EQONEX Exchange reveals that it recently surpassed $5 billion in 30-day trading volume.
Diginex Limited (Nasdaq: EQOS), which recently rebranded its business to EQONEX Group, a digital assets financial services firm, confirmed on Friday (June 24, 2021) that the total spot and derivative trading volumes on EQONEX, its virtual currency exchange, exceeded $5 billion during the past month.
As mentioned in a release shared with CI, volumes for the month of June 2021 have continued their recent “strong upward trajectory, with average daily volumes in June month-to-date of US$190 million, representing an increase of 206% and 80% from April and May this year, respectively.”
When compared to Q1 2021 and prior to the launch of its native exchange token EQO, volumes in June month-to-date “are up over 12 times,” the update noted. It also mentioned that the EQONEX exchange has “transitioned from an early-stage strategy focused on building a highly competitive order book with tight spreads and deep liquidity, to one focused on driving organic revenue growth.”
As mentioned in the update, since early April 2021, the EQONEX exchange has seen “a rapid expansion in fee-paying volume, driven in part by the launch of the EQO exchange token, which began trading on April 8, 2021.”
The release also noted:
“This strategy has not only contributed to overall volume growth but has also driven fee-paying volume significantly higher.”
Richard Byworth, CEO at EQONEX Group, stated:
“Our exchange has not only demonstrated rapid volume growth over recent months, but has also quickly embarked on a path to revenue after less than twelve months since its public launch into a competitive landscape. We have devoted substantial time and resources towards bootstrapping our volumes organically to a level where we could begin generating revenue. Reaching US$5 billion in 30-day volumes just 12 days after crossing US$4 billion, is significant given Bitcoin has traded within a narrow range during this period.”
Byworth added:
“Our commitment to fair and transparent markets combined with our institutional grade custody solution Digivault, our FCA-regulated digital asset custodian, is resonating well with customers.”