The 26th of May, 2020, marked the beginning of EQONEX. It was identified as a website operating as a centralized cryptocurrency exchange and it was situated in Singapore. The principal company organization that was listed on Nasdaq and had a crypto exchange statement was Diginex limited, which was also the name of the parent associate company.
The trading on the exchange, which began in 2020, came to an end at 8:00 AM (UTC) on August 22, 2022. Users had until September 14, 2022, to withdraw their cash from the exchange.
Markets
EQONEX was a cryptocurrency trading platform that gave users access to a wide variety of digital assets for purchase and sale. EQO is the native token of the platform, and it was first made available to investors in April 2021. Members who own EQO tokens were eligible for a variety of benefits, including reduced trading costs, access to potential airdrops, and staking incentives. At this time, the platform was able to offer ten EQONEX trading pairs in addition to the USD fiat currency.
The EQONEX trade volume was satisfactory for an exchange that had been operational for a little over a year. On June 15, 2021, the total volume of trades over the course of 24 hours was around $180 million. On the other hand, the trading volume dropped to $85 million as of December 2, 2021, which was not a positive indicator.
For trading, the EQONEX crypto fees for takers were 0.09%, while the fees for makers were 0.08%. In addition, customers had the opportunity to earn profits during specific EQONEX trade volume discounts, which could be as low as 0.02% for takers and 0.01% for makers.
Moreover, the functions of EQONEX spot trading were determined by the typical exchange volumes. The greater the EQONEX volume of transactions carried out by the customer, the more cost-effective the compensation was.
Other Services
On EQONEX, users also had the opportunity to earn passive income by staking the utility token of the exchange, as well as through the referral program.
Trading could also be done automatically, using algorithms tailored to respond in a given way to changing market conditions.
Besides, institutional customers had the option of transferring their stock holdings to be handled by one of the EQONEX Group companies.
About the Company
In July 2020, when EQONEX established its cryptocurrency exchange, the cryptocurrency markets were experiencing a period of tremendous expansion that would eventually result in new all-time highs for Bitcoin and Ethereum only six months later.
The organization had a party in June 2021 to commemorate reaching $5 billion in trade volume over a period of 30 days. At the time, the company said that things could "only go up" from that point forward for the exchange. But that was then, and this is now, with the cryptocurrency markets firmly established in a bear market that has lasted for months. The corporation decided to shift its focus and devote more resources to Digivault, which is its custody and asset management business.
According to comments made in a statement by the CEO of the company, Jonathan Farnell, the completion of the exchange will result in lower operating expenses and will make it possible for the company to expand into markets in which it has a stronger competitive advantage.
Jonathan Farnell is the CEO of EQONEX group. He has more than 20 years of experience working in the financial sector of the UK. His areas of expertise include the issuing of electronic money, the provision of payment services, the regulation of cryptocurrencies, and the management of both regulatory and operational risk. His background includes helping to launch new companies and he was one of the co-founders of Arro Money, which was later purchased by the eToro Group.
