Trade.io Hibernation Update As CEO Addresses Users
Trade.io has been on hibernation mode for a while now. I woke up to a mail from the CEO of the company today and I thought it wise to share the content with you guys. This is due to the fact that the email contains some vital updates and information to keep lovers of Trade.io calm. I love the exchange and hope they reopen as soon as possible.
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Below is the content of the message from the CEO himself.
A Happy Thanksgiving to all from us Americans at trade.io. Even if many of you don’t celebrate the actual holiday, we hope that you have many things in your lives for which to be thankful.
It has been about a month now since we hibernated the exchange, and it has gone just about as I had expected. Some things went very well and some things did not go as well as we had hoped. I would love to say that I anticipated that everything to go perfectly and that it did, but that is not probable or even possible in a business evolution this complex.
I will start out by addressing some of the concerns that have been raised. First, we know and hear you all that the third-party exchanges that we listed on are not perfect. We are exploring other options and have been doing so since day one. The sad truth is that there is not a perfect solution that we have found yet. As I have said repeatedly, the vast majority of exchanges have significant wash trading and many have even deeper problems. Our primary goal when selecting exchanges was to make absolutely sure that there was somewhere, anywhere, where you could buy and sell TIOx. We did not want to go one single day where a TIOnaut could not trade their tokens. Now that that has been accomplished, we have moved on to Phase 2 of the listing plan. We are looking for better options that work for us, and for the community, with the hope that an economically reasonable exchange for TIOx growth is available.
Second, we are asked on a regular basis when the cost savings from the exchange hibernation will show up in the LP distributions. I know that I have said this many times, but it will not happen overnight. The vast majority of our costs had minimum cancelation policies. Further, our biggest cost has always been personnel. Even in instances where we could have immediately let people go, we chose not to. These are real people with real families and real needs. We chose to do the right thing and made sure that we took care of our loyal employees. Additionally, there were some increased costs associated with the hibernation. We needed to pay people to make the necessary changes in addition to some one-time infrastructure costs that we incurred. I know that everyone, us included, is excited at the prospect of cost savings, but in a complex business environment these things take more than just a few days to appear.
So on to things that we have done that were successful.
First, and I think most importantly, we have been able to make sure that everyone’s TIOx and other tokens are safe and sent where they need to go. Protecting your assets was our first and primary goal during this process. We still do have a lot of tokens left that we are holding, they are safe. We are here to help when people want to retrieve them.
Second, we successfully integrated the LP into TIOmarkets. This was a lot more difficult than I had imagined it might be, but we got it done and it is running smoothly.
Third, we successfully hibernated the exchange code and systems so that when the day comes we will be able to re-introduce the trade.io exchange. Let’s all hope that the next crypto bull market is soon and we can get right back into the good times.
Looking to the future, we have some big news that will be coming out shortly on the LP and we think that you will be pleased. We also have some new business that remain in development in hopes of broadening and diversifying our product offering. I do not dare steal the thunder from our teams that are hard at work on these improvements, but keep an eye out for the announcements.
Overall, I know that there are things that could have gone better, there always are, but, for the most part, this process has gone smoothly, especially in the most important areas. We now feel that we are well positioned to move forward to our constant goal of increasing LP payouts and driving the value of TIOx. If you have not done so yet, please check out TIOmarkets, there are many improvements coming on that platform as well.
From all of us at trade.io and TIOmarkets, we wish you a very Happy Holiday season. In the meantime, we will be here working to make sure that we do everything in our power to grow the value of TIOx.
Personally I wish Trade.io all the best.
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