Eqonex Closes Crypto Exchange After Two Years
Eqonex said it would also move its main business and some people from its executive board from Hong Kong to the UK.
Nasdaq-listed digital asset investment company Eqonex has announced that it will exit the “crowded crypto exchange space” by shutting down part of its operations.
In an announcement on Monday, the company said it will close trading on its cryptocurrency exchange on August 22, with users allowed to withdraw funds until September 14. The company said the closures were part of an effort to streamline operations focused on providing “the greatest potential for revenue growth and long-term financial sustainability,” including management assets service and custody at Digivault.
Eqonex CEO Jonathan Farnell said:
“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 capacity to aggressively go after market segments that offer the most potential.
We take a realistic view that our exchange will not move the needle for us financially over the near-to-medium term. We don’t see value in continuing to bear the costs of operating an exchange during what may be a prolonged market downturn.”
The exchange said its EQO token “will cease trading with immediate effect” as a strategy change. Eqonex added that it would move its core business and some people from its Hong Kong operations to the UK, where many of Digivault’s operations are located.
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