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DX Exchange Shares New Tokenized Stocks And Crypto Trading Pairs To Its Platform
An EU-based exchange called DX Exchange launched this week. The exchange features tokenized stocks and crypto trading pairs, allowing you to buy stocks like Netflix and Apple on the same platform where you buy cryptocurrencies like Bitcoin Cash and Litecoin.
The company announced the release of the platform with a series of tweets on January 6. The official launch rolled out earlier today, on January 7.
DX Exchange uses Nasdaq’s Financial Information Exchange (FIX) protocol to facilitate trades. Using this platform, DX Exchange allows users to swap tokenized stocks in major global companies, including Amazon, Baidu, Apple, Facebook, Google, Intel, Microsoft, Netflix, Nvidia, and Tesla. All of these companies will be available for trading on the platform as easily as you would swap tokens on a conventional cryptocurrency exchange.
In addition to the tokenized stocks above, DX Exchange also announced support for various crypto to crypto and crypto to fiat pairs. XRP, BTC, ETH, LTC, and ADA will all be available on the platform, for example. Supported fiat currencies include the Euro, Yen, and US Dollar. DX Exchange will also support DigiByte coin trading, allowing users to trade DGB tokens with EUR, ETH, USD, and BTC.
DX Exchange is based in Estonia. For now, the exchange will only be available to residents of the European Union, although the company expects to make trading available for U.S. customers in 2019.
DX Exchange Is “Revolutionary” For The Crypto Community
Some analysts are calling the launch of DX Exchange a “revolutionary’ development for the crypto community.
Starting today, users will be able to trade cryptocurrencies and popular Nasdaq stocks on the trade platform. You no longer have to trade stocks on one platform and cryptocurrencies on another. You can trade everything within the single platform.
All stocks on DX Exchange are represented as ERC20 tokens on the Ethereum blockchain. There are a total of 10 tokenized stocks and 10 cryptocurrencies available at launch, including BTC, ETH, XRP, BCH, LTC, OMG, DASH, DXCASH, ENG, and DGB.
The 10 Nasdaq stocks, meanwhile, including Facebook (FB), Intel (INTC), Amazon (AMZN), Baidu (BIDU), Apple (AAPL), NVIDIAA (NVDA), Netflix (NFLX), Microsoft (MSFT), Tesla (TSLA), and Google (GOOGL).
All of the stocks on the DX Exchange platform are backed 1:1 by shares in these companies. In other words, each ERC20 token representing an AAPL share corresponds to a real AAPL share. DX Exchange has partnered with a Cyprus-based intermediary called MPS MarketPlace Securities Ltd. DX Exchange is careful to note that the stocks owned by this intermediary are held in a segregated account – so if something happens to MPS MarketPlace Securities, the stocks wouldn’t be at risk.
It’s also important to note that the stocks cannot be purchased directly with cryptocurrencies on DX Exchange. There’s no AAPL/XRP pair, for example, or a NFLX/BTC pair. You must buy the stocks with US Dollars.
DX Exchange is also fully EU regulated.
This Isn’t the First Time Nasdaq Has Been Linked with Crypto
This isn’t the first time Nasdaq technology has been linked to the crypto world. This past December, ErisX announced that it had raised $27.5 million from Nasdaq Ventures and Fidelity among others. ErisX is expected to launch an institutional-grade crypto trading platform sometime this year.
Meanwhile, earlier in 2018, it was revealed that Nasdaq and VanEck had partnered together to launch a series of transparent and regulated digital asset products. VanEck has been in headlines lately for its bitcoin ETF proposal making its way through regulatory hurdles with the SEC. The partnership with Nasdaq could lead to similar bitcoin-related investment products in the future.
DX Exchange officially went live on January 7. Company co-founder and CEO Daniel Skowronski announced the news on Twitter, saying:
You can check out DX Exchange for yourself today online at DX.exchange. The exchange is currently only available to EU residents, although a U.S. launch is expected before the end of the year.
DX Exchange to Open with Bitcoin (BTC), Ethereum (ETH) and XRP (Ripple) as Core Trading Listings
Bitcoin (BTC), Ethereum (ETH) and XRP will be listed at the DX Exchange, according to Daniel Skowronski, the Chief Executive Officer of the DX Exchange. The cryptocurrency market experienced an important drop that affected most of the virtual currencies. XRP was one of the coins that were able to maintain its value compared to other digital assets.
Skowronski said that the company wants to add support for the four or five biggest cryptocurrencies in the market. At the time of writing, these are Bitcoin, XRP, Ethereum, Bitcoin Cash (BCH) and Stellar Lumens (XLM).
He mentioned that Bitcoin, Ethereum and XRP have all good blockchain projects and that they will be adding several other projects in the future Nevertheless, he explained that he cannot reveal which virtual currencies they will be listing due to policies at the company.
About it, he mentioned:
“We feel it is our responsibility to provide good products to the community. The company acts as a gatekeeper to the token world and aim to imbibe good projects on the network.”
