Australian Cryptocurrency Exchange Digital Surge Rebounds After Recovery Plan Approval
It is reported that according to the documents submitted to the Australian Securities and Investment Commission (ASIC), after the stakeholders signed the recov…
It is reported that according to the documents submitted to the Australian Securities and Investment Commission (ASIC), after the stakeholders signed the recovery plan on Wednesday, the Australian Cryptocurrency Exchange Digital Surge will be online again. A source said that the exchange is expected to resume trading next week.
Digital Surge is expected to resume trading next week
Interpret the above information:
According to the latest reports, the Australian Cryptocurrency Exchange Digital Surge is expected to resume trading next week after stakeholders signed off on their recovery plan. Details were submitted to the Australian Securities and Investment Commission (ASIC), which marks a significant milestone for the company who has been in financial difficulties since 2019.
The Digital Surge is a relatively new player in the Australian cryptocurrency market, with operations starting in November 2018. The company faced difficulties in 2019 when a string of events caused a severe decline in its revenue stream. The first blow happened when blockchain company ShapeShift decided to delist its popular Crypto-to-Crypto trading services from the Digital Surge platform. This led to a significant reduction in the number of active users on the platform, which in turn impacted the company’s revenue.
Furthermore, the Digital Surge was also struggling with a lack of funds, leaving them unable to maintain their day-to-day operations. In spite of the challenges, the company is said to have a good reputation amongst its customer base. News of their recovery plan approval is, therefore, both a relief and a positive indication for those who have been patiently waiting for the platform to reopen.
Resuming trading is expected to improve the platform’s financial position. The Digital Surge has a strategic partnership with a major Australian bank, which also invests in the company. The partnership positions the company in a favorable light in the cryptocurrency market, and suggests a promising future if the company can manage to stay afloat.
In conclusion, the approval of the Digital Surge recovery plan marks a significant step in the right direction for not only the company but also for the cryptocurrency market in Australia as a whole. This illustrates an opportunity in reviving businesses in the cryptocurrency sector and signifies that the digital currency industry is far from dead.
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