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On October 1, Diginex became the first cryptocurrency exchange operator to be listed on the Nasdaq. Although the business is still in its early stages, a look at Diginex’s operations and records can give us a deeper insight into the trading industry, historically unknown to the public.
CoinDesk Research presents an in-depth look at Diginex, a Hong Kong-based digital asset financial services firm.
Once in the cryptocurrency mining industry, Diginex sold most of these trades in 2018 and changed its focus to developing a digital asset financial services stack that includes an exchange, custodian, trading system. and other complementary business lines.
The company focuses on its institution-centric exchange, Equos, which competes with several established players in a competitive, high-risk environment. Having just launched a few months ago, there is still no significant financial information available for its exchange. However, recent documents show Diginex’s financial projections for the next three fiscal years.
Management estimates the exchange will bring nearly $ 300 million in revenue by fiscal year 2023 with $ 2.4 billion in average daily trading volume (which is more than five times Coinbase’s mediated daily trading volume in September).
Diginex also expects to reach operating margins of 53% by 2023, as the company achieves economies of scale. As a benchmark, UK Companies House statements show that Bitstamp achieved $ 127 million in revenue with an operating margin of 49% in 2018.
