Recently established derivatives stage EQUOS.io is set to become the United States’ initial publicly-traded crypto exchange after this year via a “backdoor listing” on the Nasdaq.
SPACs are shell companies which use funds from their initial public offerings (IPOs) to obtain target companies, bringing them people via the “backdoor.” Around as the 1990therefore, they’ve undergone something of a renaissance in the last few decades, together with the entire sum increased hitting a record $13.6 billion in 2019 – over four times the $3.2 billion in 2016.
Diginex CEO Richard Byworth informed Fintech Zoom which SPACs were quicker and more economical than conventional listings. Additionally, they mend valuations beforehand, preventing the chance of WeWork-like devaluations in the last moment, he noticed.
EQUOS.io is going to be the initial publicly-traded cryptocurrency exchange from the U.S. after the purchase is finished in September, Byworth explained.
Recently established, EQUOS.io is a institutional-oriented exchange using a group from the conventional derivatives area. The vision is into expand the still-nascent crypto derivatives scene to countless times the size of the area market – like traditional niches.
Diginex had intended to proceed with the list much sooner. The U.S. Securities and Exchange Commission (SEC) approved the purchase back in late February with a shareholder vote confirming that the deal intended for March 20, all over the period international equity markets were in a tailspin.
“If you remember, that was the day when the S&P 500 was down 12.5%,” Byworth stated, “so the conclusion was probably not the best day to go to market.”
EQUOS.io isn’t the sole crypto company heading into the general public industry. Ant Group, among the main issuers for China’s electronic yuan, announced a dual listing in Hong Kong and Shanghai earlier this month. Crypto exchange Coinbase can also be thought to be contemplating an immediate record for 2021.
Chinese mining processor maker Canaan Creative held a $100 million IPO in November 2019. Since list, its share price has dropped by two-thirds, from $9 to $3 at press time.
After submitting with the SEC and being re-approved at June, what’s currently set for its Nasdaq listing. Although U.S. citizens are going to have the ability to buy stocks in EQUOS.io, Byworth explained that the exchange itself may not really function in the nation.
Why listing on the Nasdaq? Fintech Zoom requested.
“The Nasdaq listing is more about the credibility and trust,” Byworth stated, adding that it remains the leading stock exchange for technology stocks anywhere on earth.
Together with the bull run in technology stocks showing no signs of slowing and the firm is going to become one of their very first cryptocurrency companies to trade on the Nasdaq, Diginex includes a compelling investment case because of its own derivatives exchange, he explained.
The chief in blockchain information, Fintech Zoom is a media outlet that tries for the greatest journalistic standards and abides by a strict set of editorial policies. Fintech Zoom is also an independent operating subsidiary of Digital Currency Group, which excels in cryptocurrencies and blockchain startups.
