Last month, Digitex Futures CEO Adam Todd blamed Spotware – the company responsible for the development of the underlying trading platform which was being released by Digitex – for the massive problems the project was facing.
“Development projects are often delayed due to various reasons. However, the Digitex team is fully aware that its credibility and reputation are now in question. After missing the Beta launch deadline earlier in the year, the company was extremely cautious about putting out the official launch date,” he said, as reported by Coin Rivet.
According to Todd, the April 30 release date was announced “only after extensive and exhaustive discussions with the new development team Spotware, to which Digitex had outsourced the final build of the exchange. However, despite understanding and agreeing to the specifications given to them for the functionality of the exchange and the timeframe, the Cyprus-based developers who had (until now) an unblemished reputation for building robust exchange software, were unable to deliver.”
In response, Spotware – a company that has been around for more than 10 years and has successfully developed and released numerous forms of trading software – released a Medium article detailing where it believes the Digitex project went wrong.
The Spotware team stated: “After we’d built and delivered everything in the initial scope which was signed-off on by Mr Todd himself, very close to the MVP Beta release, he came up with a number of new requirements. Again, oversimplistic, unprofessional, generic. It was impossible to build them in a few days as he wanted — we made him aware of the time and cost required to build.”
The blog article details some of the issues with these requirements as the Digitex CEO allegedly made last-minute adjustments to the product scope. Of course, as most software developers or project managers know, it’s quite difficult to make these types of changes without greatly impacting either the budget or the deadline. I can speak from my own experience, having participated in numerous ERP implementation projects across the globe.
Whose fault is it, then?
Spotware also added: “We feel bad for the investors who bought into Digitex. We feel we have been swindled too. Digitex hasn’t paid us for the work we completed. We understand that our pain is insignificant in comparison to some people who bet their life savings on the DGTX token. He has abused our reputation to increase his own credibility. But, we have done nothing wrong and should not be blamed for Digitex’s business decision to discard the working product which we built according to a scope of work approved by Mr Todd himself.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.