EQONEX Announces Plan to Exit Crypto Exchange Space
Nasdaq-listed EQONEX announced today that the company plans to exit the “crowded” crypto exchange space. EQONEX closes the stock exchange to focus on other important business segments.
According to an official announcement shared by the company, EQONEX aims to focus on asset management and custody. The Nasdaq-listed firm noted that the closing of the exchange will improve its financial position and free up some key resources to drive the company’s growth.
EQONEX CEO Jonathan Farnell said: “We are focused on opportunities that will drive revenue growth and position us for long-term success. Closing the exchange will significantly simplify our business, narrow our focus, free up resources and allow us to operate as a more efficient organization with the capacity to aggressively pursue market segments that offer the most potential.
“The recent extreme market volatility and declining trading volumes have contributed to the headwinds being felt by exchange operators. We have a realistic view that our exchange will not move the needle for us financially in the near to medium term. We see no value in continuing to bear the costs of to operate an exchange during what could be a prolonged market downturn. We are convinced that proactively exiting the crowded exchange space is the right decision to deliver shareholder value,” Farnell added.
Crypto Asset Management
Despite the recent market downturn, digital asset management companies around the world have remained resilient in recent months. Some of the players in the crypto asset management and custody ecosystem have witnessed rapid growth in 2022.
“Our Asset Management and Custody business, Digivault, has already made solid progress with the additional resources we have recently allocated to them, and we are positive about their prospects as we become an organization focused on these high-potential business areas,” EQONEX CEO highlighted.
In May 2022, EQONEX selected Paul Ewing as Chief Operating Officer.
Nasdaq-listed EQONEX announced today that the company plans to exit the “crowded” crypto exchange space. EQONEX closes the stock exchange to focus on other important business segments.
According to an official announcement shared by the company, EQONEX aims to focus on asset management and custody. The Nasdaq-listed firm noted that the closing of the exchange will improve its financial position and free up some key resources to drive the company’s growth.
EQONEX CEO Jonathan Farnell said: “We are focused on opportunities that will drive revenue growth and position us for long-term success. Closing the exchange will significantly simplify our business, narrow our focus, free up resources and allow us to operate as a more efficient organization with the capacity to aggressively pursue market segments that offer the most potential.
“The recent extreme market volatility and declining trading volumes have contributed to the headwinds being felt by exchange operators. We have a realistic view that our exchange will not move the needle for us financially in the near to medium term. We see no value in continuing to bear the costs of to operate an exchange during what could be a prolonged market downturn. We are convinced that proactively exiting the crowded exchange space is the right decision to deliver shareholder value,” Farnell added.
Crypto Asset Management
Despite the recent market downturn, digital asset management companies around the world have remained resilient in recent months. Some of the players in the crypto asset management and custody ecosystem have witnessed rapid growth in 2022.
“Our Asset Management and Custody business, Digivault, has already made solid progress with the additional resources we have recently allocated to them, and we are positive about their prospects as we become an organization focused on these high-potential business areas,” EQONEX CEO highlighted.
In May 2022, EQONEX selected Paul Ewing as Chief Operating Officer.
