Digitex Confirms To Have Hired New Developers from SmartDec For Their Futures Platform
Digitex has been under scrutiny for the massive delay in the launch of their Futures platform. Earlier this week BitcoinExchangeGuide had reported about the delayed launch.
Yesterday, CEO Adam Todd responded to the community’s many questions… Addressing Spotware's wrongful claims, clearing up any suspicions over #Digitex’s behavior, and revealing our new partnership with #Ethereum-approved #SmartDec. Check out the recap! https://t.co/T0p8e4MyjQ
— Digitex (@DigitexFutures) May 1, 2019
The founder and CEO Adam Todd recorded an explainer video and public apology. He 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. As a result of this announcement, DGTX decreased by about 70%, eliminating approximately $58 million from the exchange’s token market cap.
The video presents a number of issues, with the Digitex project, such as the decision to outsource the platform’s development to Spotware. Todd further discussed the issues with Spotware’s development of the exchange, which is there is no 24-hour volume figure, spot prices are only on the charts, can’t change leverage, selling contract issues, and more.
A couple of days back, Adam held an AMA and declared that SmartDec would be taking over the platform’s development going forward. SmartDec is its smart contract security audit firm. And has worked closely with members of the Ethereum Enterprise Alliance (EEA).
“The lead developer who wants to work with us has won six out of seven Ethereum hackathons. SmartDec is extremely well thought of in the space and is working with multiple Ethereum scaling solutions, including Plasma and zkSNARKS. We really couldn’t be in better hands this time and we’re extremely excited to be working with them.”
Earlier, Digitex had hired Spotware, a developer team, to put together
“the final build of the exchange.”
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.”