In a last minute announcement, the anticipated Digitex Futures platform has postponed its launch, sending the associated DGTX token plummeting in price.
Digitex, a crypto futures exchange free from trading fees, aimed to launch its product on April 30, 2019, just four days from now. Digitex has, however, decided to postpone the product launch, according to a post today on the company’s official website.
“The Digitex Futures team announces with great regret that the much-anticipated launch has been postponed until further notice,” the Digitex post stated.
Platform Dev Team Lagging
Digitex hired Spotware, a developer team, to put together “the final build of the exchange,” the post said. The developers, however, failed to produce an adequate product. Up until this blunder, Digitex states it found the Spotware team had “an unblemished reputation for building robust exchange software.”
Spotware, on the other hand, claims that Todd’s words are nonsense as Digitex made many unprofessional mistakes when cooperating with the company and mostly trying to satisfy Digitex’s investors with unrealistic promises. “As professional software developers, we would never agree on a launch date until everything has been thoroughly tested and is bug-free. Adam Todd decided to publish a launch date when we were just weeks into the project.”
Besides, Spotware is claiming that they warned the Digitex team a few times prior going live with the product: “The launch date was out there, it wouldn’t look good for Digitex to change it so we rolled with it but still never committed to that. It was impossible to build them in a few days as he wanted — we’ve made him aware of the time and cost required to build. Nonetheless, he released a video post where he praises the platform again, which got us thinking of whether he ever wanted the platform to be released and put to production.”
Later on, In a roughly video of explanation, frustration and anger on the news and the product received, Digitex founder and CEO Adam Todd explained that Digitex does not need to start over completely. “We’re not going back to square one. We’re going back to a solid code base that we had, building up a team around it,” he said.
Todd said he is putting together a top team of which he will be highly demanding of in order to build a proper product. Regarding current and upcoming developers underemployment by Digitex, Todd said, “For the next three months I’m just going to demand everything they’ve got.”
“This second episode has just shown me, you know, I need to be a lot more involved in the development,” Todd also added.
The post noted Todd “says that he takes full responsibility for placing his trust in the wrong developers, missing the launch, and letting the token holders and the team down.”
Just this week, CryptoPotato released an article which quoted Todd as saying he wanted to overtake popular exchange BitMEX. “I Really Want to Take BitMEX Down,” Todd said.
In response to the news, Digitex’s token, DGTX, tanked in price. As of press time, the asset is down more than 70% regarding price action over the last 24-hours, at a price of about $0.03 according to CoinMarketCap.