You wrote in your article
Their ambition is quite high, and their raise compared their ambition is quite small. Next to that their exchange is almost live, which means an immediate use case for your investment in the $BXY token including liquidity and volume. For me this is a no-brainer, sure there is a lot of competition, but there is room for multiple exchanges to succeed.
3M USD is not a small amount in exchange for just some utility token. As far as I understand developers retain 100% of exchange ownership and profit to themselves. So in fact the private investors invest not in the project or the company, but just buy some utility token with expectations of a fast profit. During the public sale (where the tokens will be 2-4 times more expensive, than they were for the private 'whale' investors), those private investors will sell their tokens for 2x-4x immediate ROI, so I am sure the token could be bought from the market much cheaper than for $0.41 the company is going to sell it. Maybe $0.2 in average, taking into account that most private investors entered considerably cheaper than that.
In any case I would not consider the token being a good investment at the current price of $0.2. If the exchange would share the part of revenue with the investors, or use the part of profit to buy back and burn some of the coin from market, that would be quite different story.
That could be the reason why investments are not flowing in at the moment, and project funding is not going
that well.