Digital finance company Diginex‘s stock has listed on the Nasdaq exchange under the ticker EQOS after a $50 million capital raise and reverse merger.
Richard Byworth, the CEO of Diginex, said:
“I think this is hugely important for the development of the industry. Prior to this, you’ve pretty much only had exposure to direct crypto assets via ETF-like structures.”
It has been reported that Diginex is the parent of a number of different crypto and blockchain-focused entities, including crypto exchange Equos, and Digivault, the company’s digital asset custody wing, as Equos opened just recently on July 30.
Momentous day and massive achievement! We have become the 1st @Nasdaq listed company with a #crypto exchange. Check out $EQOS! Read more: https://t.co/7BrZwudz0q — Diginex (@DiginexGlobal) October 1, 2020
However, Diginex is involved in many areas of the crypto and blockchain space and Byworth believes that it represents a way to invest in the overall crypto space through the mainstream US stock market.
“Now you finally have a picks and shovels trade for the entire asset class. Having that on the public markets is hugely differentiating. It’s a really nice exposure diversification for a portfolio that’s focused on this asset class.”
According to Byworth, Diginex is like a modern-day pick and shovel company. In addition to its exchange, custody solution, asset management, and multi-venue trading platform, Diginex also boasts involvement with digital securities.
.@DiginexGlobal officially goes public, lists $EQOS on @nasdaq, @benjaminpirus reports. https://t.co/zpw0SmKR6W — Cointelegraph (@Cointelegraph) October 1, 2020
Likewise, TechCrunch explained in an article that Diginex took an indirect approach to going public as a listed company, going through a special-purpose acquisition company, or SPAC — a classification referring to “blank-check companies that are formed for the purpose of merging or acquiring other companies.”
Thus, Diginex merged with 8i Enterprises, a SPAC that is already publicly traded.