EQONEX recently leaves the crowded crypto exchange room
EQONEX recently leaves the crowded crypto exchange room
- falling commercial volumes as a result of market volatility are a reason for the closure of the stock exchange, says Jonathan Farnell, CEO of EQONEX
- The company included former Jefferies managers and the Royal Bank of Scotland in its asset management business
eqonex is the latest crypto exchange that closes its doors under difficult market conditions.
The financial service company said Monday. The company announced that a new business with structured products is also in the works.
The stock exchange of the company listed on the Nasdaq is supposed to close the trade on August 22nd and set the withdrawals on September 14th.
The closure of the stock exchange will reduce operating costs and enable the company to grow where it has larger competitive strengths, said CEO Jonathan Farnell in a statement.
Farnell called the crypto exchange room "overcrowded" and added that the industry had almost 300 spot exchanges.
"The latest extreme market volatility and the trading volume have reinforced the headwind that the stock market operators feel," said Farnell. "We assume that our exchange will not move the needle for us in the short to medium term."
Coinbase, for example, reported a net loss of $ 1.1 billion in the second quarter, since net sales decreased by 31 % compared to the previous quarter. The entire quarterly trading volume of the publicly traded stock exchange was $ 217 billion, which corresponds to a decline of around 30 % compared to the previous quarter, which attributed the stock exchange to the market conditions in its environment shareholder letter .
An EQONEX spokesman did not immediately answer a request for comment.
focus on structured products
The EQONEX asset management business includes investment products, structured products, Fund of Crypto Hedge Funds and a credit department. The company
Digivault, the group's Digital Asset Custody business, is registered with the United Kingdom Financial Conduct Authority and recently became the first Consulting partner of StableCoin Poundtoken. The main business seat of EQONEX is moved from Hong Kong to Great Britain, since its asset management and storage activities are mainly located in the latter region. In addition to concentration on the asset management and storage business, EQONEX laid the foundation for a unit for structured products to offer professional investors and institutions access to tailor-made crypto systems. The move follows the attitude of the company Nick Cogwell Last month as sales manager for the wealth management business and Franklin Heng as head of asset management in Asia. Cogswell previously worked in the sales of structured stock products at Jefferies and held leading positions at Santander and Lehman Brothers. Heng comes to EQONEX after he had spent 11 years at Springboard Capital and previously worked as head of the distribution of stocks and structured products for the Royal Bank of Scotland. . . The contribution EQONEX Latest to Leave 'Crowded' Crypto Exchange Space is not a financial advice.