2020 has been a hard year for us all and, at Digitex, we’ve certainly had our share of bumps along the road. No one could have possibly imagined just how much our lives would change in such a short time or the hardship and upheaval that would affect everything – including our best efforts to launch a new and improved exchange for our users.
In fact, even without a global pandemic, the startup journey is fraught with challenges–from idea to funding, to building the right team, to developing something that actually works–and then seeing this product show proof of concept with successful marketing efforts. It’s no wonder so many startups fail when the chances of getting all these components to work are slim to none.
Then, you add in the effects of the retail market and community feedback following this progress as they slowly start criticizing you each step of the way, and this easily explains why 90% of startups get driven down to nothing. Fortunately, that isn’t the case with Digitex.
A Period of Reflection
We’ll admit that we’ve had better days. We know that after your continued support over the last three years, you’re probably feeling worried, angry, and frustrated. After the failed launch of Digitex City and the token price crashing to below its ICO price, things may seem desperate, but, the first thing we want you to know is that it’s nowhere near over.
We’ve had some very good wins along the way, too. But there have been too many damaging events. It almost feels as if it’s two steps forward and three steps back. This is why we have decided not to rush this time into announcing our next move. Instead, we are taking the time to really consider everything we’ve built, our resources, and lessons learned.
In the three years that the company has grown and developed, we now have a good amount of resources to work with thanks to our investors — a large team, cutting-edge technology, and the concept itself, “Zero-fee Bitcoin futures trading with a rapid-fire, single-click ladder interface.” This business has proven itself to work. But we do also need to rethink some of the product fundamentals, such as the very damaging effect that DGTX price volatility has on our ability to attract and keep traders.
What We Need Moving Forward
We know that this is the fundamental problem that we need to fix moving forward. We need a working stablecoin, liquid markets, and strong marketing to build a large user base. These are some of the key business elements we need to fix, and we are figuring out all these things right now with the team.
Another key issue for us moving forward is to really nail down how this business generates returns and value back to its investors and users. We need to ask questions, such as, “What will make this product actually better so that the user base grows?”, and more importantly, “How do we direct the company forwards so that it actually grows and generates returns?”
These are some questions that we are currently discussing at the ‘virtual round table’ and although there are some very good solutions being tossed around in the air right now, we’re past the stage of any error. From this point forward, WE HAVE TO MAKE THIS WORK — for the investors, the users, the team, and the future of this company.
To Answer Some of Your Questions
Before we close this message, we’ll provide answers below to some of the questions we have had from investors that we can answer right now. As we said, your other questions will be answered as soon as we have solidified our plan moving forward.
1. Do we have funds to continue operating?
Yes, Adam mentioned this in his last video… the team is all here and we are all working.
2. What is happening with the newly minted DGTX tokens?
Those will remain untouched for now, as we don’t have any rewards programs in Digitex City as planned. If we do find a use for the new tokens, we will share this information with you prior to taking any action and explain in full detail what we will do before we start using them.
3. Will we continue minting more tokens as we’ve scheduled?
No, we will not be minting DGTX tokens according to the published minting schedule because Digitex City did not launch as planned and they are currently not needed.
4. What’s happening with all the Digitex City plans?
This is what we are reviewing right now and we will share more information once we’ve come to an agreement with our internal team.
5. Are we still working with SmartDec?
Yes. Although, we will not be sharing with you so much of our future development plans as it often does not work out as planned. Rather, we will be developing new features in the background, and we will only be releasing new features and upgrades to the exchange once we are satisfied with the quality.
Wrapping It Up
Our greatest lesson learned from this year of development (from testnet to mainnet to attempting to develop a 2.0 version) is that quality control is THE most important aspect of the development process. This was overlooked in order to have delivered what we had written on paper. Right now, we are working to reconfigure the team and workflow and put in place strong work practices that will secure quality control for all future product releases.
So to end our message on a positive note, we are here to stay, and we are preparing a new plan forward. You will hear good news from us once we have a solution in place. But for the first few weeks of the new year, you will not be receiving daily blog posts and social posts as there’s no need. We are making fundamental business changes, and, when we are ready, we will pick it all back up, and hit the road running fast.
Our support is available 24/7, and the exchange is still operating as normal — feel free to reach out to us at any time if you have questions. Thanks to all those who have always believed in us. We’ll get through this one, and we’ll be stronger than ever because of it. Cheers, and wishing you all a Happy New Year.