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FCA-Regulated Crypto Custodian Digivault Is Up for Sale Following Eqonex Liquidation: Source
A deal to buy Digivault, which is winding down operations, would include a crypto license in the United Kingdom.
Updated May 9, 2023, 4:03 a.m. Published Dec 1, 2022, 1:56 p.m.
Digivault, a cryptocurrency custodian that was one of the first to secure a license from the U.K. Financial Conduct Authority (FCA), has put itself up for sale after its parent company, Eqonex, was put under judicial management in Singapore last week, according to a person familiar with the matter.
Nasdaq-listed holding company Eqonex (EQOS) entered into voluntary liquidation after a takeover deal by Bitfinity, a payments firm owned by crypto exchange Binance, fell through at the final hurdle.
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Digivault, which isn't involved in the liquidation process, is winding down its operations, according to the person familiar with the matter. Any buyer would get staff, technology and, for a time, an anti-money-laundering registration that comes with the business, the person said.
The cryptocurrency industry is still reeling from a yearlong bear market that worsened this month amid the multibillion-dollar collapse of FTX, one of the world's largest exchanges. Several firms have taken precautionary measures to mitigate a shortfall in liquidity, with the likes of Genesis Global Trading and BlockFi halting withdrawals over the past few weeks. (Genesis is owned by Digital Currency Group, CoinDesk's parent company.)
Several parties have already expressed interest in acquiring Digivault and there have been no layoffs, the person familiar with the situation said.
Neither Digivault nor Eqonex responded immediately to requests for comment.
Read more: Crypto Financial Services Firm Eqonex Files for Voluntary Debt Restructuring in Singapore
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