EQONEX, formerly Diginex Limited which is a digital asset financial services company, has announced its financial results for the fiscal year ending March 31, 2021. It declared that in October of last year, it became the first company with a crypto exchange to be listed on the NASDAQ.
The other highlights of the report include a robust balance sheet with no interest-bearing debt and a cash equivalent of $52.1 million as of March 31, 2021. There was some strong revenue growth during the second half of last year which makes it look forward to the coming year when more growth and increase in volumes is planned.
Richard Byworth, Chief Executive Officer at EQONEX Group, said: “This was a watershed year in which we launched our core business line, the EQONEX cryptocurrency exchange, and became the first company with a cryptocurrency exchange to list on Nasdaq. We devoted substantial time and resources towards bootstrapping volumes on EQONEX Exchange to a level where we could begin generating revenue at the very tail end of the fiscal year 2021. While daily trading volumes grew to US$15.9 million by March 2021, we have seen this significant growth trend continue with daily volumes reaching more than US$180 million in June 2021 month-to-date, a significant portion of which are fee-paying volumes.”
Adjusted EBITDA for the year ended March 31, 2021, showed a loss of US$33.5 million which was slightly greater than the $32.5 million loss that was shown in the previous fiscal year. The EQONEX digital exchange was launched in July 2020 and has seen some strong growth in recent months with the daily average volume crossing $15 million as of March 31, 2021, and it is expected that this will be a springboard for more volumes in the upcoming fiscal year of 2022 as the average daily volume crossed $180 million as of June 2021.
For now, the EQONEX exchange is an Asia focussed exchange with its roots in Singapore and it clocked a 30-day volume of over $5 billion during June despite the steep fall in the crypto prices which generally throws off smaller traders from trading at least for the short term. It is expected that the trade volumes would pick up in the coming months as the crypto market begins to diversify and mature and if the company manages to keep its technology abreast of the crypto market, then it should be doing well in the upcoming fiscal year.