SINGAPORE, March 7, 2022 /PRNewswire/ -- EQONEX Limited
(NASDAQ: EQOS) ("EQONEX" or the "Company"), a digital assets
financial services company, today announced that it has entered
into a strategic partnership with Bifinity UAB ("Bifinity"), a
payments technology company that is part of the wider Binance Group
and the official fiat-to-crypto payments provider for Binance, the
world's leading blockchain ecosystem and cryptocurrency
infrastructure provider.
Bifinity was established in 2021 but officially launched to
the market today and has been powering Binance's fiat-to-crypto on
and off-ramps, processing millions in transactions globally for
Binance.com users. Bifinity's leading payment infrastructure
connects traditional finance to world-leading and emerging
blockchains, transforming how businesses and people send and
receive money around the world. Bifinity is registered with
the Registry of Legal Entities of the Republic of Lithuania as a crypto wallet
service provider.
Built with a focus on regulation, security and compliance
best-practice, EQONEX was the first digital asset firm with an
exchange to be publicly listed in the U.S. EQONEX offers
regulatory-focused trading services centered around the EQONEX
crypto exchange, institutional-grade digital asset investment
solutions including an asset manager together with the pending
launch of exchange traded products and structured products, and
Digivault, an FCA-regulated high security crypto and digital asset
custody solution.
Under the terms of the strategic partnership, Bifinity will
advance a US$36 million convertible
loan to EQONEX and will work together to maximize business
synergies created by this new strategic relationship and capitalize
on opportunities to cooperate and further expand their businesses.
In addition, Bifinity will have the right to appoint, from within
Bifinity, the Chief Executive Officer, Chief Financial Officer, and
Chief Legal Officer of EQONEX as well as nominate two seats on
EQONEX's Board of Directors. Both companies will continue to engage
in non-binding discussions to explore potential merger
opportunities, subject to regulatory approval.
The strategic partnership will initially focus on leveraging
Digivault as an FCA regulated custodian, strengthening the
technology supporting the EQONEX Exchange, and expanding Bifinity's
geographical footprint through EQONEX's licensing framework. Both
parties will also explore opportunities to grow EQONEX's digital
asset investment solutions business.
Chi-Won Yoon, Chairman of EQONEX
said today, "We are extremely pleased to team up with Bifinity in a
partnership that is likely to be transformational for both
companies and for the industry at large. Bifinity shares our strong
belief in helping to bridge the world of traditional finance with
cryptocurrencies, as well as our conviction to operate to the
highest standards of investor protection, regulatory oversight,
security and governance."
"This transaction marks the next logical step in our company's
evolution, representing an important opportunity to grow our
footprint and expand our regulated offerings for the benefit of our
customers and shareholders."
"Bifinity's cutting-edge technology and extensive experience in
building, operating, and marketing digital platforms and products
will help drive the growth and scale of our ecosystem, starting
with Digivault, our custody solution, our asset management
business, and institutionally-focused products on the
exchange."
"I look forward to working closely with the Bifinity team to
scale up our platform and drive long-term sustainable growth."
Helen Hai, President of
Bifinity, commented, "It is with great excitement and enthusiasm
that we enter this partnership with EQONEX. EQONEX has a unique
value proposition and positioning that we are deeply aligned with.
EQONEX has already made significant progress in building out the
foundational regulated infrastructure for its ecosystem. Their
institutional approach and ability to utilize global regulatory
frameworks to build a compliant business directly complements our
retail focus and will greatly benefit Bifinity over the
long-term."
Transaction Details
Under the terms of the strategic partnership which has been
approved by the Boards of EQONEX and Bifinity, Bifinity has issued
EQONEX a US$36 million convertible
loan facility with an 18-month maturity from each drawdown date.
The initial conversion price is US$1.89 per share, set with reference to the
50-day average closing-price of EQONEX shares immediately prior to
the date of the Loan Agreement.
About EQONEX
EQONEX Limited (NASDAQ: EQOS) is a technology driven digital
assets financial services group that provides institutional grade
infrastructure and a full suite of trading, custody and asset
management solutions to clients. The Group's digital assets
ecosystem has been designed to accommodate the needs of
institutions and individuals with the same degree of regulatory
oversight and security they are accustomed to in traditional
financial markets. EQONEX's ecosystem primarily encompasses EQONEX
Exchange, a digital asset exchange; Digivault, a FCA accredited hot
and cold digital assets custodian and Bletchley Park Asset
Management, a fund of crypto-hedge funds.
For more information visit: https://group.eqonex.com/
Follow EQONEX on social media on Twitter @eqonex, on Facebook
@eqonex, and on LinkedIn.
About Bifinity
Bifinity, powered by Binance, is a payments technology company
that provides an entry point to the new world of digital currency
for businesses. It offers on-and-off-ramp solutions to empower
businesses to convert fiat-to-crypto transactions using major
payment methods directly.
For more information, visit: https://www.bifinity.com/.
Forward-Looking Information
Any forward-looking statements in this press release are based
on available current market material and management's expectations,
beliefs and forecasts concerning future events impacting
EQONEX. You are cautioned that any such forward-looking
statements are not guarantees of future performance and involve
risks and uncertainties, as well as assumptions, which, if they
were to ever materialize or prove incorrect, could cause the
results of EQONEX to differ materially from those expressed or
implied by such forward-looking statements. The
forward-looking statements made in this press release speak only as
of the date hereof and we disclaim any obligation, except as
required by law, to provide updates, revisions or amendments to any
forward-looking statements to reflect changes in our expectations
or future events.
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SOURCE EQONEX
