Yahoo Finance Diginex Stock Pops On Bitcoin Strength: Former SPAC Is First Publicly Traded Blockchain
The market is increasing the valuation of stocks associated with bitcoin and cryptocurrency. One former SPAC is seeing new highs Thursday on this strength.
About Diginex: Former SPAC Diginex Ltd (NASDAQ: EQOS) is a digital asset financial services and advisory company. The company offers a cryptocurrency exchange and OTC trading operations with its Equos.io and Diginex platforms.
Diginex went public with the SPAC 8i Enterprises, formerly "JFK" on the Nasdaq. The deal made Diginex the first full digital asset ecosystem comprising a cryptocurrency exchange to be listed on the Nasdaq.
The SPAC deal valued the company at $276 million.
At the time, Diginex had three main services with advisory, markets and asset management.
“Equos is differentiated from many other exchanges in that it focuses on solving many of the infrastructure and product issues that current traders are dealing with on incumbent platforms,” the company said.
Related Link: 8 Stocks To Play Bitcoin’s Resurgence
Diginex's Growth Trajectory: Diginex said recently it anticipates launching its first derivative product, a bitcoin perpetual futures contract, this month. The new offering is a futures contract with no expiry. An Ethereum perpetual future offering is also expected soon.
Diginex expects the new products to bring “meaningful volume growth” to the exchange.
“As we roll out a much-improved version of the perpetual futures product, this is just the beginning of our roadmap around the derivative product set,” the company said.
The company’s recent strategic roadmap includes making digital assets more accessible for institutions and individuals.
Growth could also come from expansion in the U.S.
“While we are currently targeting the sizable market opportunities in Asia and Europe, our long-term goal is to make our innovative products available to U.S. investors as well.”
Diginex said its unique level of transparency and government regulation as an SEC-approved public company could make it attractive going forward.
EQOS Price Action: Shares of Diginex hit a new 52-week high of $13.75 Thursday. The stock closed the session 9.57% higher at $10.65.
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