Skowronski said that the DX Exchange cannot trade but it can decide which virtual currencies will be listed on the platform. At the same time, they need to be very careful with the information provided because it can have massive repercussions in the market.
Moreover, the DX Exchange will be offering connections to the exchanges using APIs. At the same time, they can provide institutional grade custody services. This is similar to what other companies in the market are currently trying to do, capturing the attention of several investors from all over the world. BitGo, for example, received an important boost after receiving investments from Michael Novogratz and Goldman Sachs.
According to Mike Belshe, CEO and Co-Founder of BitGo, said that this is an important piece for infrastructure. Several companies and hedge funds are searching for these services.
“This is the missing piece for infrastructure,” he mentioned. “It’s a treacherous environment today. Hedge funds need it, family offices need it, and they can’t participate in digital currency until they have a place to store it that’s regulated.”
Several other firms are starting to work on crypto-related services for institutional investors and bigger firms. The intention is to meet the demand of the market and provide good quality services to them all. Regulatory agencies are also following the market very closely and analysing how the industry is moving in order to create a prosperous legal environment.
DX.Exchange Buys Ads on Perimeter Walls During Real Madrid and Real Betis Soccer Game
The recently launched DX.Exchange has bought ads at the Real Betis vs Real Madrid game on January 13. The company purchased perimeter wall spaces in which they promote their new business and platform. The information was released by DX.Exchange on Twitter a few hours ago.
The ad reads as follows:
“DX.Exchange. First Regulated Crypto & Digital Stocks Exchange.”
DX.Exchange is the first crypto and stock exchange that allows users, including institutions and individuals, to purchase digital assets using fiat currencies and crypto. The company is operating from Estonia after receiving a license from the country to operate in the European Union.
A few days ago, DX.Exchange experienced a problem with data from users that it held on its servers. Apparently, an individual was able to access important files that could have harmed users and the company itself. Although the issues have been ‘patched’ the exchange would have to regain users’ trust once again.
The vulnerability that they found could have resulted in the loss of virtual currencies from users at any moment. Now, there is an ongoing bounty that the company started to find bugs and solve them as soon as possible.
With this ad, the company shows that is focused on reaching as many individuals as possible all over Europe. The DX.Exchange will have to be in the market for a longer time before it is possible to analyze its reach.
NASDAQ-Powered "DX" Cryptocurrency Exchange Will Launch in June
The world’s first cryptocurrency exchange powered by NASDAQ is set to launch next month. DX.exchange, which is powered by NASDAQ’s trading platform, will be a regulated cryptocurrency exchange available through a web app, iOS, and Android.
It’s important to note that DX isn’t partnering with NASDAQ to launch the exchange. This isn’t the cryptocurrency exchange NASDAQ has long been rumored to be launching. Instead, this is an independent cryptocurrency exchange powered by NASDAQ technology – similar to how traditional stock exchanges worldwide use NASDAQ’s technology.
“The advantage of this cooperation is threefold,” explained DX Exchange CEO Daniel Skowronski in an interview with FinanceMagnates. “The brand name, the technology and the regulations.”
DX Exchange will use NASDAQ’s infrastructure – including its matching engine, which is currently in use by 70 exchanges worldwide. DX Exchange, however, will be the first cryptocurrency exchange to implement the technology.
Using NASDAQ’s platform will also help DX Exchange meet the highest regulatory standards. NASDAQ’s exchange eliminates errors like double count trading. It will also prevent fake volumes.
Don’t expect to see DX Exchange in the United States just yet: the exchange will not be available to American customers at launch. DX just acquired a license in Estonia, however, as well as a market maker license from Cyprus-based regulator CySec. This framework will allow DX to offer clients a variety of crypto trading options while holding customer funds and deposits.
To help DX Exchange get licensed in the United States, the company is currently engaged in a dialogue with US regulators to obtain a federal license.
At launch, DX Exchange will allow customers to purchase cryptocurrency with fiat currencies. Users can trade on a token-to-token basis while also converting coins back to fiat and withdrawing it. Overall, DX Exchange wants to be a one-stop shop for exchanging fiat and crypto currencies, holding coins, and providing wallet services.
The first coins added to the platform are expected to include bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The second phase of the launch, however, will add the top 20 or 25 coins to the platform as well as some smaller utility and security tokens.
“We are supporting blockchain technology,” said Skowronski in his interview with Finance Magnates. “And the way we can help this ecosystem to progress is by vetting the tokens and making sure the good ones are promoted. We are not going to list coins, just because they pay us. Those who are worthy – will be listed.”
The project is led by 70+ research and development engineers located worldwide. Along with Skowronski, key members of the team include Yaron Ben Shoshan (CTO), and Raz Kaplan (COO and Co-Founder). The exchange lists an address in Tallinn, Estonia as its headquarters. DX recently received regulation from the Estonia Financial Supervision Authority (EFSA) under license number FRK000039.
You can view DX Exchange online today here: https://dx.exchange/. When launched in June, the exchange will be available through a web app or for mobile apps for iOS and Android.