👪💵 Over 5,000 users registered on the platform, depositing over $300,000 in assets
📈 Listed COMP token, thanks to our new, seamless integration of Uniswap
🐛 Vast majority of existing bugs have been fixed, providing a smoother experience
👨💻👩💻 We added three new team members; one engineer, and two for client success
📊 Over $340,000 raised in under two weeks through WeFunder
🏦 Banking/debit card on-ramp expanded to over +25 countries across the globe
I want to start off by saying a few things:
First off, I can’t express in words how thankful I am to those of you who have shown nothing but overwhelming support over the last two weeks since we launched both the Digifox app and our WeFunder campaign. It’s been an incredible journey so far, and as the founder of Digifox, nothing has warmed my heart more than seeing people enjoy the application.
Over a year ago, I had the concept for Digifox locked in my head, and to see it coming to life proves that we’ve built something special. This wouldn’t have been possible without the dedication and creativity of the core team: Chase, our Lead Engineer, and Madison, our Lead Designer. They’ve taken Digifox from a mere concept to a fully-functionable product in a little less than a year, and it’ been incredible to see this happen.
Needless to say, it still wouldn’t have been possible without our other team members, as well as our advisors who’ve helped us tackle various focus points that got Digifox where it is today. I couldn’t have done it without them.
Today, I want to spend some time discussing some of our key focus points, and share where we’re going in the month ahead.
5,000 Users, $300,000, and a whole lot of bugs 🐛
As CEO, I think it’s always best to be honest and address our flaws first. Digifox had a meteoric rise from the first two weeks. The outpouring of support that the crypto community showed was immeasurable. But as with most launches, we ran into a plentiful amount of bugs. Even after conducting proper beta tests before launch, we had many problems; users not being able to make bank deposits, transactions getting frozen, and even in many cases users funds not initially displaying once they had been deposited. These problems can cause a lot of headache and confusion for some of our users, and we knew it was priority number one to resolve these.
That’s why we took a decisive focus towards pushing off feature expansion plans until we resolved these key issues. I’m proud and happy to say that thanks to Chase, and our new hire, Jake, we’ve been able to remove around 80% of the issues users have been running into. And we’ve got more fixes, as well as optimization work that will be applied to the app in the coming days.
The experience has been fantastic for many, but has left some with an experience that isn’t acceptable. And we’re not leaving anyone behind, that I can guarantee you. So we’re doing our best to build a perfect experience for the already existing 5,000 users, and from there, grow an organic wave of adoption into 2021 and beyond.
Improving Bank & Card Deposits 🏦
The most important element we’ve been working to improve was the ability for people to connect their bank accounts and debit cards. And I’m proud to announce that we’ve expanded our network to support over 25+ countries, including the US, EU, CA, AU, and IN! In the next coming days, we’ll even be able to support debit card deposits for over 150 countries across the globe with one of our new integrated partners.
The key objective we’re working towards is making it as simple as possible for users to make the transition from their traditional platform to Digifox. This is an area many crypto wallets have failed in. So far, our bounce rates have gone down, our options have increased, and our designer, Madison, has done a phenomenal job of creating a format that will pair you with the best on-ramp provider depending on where you’re based and what service you’re trying to conduct.
📈COMP token + Uniswap Integration
This past week we launched our integration of Uniswap, allowing for users to trade a vast range of cryptocurrencies. Predominantly, this allowed for us to offer Compound token, otherwise known by its symbol, COMP. This token has been the #1 requested by users, and they can not only purchase it from within the app, but also earn it by depositing funds into the Compound protocol, integrated directly into Digifox.
👨💻👩💻 Three New Team Members!
We’re proud to announce that three new individuals have joined the Digifox family! First, we have Jake O’Connor, who’s our newest engineer hire. He’s not only been incredibly phenomenal to work with, but has joined alongside Chase to push out new features, resolve bugs, and formulate a strong foundation for the framework of the Digifox app.
We also added two members to our Client Success department: Hope Szymanski, our Head of Operations, and Samantha Clarkson, our Client Success Champion. Both are not only helping to structure our social media presence and business development, but they’re also playing a large role in maintaining quality customer service for users who need it. Unlike other banks and crypto platforms, we’re working towards providing personal, 24/7 customer support, straight from the app! Allowing us to get candid feedback on the product and resolve issues before it’s too late.
📌 What’s To Come?
Bitcoin Deposits - As of Monday, you’ll be able to initially deposit your bitcoin, litecoin, and other cryptos into our deposit partners, like Celsius. But soon thereafter, you’ll be able to generate a secure public/private key pair to hold your bitcoin in a non-custodial way, managed directly from your Digifox wallet.
Improved User Experience - We’ve gotten over +250 unique points of feedback from our in-app customer support, and to us, this is a massive asset. It’s allowed us to make many small improvements day by day, however, we’ll be completely refining the app over the coming week, resolving any large UX flaws, which we believe will dramatically increase deposits, trade activity, and transactions from within Digifox.
More Deposit Partners - You asked, and we listened. As many of you have been eager to earn high rates of interest for your stablecoins, like USDC, many have wanted a stronger sense of competition. Whether it be a desire for more competitive rates or more security for your deposits, seeking insurance policies like FDIC insurance. We can’t talk much on this now, but in the coming weeks, I’m certain we’ll have some good news in this area of focus.
We've got more exciting things in the works, but we like to keep it under the hood until they're ready. To put it simple, lets just say crypto will be easier to obtain than ever before.
👋 Closing Remarks
These two weeks have been an incredible ride, and I can’t wait to see where we take the company, the team, and most importantly, our community. When I started working on the initial concept for Digifox in mid-2019, I wanted to do one thing; scale out equal finance for everyone in the world.
For me, Digifox hasn’t been a true success until we live in a world where someone’s chances of financial success isn’t determined by the country they’re born in. Many of the team, including myself, seek to live in a world where someone in Kenya or Brazil, has the same financial opportunities as someone living in the US or Japan.
Until that day, we’re not resting, and this monthly update will be one of many until we’ve met our ultimate goal of equal finance. Take care, and let’s build finance for everyone 🚀
Nicholas A. Merten
Founder & CEO of Digifox
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