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.