strict and complicated that very few projects manage to qualify.
However, because we are committed to bringing our app to the world and making crypto trading accessible to everyone, we continue to explore other ways to reach our target market.
Despite the challenges we face, we are optimistic about the future of Ovoro. We believe that cryptocurrencies are here to stay and that the industry will eventually be regulated in a way that is fair to both businesses and consumers. In the meantime, we will continue to find creative ways to reach our prospective users and grow our community.
Thank you for your continuous support!
Ovoro is the future of crypto investing.