Diginex Day Trading Volume Skyrockets over 40% to $3 Billion

Nasdaq-listed digital asset company Diginex Limited (Nasdaq: EQOS) announced on Monday that its trading volume for the last 30 days on EQUOS, the company’s crypto exchange, surged over 40% to $2.9 billion. Also, the firm’s combined 24-hour spot and derivative volumes rose to a record-high on May 20, after exceeding $200 million.

Furthermore, the exchange’s trading volume rise comes with an increase in the Diginex-own EQO token’s value since it was launched in April 2021. The virtual currency – pegged to the USDC stablecoin  –  is currently exchanging hands at 0.7650, according to EQUOS.io.

On the record trading volume reached by the company, Richard Byworth, Diginex’s CEO, stated: “EQUOS is one of the fastest, institutional-grade exchanges to reach these levels of volumes. This is even more impressive given we do not have an internal market maker on the exchange and have robust procedures in place to ensure all volumes are composed of valid trades.”

Byworth praised EQO token’s stability amid the current crypto meltdown seen in the markets, putting Bitcoin as an example, whose price has been down 46% from April 2021.

“Over a similar period, EQO has remained stable and resilient, climbing from US$0.50 to approximately US$0.75, a 50% increase since the launch in early April 2021. This validates the unique structure of EQO, which was specifically designed to promote volumes on the exchange and reward customers for trading on the exchange and holding their tokens,” Diginex’s CEO said.

Diginex, which received the first digital wallet custodian license by the U.K. Financial Conduct Authority (FCA), has Singapore-based GSR Markets as one of its liquidity providers for the EQUOS exchange.

“The volume growth on EQUOS has been very impressive. As the major liquidity provider on the EQUOS exchange we can see that trading activity is genuine and volumes are real. EQUOS has scaled at speed and this is testament to the strong financial engineering capabilities of the management team and the successful design of their EQO utility token,” Jakob Palmstierna, partner at GSR Markets, commented.

Last year, FZ reported the official launch of crypto lending and borrowing services in Diginex. Initially, the company offered Bitcoin and Ethereum to expand its portfolio of digital asset services.

The announcement came in the wake of the firm’s listing at the U.S. stock exchange in October, becoming the first crypto exchange listed on Nasdaq.

(Photo: TDR)

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