The Olky Group, based in Luxembourg and France, is embarking on new initiatives to expand its footprint in the web3 universe. Among these developments are the creation of the subsidiary Olky Wallet and the incorporation of Karima Lachgar into their team. But what does this really mean for the European fintech landscape?
Expanding Presence in the Web3 Universe
Since 2011, Olky has gradually expanded its operations, venturing into areas such as payments, fintech, and Open Banking. The emergence of Olky Wallet can be seen as a natural step in this trajectory. However, the process of obtaining approval from the French Financial Markets Authority is a significant endeavor, and the expertise of Karima Lachgar, renowned for her experience at Osborne Clarke France, could prove invaluable.
Exploring the Web3 Landscape
Olky’s recent focus on Web3, initiated in 2021, deserves consideration. With the introduction of OlkyPay, the company seems to be seeking to bridge a potential gap in the crypto sector. The KYCOIN, for example, is presented as a utility token designed to enhance transaction compliance. However, as with any innovation, its actual effectiveness remains to be tested over time.
The decision of Olky to move the KYCOIN to Polygon in 2023 is intriguing. Polygon is recognized for its transaction capabilities, but such a migration also comes with its own challenges. Similarly, the announcement of the OlkyWallet offering for 2024 showcases ambition, but it will be interesting to see how it positions itself against other competing offerings.
Meeting the Challenges
With a team of 65 people, Olky certainly has resources. However, navigating the complex web3 universe requires more than just a skilled workforce. Franck Rouayroux, at the helm of the company, has mentioned Karima’s contribution as a crucial step to strengthen their strategy. The execution and performance of this collaboration remain to be seen.
The Road Ahead
In conclusion, while Olky’s impressive 40 million euros in revenue in 2022 is noteworthy, the road to web3 is filled with uncertainties. Only the future will reveal how the group navigates these uncharted waters. For now, observers and stakeholders eagerly await to see how things unfold.
