Adam Todd, CEO at the upcoming zero-commission cryptocurrency futures trading platform Digitex, admits that he admires BitMEX and that he “really” wants to take them down. Moreover, he also says that the cryptocurrency market has bottomed and has been well oversold.
Digitex: Commission-Free Crypto Futures Exchange
Speaking to EAK Digital at Paris Blockchain Week, Adam Todd, CEO of much anticipated commission-free cryptocurrency futures margin exchange, shared valuable insights on the project, as well as his vision on the market and competition.
Most importantly, Todd clarified how Digitex makes it possible for traders to engage in the futures market without having to worry about high commissions. He outlined that this is because of the platform’s native token, DGTX, which must be owned by anyone who wants to trade on the platform.
Traders will see their profits and losses all denominated in DGTX and in order to be able to maintain the platform, the team behind it will mint a certain amount of new tokens according to a transparent schedule and only after DGTX token holders have voted on it.
More interestingly, however, was Todd’s view on existing competition in the field, as well as his thoughts on the current cryptocurrency market condition.
BitMEX: “A Money-Printing Machine”
One of the more interesting questions of the interview was whether there is an existing project that Todd looks up to. Perhaps somewhat unsurprisingly, he said that he “admires” BitMEX because they are “such a money-printing machine.” He also said that he “really” wants to take them down.
Todd also said that he feels there is so much interest and so much need for “something like Digitex” to come along as an alternative to BitMEX because the latter is just a “milking machine” the time of which is up.
Cryptocurrency Bear Market is Over
On another note, Todd also discussed the current condition of the cryptocurrency market. He was quick to make the remark, however, that he always says that the bear market is over.
This time, however, he feels that the market has been “well oversold’ and that we are only going to go up from here. He also outlined that he was very confused of the massive decrease in the value of cryptocurrencies and that he didn’t understand how it went down so much.
The Digitex zero-fee cryptocurrency futures platform is scheduled to launch on April 30th, 2019 and it already has more than 1.5 million people lined up in its waiting list.