EQONEX Lists "Game Changing" Polkadot (DOT) Token
EQONEX, the Nasdaq-listed crypto exchange, has officially listed the Polkadot (DOT) token, marking a significant step in its offerings. CEO Richard Byworth noted the listing's potential, emphasizing DOT's interoperability, decentralized governance, and scalability. EQONEX's custodian, Digivault, has addressed previous challenges in DOT's storage, enhancing trading safety. With DOT being a favored asset among institutional investors, its availability on EQONEX is expected to drive significant trading activity.
- Listing of Polkadot (DOT) token expands EQONEX's offerings.
- DOT is recognized for its interoperability, decentralized governance, and scalability.
- Digivault offers secure custody for DOT, addressing previous storage challenges.
- High interest expected from institutional investors, with DOT being a widely held crypto asset.
- Complexity in Polkadot's protocol design may deter some traders.
- Risk factors include potential regulatory challenges and competition in the crypto exchange market.
SINGAPORE, Oct. 25, 2021 /PRNewswire/ -- EQONEX, the crypto exchange of Nasdaq-listed Eqonex Limited (Nasdaq: EQOS), today announces it has listed the Polkadot (DOT) token on its platform.
The Polkadot network is a "game changing" viable alternative to Ethereum according to research published by EQONEX Labs.
Claire Zhao, Blockchain Researcher from EQONEX Labs, has "high hopes" for the performance of the network saying it offers the "perfect trifecta of solutions": blockchain interoperability, decentralized governance, and scalability.
"We're excited to make the token available for trading through a DOT/USDC pairing," said Richard Byworth, CEO of the Nasdaq-listed crypto ecosystem EQONEX Group. USD and USDC are fully fungible on the platform meaning that USD holders can purchase DOT using the USDC market.
The complexity in the Polkadot protocol's design has created challenges for traders with very few custodians able to provide safe storage of the coin, and some other exchanges have had to indeed freeze withdrawals as the protocol pushes changes through. EQONEX Group custodian Digivault is pleased to have solved these technical challenges and will provide safe custody and exchange services for DOT.
"The beauty of trading Polkadot on the EQONEX exchange is the default custody in Digivault", said Robert Cooper, CEO at Digivault.
The new DOT listing follows the announcement that Digivault, EQONEX Group's crypto custodian, became the first custodian registered by the UK's Financial Conduct Authority (FCA), to provide secure custody services for DOT.
"We've listed this token due to its contribution to solving the problems of being able to offer interoperability, decentralisation and scalability simultaneously. Polkadot has also designed a ground-breaking blockchain protocol which allows for communication between different blockchains that are then connected, from a security and governance perspective by the core 'Relay Chain'," Mr. Byworth said.
Mr. Byworth noted he expected a high level of interest and activity on the exchange amongst both traders and longer-term investors given recent research that has demonstrated that for institutional investors DOT is the most widely held crypto asset after BTC and ETH.
About EQONEX Group
Eqonex Limited is a digital assets financial services company focused on fairness, governance, and innovation. The group encompasses cryptocurrency exchange EQONEX as well as an over-the-counter trading platform. It also offers a front-to-back integrated trading platform, Access Trading, a securitization advisory service EQONEX Capital, market leading hot and cold custodian Digivault, and asset manager Bletchley Park.
For more information visit: https://group.eqonex.com.
Follow EQONEX on social media on Twitter @eqonex, on Facebook @eqonex, and on LinkedIn.
This press release is provided by Eqonex Limited (f.k.a. Diginex Limited "Eqonex") for information purposes only, is a summary only of certain key facts and plans of Eqonex and includes forward looking statements that involve risks and uncertainties. Without limitation, the press release does not constitute an offer or solicitation in relation to any securities or other regulated products or services or to make use of any services provided by Eqonex, and neither this press release nor anything contained in it will form the basis of any contract or commitment whatsoever. This press release has not been reviewed by any regulatory authority in any jurisdictions. Forward looking statements are statements that are not historical facts and are subject to risks and uncertainties, which could cause actual results or outcomes to differ materially from the forward-looking statements. Most of these factors are outside of Eqonex's control and are difficult to predict. Factors that may cause such differences include, but are not limited to: Eqonex's limited operating history and history of net losses; Eqonex's ability to execute its business plan; the rate and degree of market acceptance of Eqonex's products; failure to obtain the requisite regulatory licenses and qualifications or establish partnerships with entities in certain jurisdictions to satisfy regulatory requirements; changes in laws or regulations; litigation and regulatory risks; Eqonex's inability to successfully identify, hire and retain skilled individuals; competition; Eqonex's inability to successfully develop technology to service its business lines and keep pace with rapidly changing technology and client or regulatory requirements; risks of cyber incidents; reliance on vendors and third-party service providers; inability to protect or preserve its proprietary rights and the risk of infringing on the intellectual property rights of others; potential conflict of interest arising from managing different business lines; risks of employee misconduct and manipulation of distributed ledger networks and smart contract technology by malicious actors; risk of Eqonex losing access to its private keys or data loss relating to its digital asset investments; the ability of Eqonex to grow and manage growth profitably; general economic and market conditions impacting demand for Eqonex's products and services, other business line specific risks and such other risks and uncertainties included in Eqonex's Form 20-F filed with the U.S. Securities and Exchange Commission (the "SEC") on June 30, 2021, including those under "Risk Factors" therein, and in Eqonex's subsequent filings with the SEC, which are available on the SEC's website at www.sec.gov.
In addition, any forward-looking statements contained in this press release are based on assumptions that Eqonex believes to be reasonable as of this date. Eqonex undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
Copyright (c) Eqonex Limited 2021.
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SOURCE EQONEX
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