Најновиот EQONEX го напушти „преполниот“ простор за размена на крипто

EQONEX is the latest crypto exchange to close its doors during tough market conditions. 

The digital asset-focused financial services company рече во понеделникот it’s shifting its focus to its asset management and cryptocurrency custody business lines. The firm revealed that a new structured product business is also in the works.

The Nasdaq-listed company’s exchange is slated to close trading Aug. 22 and halt withdrawals on Sept. 14.

Closing the exchange will reduce operating costs and allow the company to grow where it has larger competitive strengths, CEO Jonathan Farnell said in a statement.  

Farnell called the crypto exchange space “crowded,” adding that the industry has nearly 300 spot exchanges. 

“The recent extreme market volatility and trading volumes have added to the headwinds being felt by exchange operators,” Farnell said. “We take a realistic view that our exchange will not move the needle for us financially over the near-to-medium term.”

Coinbase, for example, reported a net loss of $1.1 billion in the second quarter as its net revenue fell by 31% from the prior quarter. The publicly traded exchange’s total quarterly trading volume was $217 billion, about a 30% decrease from the previous quarter, which the exchange attributed to market conditions in its писмо на акционер.

An EQONEX spokesperson did not immediately return a request for comment.

A focus on structured products

Бизнисот за управување со средства на EQONEX се состои од инвестициски производи, структурирани производи, фонд на крипто хеџ фондови и оддел за заеми. Компанијата започна a bitcoin exchange-traded note on the Deutsche Börse XETRA Exchange last month.

Digivault, the group’s digital asset custody business, is registered with the United Kingdom’s Financial Conduct Authority and recently became the first custody partner of stablecoin poundtoken.io.

EQONEX’s principal place of business will move from Hong Kong to the UK due to its asset management and custody operations being primarily based in the latter region. 

In addition to focusing on its asset management and custody businesses, EQONEX is laying the groundwork for a structured products unit to offer professional investors and institutions exposure to bespoke crypto investments. 

Овој потег следи the company’s hire of Ник Когсвел as head of sales for its asset management business last month and Френклин Хенг како шеф на управување со средства во Азија.

Когсвел претходно работеше на акционерски структурирани продажби на производи во Jefferies и имаше високи улоги во Santander и Lehman Brothers. Хенг се придружува на EQONEX откако помина 11 години во Springboard Capital, а исто така порано работеше како шеф на деривати на капитал и структурирани производи за дистрибуција за Кралската банка на Шкотска.

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