EQONEX, a Nasdaq-listed crypto exchange company, announced on August 15 that it will soon close its blockchain trading exchange and move to businesses that offer long-term sustainability and higher revenue growth, i.e., asset management and custody businesses.
Chi-Won, the chairman of EQONEX, revealed the framework and priorities to focus its resources on businesses where they have “significant competitive strength and can leverage its traditional financial experience and expertise.”
The exchange was launched during a period of rapid growth in the industry, but the current bloodbath in the crypto industry, high competition among exchanges, and low trading volumes caused the board of directors to shut down the exchange.
Apart from all these reasons, the low margin is one of the reasons for exiting the crypto exchange market.
As per the announcement from EQONEX, the trading functionality will stop on August 22, allowing customers to exit their current derivative position.
The customers have a time window of 30 days, i.e., from August 15 to September 14, to transfer their crypto assets to other wallets.
On the flip side, EQO, the native token of EQONEX, cannot be taken off the platform.
EQONEX started in 2020 when crypto was making new highs. It provides services like spot and derivative crypto trading.