EQONEX exchange which was initially branded as Diginex Limited has announced that its spot and derivative trading volume over the last 30 days has exceeded $5 billion for the first time.
This milestone is a big achievement for the exchange, that focuses on the trading of digital instruments, as it looks to grow its roots in Singapore and begin to expand over Asia and globally as well. The company had also recently announced another milestone of a daily volume of $200 million in the exchange and this shows that the exchange is gaining more users and generating more trading volumes which is a good sign at a time when the crypto prices are down and the market is also slow.
Richard Byworth, CEO at EQONEX Group, said: “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 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.”
“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.”
The exchange said that it has been able to clock strong average daily volumes of over $190 million during June which is over 200% of the ADV in April and over 80% higher than what it did in May. The company also said that it had moved on from a stage of building its order books and liquidity to a stage where it can focus on growth and acquisition which is a sign of a maturing exchange.
The exchange is expected to augment the custodial services that it offers via DigiVault which had recently received FCA approval. The exchange seems to be on a strong growth trajectory by focusing on instruments and services that are likely to attract major investors and traders. The professional approach is expected to help the exchange to bring in the users and help with its growth plans and the regulatory approvals that it has received in FCA for its custodial service would be key to bring in institutional investors and traders.