Hey Touch Social family, this blog post is addressing the lack of updates and news over the recent months.
We have been overwhelmed by the support we have received from everyone on the app, all of our users are amazing and we have created a positive and loving community that we believe will only grow as the app develops over the next year.
Our main point to address is the development of the TSD to TST exchange, which has been going on for some time. We know everyone is anxious to convert their currency and be able to trade TST on public exchanges.
This exchange is being designed to also accommodate for USD, AUD, BTC, ETH, and other currencies that will be added at community requests. As you can imagine, there is a lot to do and a lot to get right if we want to turn this into an industry level currency exchange.
The main hurdle we are facing right now is funding, which is why we are unable to post many updates or give our community a realistic timeline for the launch. There are many aspects that go into developing an exchange, but the costly ones are development and licensing.
As you all know, we have been entirely self-funded up to this point – it is unfortunate that the main roadblock for us right now is funding. Development on the exchange is looking to cost another few hundred thousand dollars, with licensing and all the proper legal that need to go along with it costing even more than that. Not to mention the social media app needs constant attention, bug fixes and optimization.
Simply put – our personal funds are not enough anymore!
The team has been looking at many different funding options over the last month, but due to the current global climate, things are moving much slower than we would like them to.
We also realize that the app without a TSD/TST exchange is fairly pointless. Because of this, we have suspended all new signups and are encouraging our current users to continue to accumulate TSD which will be exchangeable once we get the app live. All our current users will also be able to beta test all of the exchange features, and once the community is happy with them we will re-open signups to the general public.
If you have any questions or funding opportunities please leave a message on our contact form!
Thank you so much for your support and patience!