Once in the business of cryptocurrency mining, Diginex sold most of those operations in 2018 and changed its focus to developing a digital asset financial services stack that includes an exchange, custodian, trading system and other complimentary business lines.
The company is centered around its institutional-focused exchange, Equos, which competes with several well-established players in a high-risk and competitive environment. Having just launched a few months ago, there is no significant financial information yet available for its exchange. However, recent filings show Diginex’s financial projections for the next three fiscal years.
Management estimates the exchange will bring in nearly $300 million in revenue by fiscal year 2023 with $2.4 billion in average daily trade volume (which is over five times the daily trade volume Coinbase averaged in September).
Diginex also expects to achieve operating margins of 53% by 2023 as the company achieves economies of scale. As a point of reference, filings from the U.K.’s Companies House show Bitstamp achieved $127 million in revenue with a 49% operating margin in 2018.
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