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Happy Birthday! Celebrating One Year of EQONEX with a Look Back

July 30, 2021

EQONEX

Happy Birthday! Celebrating One Year of EQONEX with a Look Back
While today is a day of celebration, we’d also like to take the opportunity to reflect on some of our successes over the last year.

Exactly one year ago today, EQONEX announced the public launch of its institutional-grade digital asset exchange.

See the EQONEX timeline in bullet points.

The first cryptocurrency exchange on Nasdaq

On July 30, 2020, EQONEX outlined its plan to become a fully functioning digital asset exchange, starting out with spot trading but with plans to expand into derivatives products. The platform would also be fully interoperable with other EQONEX Group offerings, including custodial service Digivault. The vision is for EQONEX to become the trading venue of choice for professional and institutional investors and traders. 

In early September 2020, EQONEX raised over $20 million in a convertible note, upsized from an initial target of $15 million. The level of interest in the funding round, and capital raised, indicated a significant level of interest in digital assets from institutional investors. 

After receiving an overwhelming 80% support for the merger from shareholders, EQONEX became a NASDAQ-listed company on October 1, 2020—a historic moment in the cryptocurrency industry. 

As a result, the EQONEX Exchange became the first exchange from a Nasdaq-listed digital asset exchange in the United States.

The EQONEX Exchange operates with a focus on compliance, security, and transparency. Furthermore, the EQONEX Group’s suite of products provides a comprehensive ecosystem of financial services for digital assets, reducing the friction involved in moving between different providers.

The continued growth and expansion of EQONEX

In the first quarter of 2021, the exchange expanded its range of products into derivatives, launching BTCUSDC perpetual futures in January and following up with ETHUSDC perpetual futures in March. The move was timely indeed, given that open interest in cryptocurrency futures was rising along with the price of Bitcoin. 

Derivatives are a critical component in robust, liquid markets, often trading in values far higher than the underlying assets. Adding derivatives to the EQONEX range of products was a significant stride in attracting institutional clients to the exchange. 

The EQO token, another world-first

In March 2020, EQONEX achieved yet another world-first when it announced it was to become the first NASDAQ-listed company to issue a token. However, while token issuance has become almost synonymous with crowdfunding, the EQONEX Origin (EQO) token stands apart from the crowd simply because it isn’t for sale. Instead, the EQO token exists to promote the growth and adoption of the EQONEX exchange. Holders of the token are eligible for benefits including staking, airdrops, enhanced yield, cross-collateral margin, fee reductions, and more. 

The only way to earn EQO tokens to access these benefits is by trading and staking on the EQONEX exchange. Moreover, the built-in halving mechanism ensures that the diminishing issuance and increasing benefits incentivize early participation. 

More listings mean more growth for EQONEX

EQONEX expanded the range of coin offerings on the exchange during March and April, adding the BCH/USDC and USDT/USDC pairs. In the latter case, the listing was an opportunity to put our robust qualification process to the test. In light of the fact that Tether had recently settled an outstanding lawsuit with the New York Attorney General and published the results of an independent audit into its reserves, the listing passed after extensive debate by the EQONEX listing committee. 

In April, Treasury Management International (TMI), the leading corporate treasury publishing group, selected EQONEX as its exchange partner to receive payment in Bitcoin. The initiative was part of a broader study into the practical applications of crypto assets for corporate treasurers. It came amid reports that many firms now choose to hold part of their balance sheet reserves in crypto.  

In May, Digivault, the EQONEX Group’s preferred custodian, became the first stand-alone digital custodian to receive approval from the UK’s Financial Conduct Authority to store cryptocurrency under the nation’s money laundering regulations. The approval provides EQONEX clients with the peace of mind that their digital assets are in safe and compliant storage. 

Cryptocurrency reaches new highs, and so does EQONEX

During April and May, as interest in the cryptocurrency markets rose rapidly with the price of Bitcoin, 24-hour spot and derivatives trading volumes on the exchange reached new record highs, exceeding $200 million. Over the 30 days leading up to May 24, trading volumes were up 40% compared to the previous period. 

