EQOS - Eqonex stock soars 20% on strategic deal with payments technology company Bifinity

Eqonex (NASDAQ:EQOS) is collaborating with payments technology company Bifinity UAB. Bifinity, which is part of the Binance Group, was established in 2021 but officially launched to the market today and has been powering Binance's fiat-to-crypto on and off-ramps, processing millions in transactions globally Under the strategic partnership, Bifinity has issued Eqonex a $36M convertible loan facility. The initial conversion price is US$1.89 per share. Bifinity will have the right to appoint, from within Bifinity, the CEO, CFO, and Chief Legal Officer of Eqonex as well as nominate two seats on Eqonex's board. The companies said the two will continue to engage in non-binding discussions to explore potential merger opportunities, subject to regulatory approval. The strategic partnership will initially focus on using Eqonex's Digivault as an FCA regulated custodian, strengthening the technology supporting the Eqonex Exchange, and expanding Bifinity's geographical footprint through Eqonex's licensing framework. The two companies will also explore opportunities to grow EQONEX's digital asset

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Eqonex stock soars 20% on strategic deal with payments technology company Bifinity