Apologizes for the suspense...we’ve been hard at work behind the keyboard! 👨💻👩💻
Today marks six months since we launched Digifox. And as the founder of Digifox, I couldn’t be more proud of the team, as well as the community who’s rallied behind us to make this all possible. Thanks to our outstanding team, we pulled through over the last two and a half months to bring our biggest update yet, which I’m excited to share today. However, it’s worth noting the already astounding progress we’ve made.
Currently, Digifox has over 11,500 users globally, who’ve deposited over $3,000,000 in assets, two major milestones to achieve in under just six months for a new startup. And it’s only been made possible thanks to the support and love our one-of-a-kind community has given us 🦊❤️
But today, I’d love to share how we intend to get to $250,000,000 in assets under management with over 500,000 users by the end of 2021. Welcome to the first steps of Digifox 2.0 🔽
From launch, we got a ton of comments about the positive user experience we’ve built. It warms our heart to hear about the things people love in what we’ve built. But we also got a ton of valid feedback that drives us even more to build the best product imaginable. And thanks to over a thousand unique users providing feedback through our support tickets, we made some major progress!
One of our biggest requests from users was to add charts and resolve issues with balances not showing proper amounts. This was priority number one for us, as just about anyone wants to know where their value currently stands, and whether or not it’s grown or declined.
That’s why we’ve not only added our new and improved charts, which display varying time-frames of performance for your portfolio, but real-time pricing for your balance.
Our engineering team worked extremely hard to get the look and feel just right, adding numbers that tick up and down in accordance to changes in your balance and displaying charts that grow or decline real-time as time progresses.
At Digifox we don’t shy away from criticism, if anything, we embrace it and own it. One of our biggest problems to date was our build for Android. Due to some minor issues we’d been trying to discover for some time, Android users reported issues like zero balances, transactions getting stuck, and much more. In our eyes, we had to get this fixed and fast. So we immediately went about working to find out what was causing the issues.
Luckily, thanks to many efforts from our lead engineer, Chase, we’ve not only resolved the issue, but operating on Android is just as smooth as it is on iOS! 📱🎉
To our Android users who ran into any of the above issues, we want to share our sincerest apologies for any issues you might have encountered, and if you’re up for giving us a second try, we’d truly appreciate it.
Swapping has been our most popular feature on the platform, and with crypto markets beginning to catch the broader public’s interest again, we wanted to make swapping to your favorite cryptocurrency even simpler than before!
The entire user experience has been redefined, from deciding your crypto and amount, to protections against slippage for any given trade.
And the best part of all, swap completion has leapfrogged to an over 99.5% success rate! Gone are the days of swaps not going through or being stuck in limbo for hours only to be cancelled.
Whether it’s for logging your activities or recording taxable events, having a clear transaction history is key to managing your personal finances. That’s why we created a central transaction log for all your activities, so you can see what you did, how much value was used, and when.
Transaction history displays all deposits and swaps, as well as send and receive transactions, giving you a full record of funds from point A to point B. And unlike many others, we’re massive about transparency. We show you all network and Digifox fees required to make the transaction possible, so you have the highest level of transparency possible.
We got a lot of value feedback from our community that our original receive tab left some with a lot of valid confusion. Many weren’t certain which tokens they could deposit, and many wanted a streamlined way to deposit supported tokens into their deposit addresses, like Celsius.
Our main goal was to keep it simple, but remove as many edge cases or issues as possible. To start, when users click on the Receive tab, they’re given multiple options to either deposit in their Digifox wallet, Celsius wallet, or Bitcoin wallet, the latter two being powered by Celsius.
Once you select a specific wallet, you’re given a QR code and a copy button, similar to the traditional format that matches the address you’ve selected. We also have two new additions, including a module that allows you to figure out exactly what tokens you can deposit, as well as a Share Address button, allowing you to send your address to other contacts on various platforms.
