Digital Assets: Diginex, Parent Of Equos Crypto Exchange, Raises $20M

September 9, 2020 | Digital Assets, News, Venture Capital
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The fundraising comes ahead of a planned NASDAQ listing later this month through SPAC vehicle 8i Enterprises.

Diginex Limited, the owner of digital assets exchange Equos, announced Tuesday its raise of more than $ 20 million through the private placement of a convertible note. Launched on July 30, Equos is an institutional-grade exchange that caters to both individuals and institutions. (Cryptomode.com)

Several institutions and family offices across Europe and Asia invested in the convertible note. According to Bloomberg, a hedge fund also invested.

SPAC merger

Diginex, a blockchain financial services and technology company, plans to merge with Singapore-based 8i Enterprises Acquisition Corp (NASDAQ: JFK). JFK is a Nasdaq-listed special-purpose-acquisition-company (SPAC).

The merger will enable a backdoor listing for Diginex’s Equos exchange and its other digital businesses. These include a front-to-back integrated trading platform Diginex Access, market-leading hot and cold custodian Digivault, securitization advisory firm Diginex Capital, and funds business Bletchley Park Asset Management.

Upon a successful listing, potentially on September 23, Diginex’s crypto exchange EQUOS will be the first with a parent listed on a United States stock exchange.

Use of funds

Richard Byworth, CEO at Diginex, said: “This fundraise was an important initiative to ensure we are well capitalized to invest in our core businesses as we embark on our journey to become one of the world’s leading digital asset firms, and the first company to list in the U.S. with a crypto exchange.  Importantly, it will help us meet certain listing requirements, paving the way for a successful business combination with 8i on NASDAQ in late September.”

According to Bloomberg, Diginex will use the funds for capital purposes. It will also relocate its Hong Kong office of 80 heads to Singapore.

The company will hold a shareholder vote on September 15 for approval of the transaction with 8i Enterprises.

Related Story:   Digital Assets Exchange Equos To Trade on Nasdaq

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