EQONEX reports growth for Q1 of fiscal year 2022 14 July 2021Singapore Reporter: Rebecca Delaney
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EQONEX reported $2.5 million in revenue for the first quarter of fiscal year 2022, marking an increase of $2.3 million from the previous fiscal year.
The trend of revenue throughout Q1 increased to $0.6 million, $0.8 million and $1.1million in the months of April, May and June respectively.
Having recently rebranded as a combination of EQUOS and Diginex, EQONEX Group also reported an exchange revenue of $2.4 million, indicating a significant increase from $0.2 million for the entire previous fiscal year.
As of 30 June 2021, cash, cash equivalents and liquid assets totalled $42.1 million.
Furthermore, average daily volumes on EQONEX Exchange reached $176.9 million in June 2021, compared to $15.9 million in March 2021.
Richard Byworth, CEO of EQONEX Group, cited the EQO token as “instrumental” in stimulating this growth, as its structure has caused investors to enhance their profitability.
The crypto fund of funds Bletchley Park Asset Management recorded $21 million in assets under management as of 1 July 2021, an increase of 118 per cent from 31 March 2021.
Elsewhere, digital custodian Digivault reported $54 million in assets under custody as of 30 June 2021, which marked an increase of 386 per cent from 31 March 2021.
Byworth comments: “Fiscal year 2022 is set to be yet another transformative year for EQONEX. As we began the quarter, EQONEX Exchange saw explosive growth in trading volumes and was able to transition from a more incentivised fee structure to one where the vast majority of our trading volumes are fee paying, resulting in substantial and sustainable revenue growth.”
He adds: “The structural design of our ecosystem means market volatility is good for business. Volumes, assets and revenues are all increasing as traction with our key targets of institutional clients grows. This fiscal year will no doubt be yet another transformative year for the company, and we look forward to delivering increasing value to our shareholders.”
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