BitcoinBusiness & Finance

A Bitcoin Exchange’s Failure Left 1.5 Million People in Hanging

Digitex, a futures exchange for trading bitcoin and Ethereum using the native DGTX Token, has failed to launch its platform and its 1.5 million subscribers. In a video uploaded on YouTube, Adam Todd, CEO of Digitex, has apologized to the public as the company’s most awaited product, their trading platform, has run into some hiccups and isn’t yet ready to launch.

Todd explained the reasons behind the delay and took responsibility for it. Todd stated that the postponement emerged due to misplaced trust in the development team who failed to deliver. The video also explained some of the functionalities of the product and how the finished product lagged in features. The company was supposed to launch its final product on 30th April. This is not the first time the company has faced delays with the project as the beta launch of the platform last year was also delayed.

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The company released a statement saying they were doing everything they could to roll out the platform as early as possible. The report also explained the cause behind the platform’s unforeseen delay. As stated by the company, it was the Cyprus based development firm “Spotware”, hired by the company to develop its platform, had caused the delays. Before this experience, Spotware had a good reputation for software development and sticking to deadlines. The perfect reputation is what prompted Digitex to go with them; however, the development team ran into major problems with this project. In a statement, the company tried to explain the incident:

“Todd was aware of some key bugs several weeks ago. They had been reported and brought up in face-to-face conversations with the developers in Cyprus. He had all the reassurance that they were being worked on and would be fixed well in time for launch. However, with just a few days left to go, Spotware revealed that the so-called “bugs” were, in fact, not bugs, but, in their words, “expected behavior”, and therefore unfixable”.

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The CEO in the video seemed furious and spoke harshly during length of the video. It appeared that he considered his anger at the developers to be valid as his company’s reputation was at stake. The company has more than 1.5 million people on the waiting list for its new platform and more than 70,000 members on its Telegram group. The platform was supposed to be one of the most anticipated products in the crypto community.

What’s Next for the Exchange

After the fiasco by Spotware, Digitex has severed ties with them. The fact that these issues were unfixable became a deal breaker for Digitex. However, Digitex still has a rough prototype that runs on the original code base developed by the core development team at Digitex before the project was outsourced. The company says that they had to outsource it because the team had to focus on business management and marketing. The company is now in the process of creating a new application from the original code base. They have set up a development team in Serbia that would work round the clock to develop the platform as soon as possible. Optimistic about the future of the company, he said:

We will get over this disaster, and we are going back to a stable code base and building a team around it.

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Shahzaib Zafar

Electrical Engineer, Crypto enthusiast, a tech nerd and a developer with a keen interest in blockchain, writes daily articles about bitcoin and cryptocurrencies for blockpublisher.

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