Nasdaq-listed EQONEX To Exit The Crypto Exchange Space

Please note that we are not authorised to provide any investment advice. The content on this page is for information purposes only.

Nasdaq-listed EQONEX has revealed that it will be exiting the crypto exchange space soon. According to the firm, the decision was made to enable it to shift its full focus on other business segments.

EQONEX says it will be focusing on custody and asset management aspects of its business. The firm added that the closure of the exchange will free up some important resources and improve its financial position to drive the company’s growth.

“We are focused on opportunities that will drive revenue growth and position us for long-term success,” says Chief Executive Officer of EQONEX, Jonathan Farnell.

EQONEX Will Channel Resources To Other Segments

He added that closing the exchange will significantly free up resources, narrow the company’s focus, and simplify its businesses. It will enable the firm to operate as a more efficient organization that has more capacity to focus on market segments with the most potential.

Farnell added that exchange operators are having a very difficult time due to the declining trading volumes caused by extreme market volatility. As a result, the company is taking a more realistic approach. He noted that there is no value in continuing to bear the cost of operating an exchange at this time.

The company is convinced that proactively exiting the crowded exchange space is the right thing to do if it wants to continue delivering shareholder value.

Digital asset market companies have remained resolute in the past few months despite the market dip. Some players, particularly in the crypto asset custody and management ecosystem have seen massive growth this year.

EQONEX Will Move Some Of Its Business To The UK

The exchange stated that ESQONEX “will cease trading with immediate effect”. It added that it will be moving its business and part of its management workforce from Hong Kong to the UK, where many of Digivalt’s operations are based.

EQONEX was launched in 2020 but has passed through a series of leadership changes. Richard Byworth was the company’s Chief Executive Officer from 2018 to 2021 before Andrew Eldon took over from him in December 2021. But Farnell, with working experience at eToro and Binance, took over operations at the company in Mach.

About Ali Raza PRO INVESTOR

Ali is a professional journalist with experience in Web3 journalism and marketing. Ali holds a Master's degree in Finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of leading cryptocurrency publications including Capital.com, CryptoSlate, Securities.io, Invezz.com, Business2Community, BeinCrypto, and more.