Quanta Business Update
In recent months, there were numerous business updates which included:
– Group leadership with Harmen Brenninkmeijer as new CEO and re-staffing of C-level personnel
– Cost restructuring to right size and better control operating costs (eg., IoM)
– Management directive to expand lottery partnerships and licensed gaming into African and other countries (eg., acquisition of ILGL, Nigeria)
– Business focus on building Quanta as the ‘Blockchain Solutions for Gaming’
– Exploratory phase to try to build the ‘World’s Largest Gaming Charity Bank’ that will expand on Quanta’s current ecosystem beyond lottery (eg., free gaming, eWallets)
Crypto Market Update
At the time of writing, crypto prices are generally down about 15% month-on-month. Positive excitement had started with BTC and ETH hitting intra-month highs of $10k and $200 respectively but the recent sharp sell-off has depressed all cryptos. Quanta’s QNTU token is now ~$0.00005 and also down by similar magnitude.
The Isle of Man office has been undergoing a period of restructuring in order to streamline operations and increase efficiency. After a successful soft launch at the start of the year, we have paused the Quanta Prize Draw in the Isle of Man during our internal restructuring. Development of new, mass market-friendly products is now taking precedence, and we are applying our lessons learnt and experience towards assisting the development of the new products.
Many QNT investors will have already received communication from us asking to provide Personal Wealth forms. This is an on-going process to ensure that we have all of the information required to meet Isle of Man regulations. Increased communication is a major focus going forward and users active in our Telegram chat (https://t.me/quantacommunity) will note that the IOM office is becoming involved in enhanced community activity. We want to make sure that our community is kept up to date with Quanta’s progress and exciting developments going in to the future.
Our office continues to work with the Isle of Man Gambling Supervision Commission closely to exceed their standards and ensure our future products are fully compliant. The IOM GSC is a tier-one license provider and we are excited to work with them in a blockchain-friendly jurisdiction to ensure that our games adhere to the highest standards.
During the summer of 2019, a critical review of the Quanta Lottery Blockchain business, games and ancillary products was carried out. The review’s findings were positive in some respects but were less so in many others. In particular, the review focused on the presentation of the lottery games to the Quanta Lottery players which was found to need drastic improvement.
The review also identified new opportunities – the B2B market. Instead of just offering the lottery platform for a single customer, Quanta could provide lottery software and services to other companies that also wish to operate a Lottery.
The Quanta management team decided to act. How can the player’s experience be improved and what is needed to be able to offer the platform to B2B clients?
A detailed proposal was written to the management which outlined how the Lottery games and platform be refocused so that the lottery games would be more attractive to play, and the whole platform could be ‘cloned’ for B2B clients. This proposal was accepted end September 2019.
Firstly, a new development methodology was needed so that the development team would work more efficiently and generally ‘smarter’. Modern software is written by development teams using Agile/Lean methods and after a two week training course, these methods are now in use by the development team.
Secondly, the overall product roadmap and the technical requirements have been worked out. There are short and long term goals. In the short term there will be a new Quanta Wallet and a new Quanta Lottery game. These are expected to go-live for the Isle of Man early in the new year. Longer term objectives are providing the platform to the Naija Lottery in Nigeria and this will be using the same platform as that used by the Isle of Man but with a local configuration.
It is now November 2019, and the development team is just over a month into the new project. The new Agile/Lean methods have been adopted by the development team and progress is now rapid. The new Quanta Wallet will be the first product to see the light of day and this could be as soon as by the end of this year.
Following a major acquisition of controlling interests in International Lottery and Gaming Ltd ILGL, Quanta took a major step into one of the most lucrative emerging gaming markets in the world. Nigeria. A country with an attractive population size, a bustling major metropolis in Lagos, a demography of 2/3rd of the population between 24 – 45, and a steady growth in internet & digital connectivity the gaming opportunities are endless.
ILGL has positioned itself in the lottery market with a new instant draw game of 1/36 and an included Jackpot of Pick 6. www.naijalottery.com ILGL has also secured the technical partnership of Quanta in providing a Blockchain Lottery Platform in Nigeria – a first of its kind.
ILGL’s is established in Nigeria and its other brand of sports gaming and online casino will present a unique opportunity in the market with its innovative retail delivery of gaming entertainment via the mobile channel.