This may come off as an angry diatribe, but it's not. Although many of things below frustrate me greatly, my main concern is whether there are any plans to address them and what those plans are.
To my mind, the greatest risk to Kinesis is poor execution. The vision and the opportunity are certainly there, but the execution has been in many ways lacking. I've divided the problems up into three broad categories and provided some examples of each:
Hence the question for vaultside. What is Kinesis doing to operate more effectively? Have you identified any areas for growth and what plans are being made to address them?
To my mind, the greatest risk to Kinesis is poor execution. The vision and the opportunity are certainly there, but the execution has been in many ways lacking. I've divided the problems up into three broad categories and provided some examples of each:
- Missed deadlines/promised features that never materialized. It's honestly hard to think of a sing deadline for a major project/feature that has been hit.
- KEM
- Pospay Gold has had three or four names and at least as many launch dates.
- US debit card cancelled suddenly with promises of speedy replacement. Then it got pushed back until after virtual card launch. Then it got pushed back until after EU card launch.
- Virtual card launched significantly behind schedule.
- EU card has been launching soon for quite some time.
- Personalized bank accounts for fiat deposits/withdrawals.
- Kinesis Pro.
- Poor and/or misleading communication
- Many announcements make it sound like something is launching now and then later that turns out to not be the case. E.g. JFX Gold announced as launched 10 months of ago, but latest quarterly update says it wasn't actually launched do to waiting for regulator approval. Very similar situation with Metalgo.
- No follow up or explanations when things are delayed. KEM was coming soon for a long time and then was cancelled. This does not inspire confidence in other long awaited features actually launching.
- Ongoing issues (virtual card activation for Canadians, recent deposit problems, etc...) don't get adequate responses from support. Responsibility to fix the problem often gets put on the user. E.g. Asking Canadians to call a company in the UK to verify their card is not a solution. E.g. When multiple users are reporting deposit problems, take ownership of the problem instead of blaming all of their banks.
- A counterpoint would be the recent issue with incorrect info on the website. Jai Bifulco acknowledged the problem, explained why it happened, and then clearly stated it was resolved. More of this would be great.
- Half baked features/lack of general follow up
- Virtual debit card has at least two examples: Canadian verification and pending transactions. Neither issue has been resolved as far as I know and the response was we're looking into it and has been for a long time.
- Deposit accounts being removed with very little notice.
- Tom said months ago USDT would be removed but it still hasn't happened.
- US rewards program available for less than 12 months and then terminated with short notice.
- I have had a couple LTC deposit issues. It took multiple days for LTC to be credited. Support basically said there's nothing we can do, just wait. The entire point of crypto is fast transactions. I no longer use LTC to deposit because I don't trust Kinesis to handle it properly.
Hence the question for vaultside. What is Kinesis doing to operate more effectively? Have you identified any areas for growth and what plans are being made to address them?
