To adjust for capdax’s delayed launch, we are keeping our outgoings as lean as possible. This means scaling back front-office roles (such as customer support and community management) and minimising all non-essential expenses. It’s also worth noting that although not included in our consolidation plan, one of our prominent Community Managers, Emil, has decided to move back to Sweden with his family and will be leaving Capdax next month. Most recently, our partners submitted a subpar release of the Capdax back-end for our team to implement. The results were incredibly disappointing and we’ve now lost confidence in their ability to deliver a reliable and scalable solution. Late last year we appointed our most-recent development partner, who had a 20-year track record serving some of the world’s largest financial institutions.
I also shared the rationale behind this proposed change of direction, which you can read here. We have used this most recent bad news as an opportunity to review the status quo and realistic potential of our exchange business. However, given that we are now at least 6 months away, we are now assessing pivot opportunities with more-immediate revenue potential and a better fit with the current market conditions. For just over a year now, the Capdax team has been working hard on the road map toward the organization’s ultimate crowdsale goals. It began in Q when Capdax was established and the initial plans for exchange development were laid.
- The management team also includes the skills of Gabriel Yang (Operations Manager), Manno Notermans (Public Relations/ Performance Marketing Director), and Rayed Chaudhry (Performance Marketing Specialist), among others.
- Today I have some important news to share with you relating to both the product and future direction of Capdax.
- Investors should carefully consider the fund’s investment objectives, risks, charges and expenses before investing.
- I have tried to cover the majority of topics that came up in our community discussions, but if you feel that I’ve missed anything, please feel free to reach out to the team through Telegram.
In Q Capdax began onboarding its first staff and by the end of 2017, it had completed its strategic presale round and was focused on spreading public awareness and community outreach for the new exchange. The public crowdsale is scheduled for mid-February 2018 and token distribution is expected to happen in March 2018. Capdax will then have its official exchange launch in the second quarter of 2018 which will be accompanied by the necessary security audits and the finalization of the social trading platform.
However, whilst we still plan to introduce Social Trading at some stage, new market conditions and extensive feedback from the broader blockchain community have prompted us to focus on a number of other promising alternatives in the near-term. As founders, we believed strongly in the potential of the project and were therefore happy to personally contribute a great deal of money and unpaid time. The interests of the community have always been our priority, and we regret the impact this will have on those who have supported us throughout the process. Having done our best to explore every possible solution, we believe it is our personal responsibility not to put the project and community at further risk where we cannot guarantee success. We thank everyone in the community for their continued support for the project, and will publish a further update on the resolution process in due course.
Convert Capdax to US Dollar
Over the coming weeks and months we will be focusing on resolving final business, including negotiating closure agreements with partners. Once this has been achieved, we will buy back all tokens in circulation with the remaining funds. Details will be published as soon as possible, and we recommend that community members hold on to their tokens until this time. If your tokens are still stored with us, you may request a withdrawal now or during the upcoming weeks. Following the departure of multiple early-stage partners in 2018, the Capdax leadership team used their personal funds to acquire and retain control of the project. To date, both my co-founder and I have each contributed 7-digit amounts each toward the success of Capdax and are yet to sell a single token, because we truly believe in the potential of this project.
About XCD
We have continued to work hard over the last weeks to prepare for the closure of the operative entities as well as the foundation. The team on payroll has been laid off, and all existing partnerships have been terminated. We are happy to announce that we can conduct the buy back through the IDEX exchange. This means that whether tokens were purchased during TGE or afterwards on the open market, they can be conveniently exchanged during the buy back period without further legal and processing fees.
Instead, we will work out the best possible way to buy back all tokens in circulation using the total funds remaining once any outstanding business matters are resolved. In our previous update in March, we announced that we were investigating a promising new direction for the future of https://cryptolisting.org/ in response to the various challenges faced. We saw it as our responsibility as founders to pursue the project further only if we could guarantee a high probability of success.
The highest US Dollar was trading against Capdax in the last 30 days was XCD on UTC . The relative change between the highs and lows in US Dollar price XCD in the last 30 days indicates a volatility of . You can see additional volatility levels and USD price to XCD data for 24-hour, 7-day, and 90-day periods in the table above. On a number of occasions the community has questioned the legitimacy of our progress, and understandably so. I want to assure you that despite numerous launch delays, we’ve made strong progress toward every other aspect of Capdax’s release.
While we were able to meet conditions 1, 3, 4, and partly 5, we were unable to build sustainable commercial partnerships that would contractually secure Capdax’ future. While we were able to identify partners with a very strong interest in cooperation, we believed a solid foundation for the commercial future of Capdax could be adequately secured only if these partners agreed to long term commitments. As our demands here were not fully met, we have decided that the responsible decision in the interests of all parties is to discontinue the project. Given that this is a major decision that heavily impacts the Capdax team as well as the community, I want to use this update to offer a detailed break-down of the events that have led to this step.
Cool Cousin Review – Better Travel with Blockchain
In the interest of transparency, the following summary describes the issues faced with our development partners over the past few months. 34.14% of the total amounts received is attributed to operational expenses over a period of two years, including legal fees, third party service provider costs, spending requests by operations manager and employee salaries. The procedure is targeted to account for approximately 85.0% of the total “ETH” and “BTC” expenditure. This limit was set as to not use more time and resources than necessary in verifying individual blockchain transactions with receiving parties. This level of scrutiny does provide sufficient evidence that the founders have not used Capdax’ funds to enrich themselves, taking into consideration the proportion of their personal contributions (42.22%).
With respect to the amount of trade volumes and the meteoric rise of popularity in cryptocurrency, the need for more exchanges exists to support the amount of demand in the marketplace. Capdax is filling the gap for a much needed, mission critical service, which the industry as a whole is reliant upon. This is a great tool for those who are inexperienced at trading cryptocurrencies or lack the time to create a portfolio of their own from scratch. It also allows “leaders” to help friends and family get into digital currency investing while earning income from the trading fees generated by followers. In the following weeks, we plan to release the Capdax public BETA — a fully functional exchange featuring a variety of base and quote currency pairs. Whilst we had originally planned to launch in mid-2018, our release was delayed on a number of occasions by challenges that impacted both our roadmap and leadership team.
Latest USD to XCD Converter Rate
Today, we are on schedule to announce the first public release of Capdax in Q1 of 2019, pending the final integration of our Matching Engine. Additionally, as a team and company we remain financially stable, have a renewed product roadmap and go-to-market plan, and are committed to keeping you — the Capdax Community — informed of our progress on a regular basis. We would like to begin this update by thanking everyone for their patience over the past weeks. Since the decision announced in the previous update to discontinue the Capdax project, we have been working hard to resolve any remaining business matters and secure a convenient way of buying back all tokens.
Saber Aria, Capdax’s other founder and CMO, brings to the organization more than a decade of experience in business and marketing strategy. Such events clearly highlight the need for greater security controls, as cryptocurrency investors expect similar online security measures as traditional banks and stock exchanges. I hope this update was able to shine some light on both the internal happenings and the future outlook of Capdax. I have tried to cover the majority of topics that came up in our community discussions, but if you feel that I’ve missed anything, please feel free to reach out to the team through Telegram.
Recent Comments