EQONEX Exchange exceeds USD5bn in 30-day volume
Diginex Limited, which recently rebranded as EQONEX Group, has announced that total spot and derivative trading volumes on EQONEX, its cryptocurrency exchange, exceeded USD5 billion over the past 30 days.
Volumes in June have continued their recent strong upward trajectory, with average daily volumes in June month-to-date of USD190 million, representing an increase of 206 per cent and 80 per cent from April and May this year, respectively. Compared to the first quarter of 2021 and prior to the launch of its native exchange token EQO, volumes in June month-to-date are up over 12 times.
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. 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 8 April, 2021.
This strategy has not only contributed to overall volume growth but has also driven fee-paying volume significantly higher, as highlighted in the table below.
Richard Byworth, CEO at EQONEX Group, says: “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 USD5 billion in 30-day volumes just 12 days after crossing USD4 billion, is significant given Bitcoin has traded within a narrow range during this period.
“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.”