Transparent Update on DagHub, Announcing Brokerage Service For Nano
Please take all of my apologies for the radio silence this Spring. Launching a fiat-to-crypto on-ramp in the UK can be cumbersome.
I started the project in early January, and I was fortunate enough to find an interested angel investor back then. I was so happy to see people excited about what I was building, and I want to thank all of them for the support. Unfortunately, soon afterwards:
- The market crashed.
- The BitGrail hack was unveiled. This caused massive FUD, preventing the investment in DagHub to get through.
I didn’t give up though, and I started to build the exchange, as I’m a decent software engineer myself. I had to deal with everything from frontend & backend to DevOps & security on my own; you can find some screenshots here.
The idea of an exchange dedicated to dag-based cryptocurrencies is appealing, but competition became really fierce. Other exchanges are aware of DAGs and I can tell you for sure that many have Nano, Iota & Byteball on their bucket list.
One of the most significant change in data privacy policies, the General Data Protection Regulation can cripple an entrepreneur’s life journey if he’s not prepared for it (€20M fine).
While I applaud the European parliament for the new regulations, they don’t come without indirect bottlenecks on small businesses and startups, including DagHub.
Hiring a lawyer in the Spring of 2018, in London, to provide you legal advice on GDPR and on crypto related scenarios is outside the boundaries of a bootstrapped startup budget.
Why not ICO?
There’s no utility in a token for a centralized exchange, and I also genuinely believe raising funds should not be a business model.
Crossing fingers for solutions like Polymath to go mainstream.
Nevertheless, I’m a man of my word. There will be a way to buy and sell Nano with GBP, in June.
I partnered with Bittylicious and, in exchange for a development fee, they are happy to implement a Nano node and add the coin to their portfolio.
I and a few peers will act as brokers there, spearheading a NANO/GBP pair. If you’re interested to join our team, please send me a PM.
For Iota, Bitfinex added a GBP pair in late March, while Byteball moved fast with a fiat tool embedded in their desktop wallet.
I’ve given my best to make it happen, and I’m sorry it won’t be as initially planned (an actual exchange). I’ll continue to be active in the DAG community, spreading the word as much as I can and developing useful tools and startups.
By signing up and verifying your account on Bittylicious, you’ll make sure to have instant access to Nano when the pair will be available in late June.