In early June, EQONEX was awarded an “A+” transparency rating on Nomics, a leading independent crypto data exchange provider. The A+ rating is the highest possible and demonstrates that Nomics has vetted an exchange’s trade history and that it meets the highest standards of reliability, consistency, and data integrity. 

Rebranding to EQONEX

Later in June, EQONEX announced a major rebrand, unifying all the EQONEX Group businesses. The EQONEX Group is now the parent brand of the EQONEX exchange and sister businesses, including custody provider Digivault and cryptocurrency fund of funds, Bletchley Park. 

By the end of June, we were delighted to report that even as the cryptocurrency markets had entered a distinct period of bearish trading since April’s all-time high, EQONEX continued to see a solid upward trajectory on average daily trading volumes.

Looking back over the last year of trading, it’s evident that there’s a tipping point for trading volumes around the same time the EQO token began trading. It reinforces that EQO is a significant driver of value for the EQONEX platform, with the benefits it offers creating demand among traders. 

In early July, we rolled out the Sub Account feature, allowing traders to segregate assets and margin and trade any such Sub Account as a separate risk bucket. Sub Accounts provide greater flexibility to traders looking to implement more sophisticated or efficient risk management strategies. 

Most recently, we’ve launched a raft of new token listings, adding MATIC/USDCGRT/USDC, and LINK/USDC as three additional spot coin pairs. 

The only way is up for the EQONEX Exchange

Alongside all these milestones, we’ve also taken every opportunity to expand our network. Over the last year, we’ve onboarded strategic partners, including leading global market maker GSR Markets, which played a critical role in providing early liquidity for our newly launched perpetual futures products back in January. 

Since then, we’ve also established partnerships with algorithmic trading firm Kronos Research and institutional liquidity provider, Parallel, both of which provide liquidity on the EQONEX platform. These partners play a critical role in supporting EQONEX’s commitment to transparency, as, unlike many exchange operators, we don’t market make on our own platform. 

After a year of achievements, we’d like to thank our partners, customers, shareholders, and everyone else who’s been a part of the EQONEX journey so far. We’re proud of how far we’ve come over the last year, and we’re looking forward with optimism to a new set of challenges and opportunities in the year ahead. 

The EQONEX timeline

  • July 2020: EQONEX launches
  • October 2020: EQONEX becomes the first crypto digital assets exchange with a parent company listed on Nasdaq
  • January 2021: EQONEX launches its first derivatives product: Bitcoin Perpetual Futures Contract
  • January 2021: EQONEX and GSR Markets, a leading global market maker for cryptocurrency spot and derivatives markets, enter a strategic partnership
  • March 2021: EQONEX launches its second derivatives product: Ethereum Perpetual Futures Contract
  • March 2021: EQONEX lists BCH/USDC as an additional spot coin pair.
  • April 2021: EQONEX lists USDT/USDC as an additional spot coin pair.
  • April 2021: The EQO token launches. EQONEX Exchange’s first utility token is also the first of its kind for a Nasdaq-listed company
  • April 2021: EQONEX enters a strategic partnership with algorithmic trading firm Kronos Research and institutional liquidity provider Parallel
  • May 2021: Digivault, EQONEX’s preferred custodian, becomes the first stand-alone digital custodian to receive approval from the UK’s FCA to store crypto [1]
  • May 2021: 24-hour spot and derivative volumes reach a record-high, exceeding US$200 million
  • June 2021: Trading Volumes exceeded US$5 billion over 30 days
  • July 2021: EQONEX launches Sub Accounts, which allow traders to segregate collateral and risk.
  • July 2021: EQONEX lists MATIC/USDC, GRT/USDC, and LINK/USDC as three additional spot coin pairs.


[1] Approval from the FCA to register as a custodian wallet provider under the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017 (MLR 2017), as amended.

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