Many of you asked, and today, I’m confident to say we delivered. You can now buy, sell, and store bitcoin in the Digifox app! This is made possible through our fiat on-ramp providers and our deposit partner, Celsius.
If you’re looking to buy your first bitcoin, you can do so from the Swap tab or through the Add button. And once your purchase is finalized, your bitcoin is sent to your Digifox Celsius address, which immediately begins to earn 6.2% interest once it reaches your account! Gone are the days of simply holding funds on exchanges and earning nothing in the process.
In our last “Invest In Yourself Challenge”, we gave away up to $2,000 to people for simply putting money away in their Celsius savings account. This time, we’re upping the stakes to an initial prize pool of $2,500, with the ability to multiply over 10x what we did before!
For each $100 you deposit into your Digifox Celsius account, you’ll receive an entry for the prize pool, and there’s a ton of ways you can earn additional entries to boost your chances of winning.
Got bitcoin already? Feel free to deposit, begin earning interest, and earn additional entries for the challenge.
The best part of the challenge is it requires the community to come together and reach certain thresholds of entries in order to boost the prize pool. We call these “dynamic challenges” and they truly require the community to engage as a whole. The more people we can get to focus on putting their money to work, the better it is for everyone participating!
One thing we pride ourselves for is our continuous dedication to human, in-app customer support. Putting a face to finance is one of our core values as a company, and we’ve gotten a ton of positive remarks for our dedication to it.
Needless to say, we can always improve how we do support. That’s why we’ll not only be bringing on additional support members in Q1 of 2021, but we’ve reworked a ton of our documentation to match the new user experience offered by Digifox 2.0.
Looking back over the last six months, it’s been an absolute journey. We learned a lot about what people want to see from Digifox and we’re confident this is just the beginning. To close, I’d like to spend some time to talk about our roadmap going forward. Digifox 2.0 plays a major role in this next chapter, but it’s just the beginning of positive things to come.
It’s important to realize that Digifox won’t become the app we know it can be overnight. Nonetheless, we’re structured a sensible and simplified roadmap that will set us up to build an app that can impact the lives of millions in a positive way.
Over the last six months, we’ve been able to achieve the vast majority of what we call “Better Finance”, our first phase as a company to make buying crypto and earning interest as simple as possible. And after integrating a suite of better on-ramp partners, we’re looking to step into our next phase as a company, “Payments 2.0”.
Our key goal is to make sending, swapping, and depositing money quick and cheap as possible.
This will likely be achieved by both integrating protocols who make the move to layer-two and integrating our own custom solutions for scalable, cheap payments. We’ve already got a lot in the pipeline, so we’re genuinely excited to bring it to life in the near future.
We plan to spend two months on each bullet point in our phases diagram.
While big picture feature releases are great, we can make a lot of effective change in the short-term that revolutionizes the user experience.
We’ve got a long list of small improvements that we’re eager to add to the app, all aimed at further enhancing the app. Our biggest focus is improving the onboarding experience, dramatically reducing costs to get started and speeding up onboarding times. We’ll also focus on finally taking our referral system live, giving real-time analytics and payouts. And finally, focusing on what we call “Live UX”, which is our goal of making the app feel alive and responsive. We’ve already begun this with our real-time pricing and portfolio chart.
We plan to deliver a minimum of one of these every month, and I’m certain we’ll come up with more to tackle as time progresses, taking community feedback into high consideration.
DeFi is accelerating at a rapid pace, soaring over 20x in total value locked in 2020 alone.
This is an unprecedented trend, and it shows that we've not only got a surefire opportunity to help play a role in scaling out the market, but that we’ve got a lot to get done in a relatively short period of time.
Thanks to the support of our 984 investors on WeFunder, as well as our over 11,500 users across the world, we’re on a path to become the premier platform for bettering finance across the globe.
We’ve got much more to announce around the corner, but for now, I’ll let the suspense set in...😉 Until next time, take care and don’t hesitate to reach us at our support chat!
Founder & CEO of Digifox
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