Singaporean crypto asset manager and custodian Eqonex is selling its businesses to pay creditors and looking for a custodian for its crypto exchange-traded note (ETN) in Europe just months after entering a tie-up deal with the payments arm of Binance.
Within weeks of its stock listing on the Nasdaq exchange through a special purpose acquisition company (SPAC) in February, Eqonex announced a strategic partnership with Bifinity, including a $36m convertible loan which switches to equity at a later date in exchange for strategic control of the company.
Eqonex said the partnership would begin by focusing on its custody business, Financial Conduct Authority-licenced Digivault, which would give Binance a regulated window into the UK market….
Read the full article at: https://www.etfstream.com/features/crypto-etn-issuer-tied-to-binance-commences-liquidation/