On Oct. 1, Diginex became the first crypto exchange operator to list on Nasdaq. Although the business is still in its early stages, a look into Diginex’s operations and filings can give us deeper insights into the exchange industry, historically unknown to the public.

CoinDesk Research presents an in-depth look into Hong Kong-based Diginex, the digital asset financial services company.

Some takeaways:

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.

Read more: Diginex Going Public Is About More Than a Nasdaq Ticker Symbol

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.

Read the full report here.

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