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Diginex goes public on Nasdaq following special-purpose acquisition

Diginex goes public on Nasdaq following special-purpose acquisition

Following a $50 million capital increase and reverse merger, digital finance firm Diginex’s inventory has listed on the Nasdaq trade below the ticker EQOS. 

Diginex is “the primary Nasdaq-listed firm that covers the total digital foreign money ecosystem,” Diginex CEO Richard Byworth advised Cointelegraph in an interview. “I feel that is massively essential for the event of the trade. Previous to this, you’ve got just about solely had publicity to direct crypto property through ETF-like buildings,” he stated, mentioning merchandise resembling these provided by Grayscale.

Diginex is the mum or dad of various completely different crypto and blockchain-focused entities, together with crypto trade Equos, and Digivault — the corporate’s digital asset custody wing. Equos opened only in the near past, on July 30.

Diginex is concerned in lots of areas of the crypto and blockchain house and Byworth believes it represents a approach to put money into the general crypto house through the mainstream U.S. inventory market.

“Now you lastly have a picks and shovels commerce for your entire asset class.”

“Having that on the general public markets is massively differentiating,” he added. “It is a very nice publicity diversification for a portfolio that is centered on this asset class.” 

Again within the 1800s, People flocked west seeking gold, and wanted to purchase picks and shovels to unearth the valuable metallic. Consequently, it was a safer wager to the personal choose and shovel corporations, which made super income throughout this period, reasonably than to seek for gold itself, the outcomes of which have been much less constant. Diginex is sort of a modern-day choose and shovel firm, based on Byworth.

Along with its trade, custody answer, asset administration and multi-venue buying and selling platform, Diginex additionally boasts involvement with digital securities. 

Diginex took an oblique method to going public as a listed firm, going via a special-purpose acquisition firm, or SPAC — a classification referring to “blank-check corporations which can be fashioned for the aim of merging or buying different corporations,” as defined in a TechCrunch article. 

Diginex merged with 8i Enterprises, a SPAC that’s already publicly traded. As of the reverse merger and itemizing at present, 8i Enterprises Acquisition Company now goes by the title Diginex. As we speak basically serves because the inaugural buying and selling day for EQOS, previously recognized below the ticker JFK (the corporate traded as 8i Enterprises earlier than the reverse merger).

Diginex’s public debut has been years within the making. Plans for the reverse merger hit headlines in July 2019. The U.S. Securities and Trade Fee, or SEC, gave the reverse merger and public Nasdaq itemizing a inexperienced gentle in February 2020. 

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