Digitex Futures (DGTX) Crashes After CEO Announces Delayed Launch, Wants to Beat Rival Bitmex

Digitex describes itself as a zero-fee futures exchange that will launch on April 30, 2019. However, the platform also released an announcement recently that the launch will be postponed.

The announcement can be viewed on the platform’s website. The announcement reads, in part,

“The Digitex Futures team announces with great regret that the much-anticipated launch has been postponed until further notice. 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.”

Those who are averse to profanity may want to watch the video. In any event, potentially 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 explains in the video,

“I feel I’ve been blind-sided here. We’re a week away from the launch and we’ve been delivered this piece of [expletive] garbage that doesn’t even work. It doesn’t work…. We can’t launch this, it’s as simple as that.”

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.

He continues that he has made strides to fix the issue. He has obtained an office in Serbia, rehired a lead and front end developer from the exchange’s previous version, and he will be working 12 hours a day, 7 days a week until the exchange is launched.

The question that arises is where the platform goes from here. There are those that still support the platform through its troubles, which may certainly be helpful. For instance, CryptoToit tweeted in response to Digitex’s announcement:

“Channel the [expletive] rage Adam! As someone experienced in the software development world I can understand what happened here. I might be part of a minority group, but you still have my support and faith that you will deliver on your vision.”

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