Digivault Limited (11722222): administration
- Status
- Administration ended
- Administration began
- 2023-04-19
- Administrators
- Richard Dixon Fleming, Richard James Beard
- Administrators' firm
- Alvarez & Marsal
- Incorporated
- 2018-12-11
- Location
- Brighton
- Industry
- 62012 Business and domestic software development
Why it went into administration
- Regulatory change or action
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Company was incorporated on 11 December 2018 and is a wholly owned subsidiary of Diginex Limited (“Diginex”) a company incorporated in Hong Kong, which is in turn a wholly owned subsidiary of 8i Enterprises Acquisition Corp (see below). 8i Enterprises Acquisition Corp is a wholly owned subsidiary of Eqonex Limited (“Eqonex’), the Singapore incorporated ultimate parent company in the Eqonex group (the “Group”) which operated a range of crypto-currency businesses, including an exchange and an asset management business.
Eqonex listed (initially as Diginex Limited) on the NASDAQ in 2020 as part of a business combination with 8i Enterprises Acquisition Corp, a British Virgin Islands incorporated Special Purpose Acquisition Company (“SPAC”). After the combination, the Directors of the SPAC resigned and have played no role in the management of the Group.
The Company operated as a digital asset custodian business based in the United Kingdom providing custodial services to clients holding their assets in warm and cold storage. The Company provided custodial services in relation to a variety of digital assets including Bitcoin, Ethereum, Ripple and USDC. In May 2021, the Company was granted a registration (‘AML Registration”) by the Financial Conduct Authority (“FCA”) in its role as supervisor of UK cryptoasset businesses under the money laundering regulations, the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (the “MLR’s”).
Administrators' statement of proposals (2023-06-19) · Companies House register