By Richard Hines
On the 21st of November, Eqonex filed for a voluntary debt restructuring with the Singapore High Court. This news came as almost no surprise given that the investment firm had earlier announced the closure of its crypto exchange platform.
Eqonex Turns To The Singapore Court For Help
At the Singapore High Court, the digital asset investment firm has sought the involvement of the judiciary in helping to resolve its debt status.
The Nasdaq-listed crypto firm has stated that Dignifex, its division based in Hong Kong, will undergo a voluntary liquidation, and the Singapore division, Equinox Capital, will also follow suit.
In other words, the digital assets investment firm is seeking the guidance of external experts in helping to administer its loans and manage whatever is left of the financial status of the firm.
Earlier this year, when Eqonex closed its crypto trading division and pinned the reason for trying to focus on a more worthwhile cause, it appeared as if the company was making a decision out of foresight.
However, it appears clear now that it was only trying to cut its losses, as opposed to the market volatility reason publicly given.
Is Eqonex Packing Up?
For a while now, all has not been quite well with the digital asset investment firm, Eqonex. Considering the quite deplorable state of the crypto market, it is safe to say that Eqonex has had its own fair share of the market’s woes.
About three months ago, the crypto investment firm announced that it would be stopping operations in the crypto exchange arm of the company and users were to withdraw their pending funds before September 14. According to the words put out, the company was leaving the too-saturated market of crypto exchanges.
According to Jonathan Farnell, the most recent Chief Executive Officer of Eqonex, the decision was necessary in order to direct the company’s resources to other “better” and more useful causes. At the time, Farnell claimed that the step taken would help redirect the company’s focus to more important causes. However, it seems that is not the case.
Equinox’s filing for voluntary debt restructuring appears to be one last, desperate attempt to save whatever is left of the company before it nosedives.
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