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EQONEX announces two new strategic liquidity providers

April 27, 2021
EQONEX (Nasdaq: EQOS), a digital assets financial services company, announced today that it has entered into strategic partnerships with algorithmic trading firm Kronos Research and institutional liquidity provider Parallel.

As part of the partnerships, both Kronos and Parallel will serve as liquidity providers on EQONEX, and become shareholders in EQONEX. Fees paid by both partners will also secure them EQO, the unique exchange token of EQONEX.

The addition of Kronos and Parallel as liquidity providers, follows an announcement made earlier this year, that EQONEX had entered into an agreement with GSR to become a liquidity provider for EQONEX.

Richard Byworth, CEO at EQONEX, said: “From the outset, we designed EQONEX to be transparent and fair. We do not market make on our own exchange and as such, it is very important to have long term partners to provide liquidity. Today’s announcement is a part of a continuing focus around increasing the depth of markets and broad liquidity that provides EQONEX users with best execution pricing.”

Earlier this month, EQONEX announced record total volumes of over US$1 billion in April month to date, with average daily volumes during the period increasing over three times compared to average daily volumes in the prior month. Volumes have been driven by the launch of EQO and a significant increase in participation by a number of institutional clients. Parallel has played an important role in fuelling EQONEX’ recent volume growth.

Timothy Tam, CEO of Parallel - one of the fastest growing liquidity providers in crypto, said: “We only partner with a few select companies in the crypto ecosystem and EQONEX’s strong corporate governance as a Nasdaq listed entity, institutional-grade custody and state of the art exchange made it a natural choice. We are proud to be a strategic partner of EQONEX and look forward to being a significant contributor to EQONEX’ exponential growth.”

Parallel and Kronos will provide liquidity on all markets on EQONEX, including recently launched BTC and ETH Perpetual Futures contracts, as well as supporting future listings.

Jack Tan, co-CEO at Kronos Research, added: “We are delighted to partner with and become a shareholder in EQONEX. Both our missions align seamlessly. Our robust trading and research infrastructure which includes the Wootrade network can support the EQONEX focus on transparency and innovation. This means together we will be able to provide superior liquidity so investors can achieve their goals.”

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