Image credit: source

Diginex Ltd (NASDAQ:EQOS) is a digital asset ecosystem, CEO Richard Byworth told “Power Hour” host Luke Jacobi on the Benzinga YouTube show Tuesday. 

Byworth continued by saying Diginex provides an exchange similar to Coinbase, but it also offers derivatives. 

Coinbase is set to go public on the Nasdaq via direct listing Wednesday. Shares of the company will trade under the ticker symbol COIN.

Cryptocurrency derivatives help to differentiate Diginex from its competition. Byworth told Benzinga the company is playing toward “the development of the crypto derivative market,” adding that there is a lot of derivative expertise within the organization.

Byworth said Bitcoin (CRYPTO: BTC) is facing a supply-side crisis.

“We are only just beginning the run-up in Bitcoin right now,” he said. The CEO has a target of $175,000 on Bitcoin for 2021 and he believes the cryptocurrency could easily exceed his price target for the year.

Tesla Inc (NASDAQ:TSLA), MicroStrategy Inc (NASDAQ:MSTR) and Square Inc (NYSE:SQ) recently purchased Bitcoin. Byworth said those three companies accounted for 45% of the annual supply of Bitcoin.

When Bitcoin goes down, the amount of volume that Diginex sees on the exchange spikes, the CEO said. Volatility in Bitcoin is good for the company’s business, he added.

EQOS Price Action: Diginex traded up 1% to $11.08.

Watch the full interview in the video below:

(Image by WorldSpectrum from Pixabay)

(Excerpt) Read more Here | 2021-04-13 15:25:00

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.