Exit stage left: Eqonex to shut down crypto exchange after two years

The company has announced that it will also be moving its core business and several senior management people from Hong Kong to the UK. New

Eqonex, a Nasdaq-listed digital asset investment firm, has announced that it will be exiting the “crowded crypto exchange space” by shutting down part of its operations.

In an announcement on Monday, Eqonex said it would close trading on its crypto exchange on August 22, with users allowed to withdraw funds until September 14. The company said the closure was part of an effort to streamline operations focused on offering "the greatest potential for revenue growth and long-term financial sustainability", which included its management and custody services. active at Digivault.

“Closing the exchange will significantly simplify our business, reduce our focus, free up resources and allow us to operate as a more efficient organization with the ability to aggressively target market segments that offer the most potential. "said Jonathan, CEO of Eqonex. Farnel. “We realistically consider that our exchange will not move the needle for us financially in the short to medium term. We do not see the point of continuing to bear the costs of operating an exchange during what could be a prolonged market downturn."

Important announcement from EQONEX. Today we announced that we will be streamlining our operations to focus on asset management and custody.

Read our press release: https://t.co/M9zmDyOjIB (1/6)

The exchange said its EQO token will “stop trading with immediate effect” as part of the change in strategy. Eqonex added that it would move its core business and several management people from Hong Kong to the UK, where many of Digivault's operations were based.

Launched in May 2020, Eqonex has gone through some leadership changes, going from R...