Has the exchange been launched then? We are in the middle of Q3 and so far no news.
From the email on July 1st
Dear Stakeholders,
This month I have two important announcements to share.
First one is that the swap of MSP will not happen. It is impossible for us to swap without precise balance records from Cryptopia, and since Cryptopia entered the liquidation procedure, the possible timeframes for resolution are unclear. Here is a quote from Cryptopia liquidators:
At this stage of the investigation the liquidators cannot estimate a date for when the liquidation will be completed. “As liquidators we have a responsibility to protect and preserve crypto-asset holdings for the benefit of those entitled to them,” says Mr Moore. “We are aware of and understand the frustration of Cryptopia’s customers. As there is no legal precedent on crypto assets in New Zealand and worldwide, the distribution of those assets and the overall conduct of the liquidation will require significant direction from the New Zealand Courts.” There will be no further comment from the liquidators at this stage.
We have offered Cryptopia to return the recovered 16.8M MSP and are still waiting for a reply. Crypto assets liquidation is indeed an unexplored area, so until we receive a direction, these funds will remain locked on our wallet.
Since the swap is now canceled, all trading restrictions are lifted as well. MSP is currently listed again on Lykke, and we will gladly collaborate with any other exchanges on additional listings.
Since our OTC Desk was a temporary solution addressing the lack of MSP markets, the situation is changed now, so we're closing the OTC Desk. All orders will be canceled, funds returned to their owners.
Taking these actions will allow us to focus solely on the exchange launch.
The second announcement is also related to obtaining a greater focus. Nearing the launch, we need to revamp our marketing and communications. While we are working on a renewed marketing and communications strategy, some steps are already apparent.
Our Telegram group will no longer be an official communication channel. You can talk to us via email and the support chat on our website, just as well we are going to improve our Twitter presence. Feel free to reach out to us using these platforms.
Another change in our communications is addressing the cadence of these Stakeholder updates. Writing them every month turned out to be not the best decision. A month is too short of a time frame for a quality report. Therefore, Stakeholder updates will now come out every quarter. Meaning next time you will receive a Stakeholder update will be at the end of September. It is not to say this letter is the last time you hear from us until then. As our renewed communications strategy comes to fruition, you will be hearing from us in our public channels.
For the past two weeks, we had a very productive meetup at our Tallinn HQ. The plan for the next quarter is in place, and the whole team is eager to deliver. To remind you where we’re at - our exchange UI is fully working, same goes for our trading engine which is ready and 100% covered with tests. Our client-facing KYC procedures are almost ready, however there is still work remaining on the back-office side. Deposits/withdrawals are still underway, just as well we’re taking our security very seriously and are planning to have third-party security audits before we can begin handling users funds. Stay tuned for further updates on our blog and Twitter!
Your Mothership Captain,
Arseniy
