Nasdaq’s Estonian DX.Exchange Launches Tokenized Exchange Traded Funds
Estonia’s DX.Exchange Launches Tokenized Exchange Traded Funds
DX.Exchange, an Estonia-based digital assets exchange and cryptocurrency trading platform has added tokenized Exchange-traded Funds to its growing list of services, according to reports on March 6, 2019.
DX.Exchange Now offering Clients Tokenized ETFs
Per sources close to the matter, DX.Exchange is now offering clients tokenized versions of the S&P 500 (SPY), Nasdaq Composite (QQQ), crude oil (UWT) and more. The ETFs are reportedly backed at 1:1 by their respective tokens.
Reportedly, the firm has stated that the ETFs on offering can now be purchased during or after trading hours for either cryptocurrency or fiat.
A Whole New Opportunity For Cryptocurrency Investors
At a time when stablecoins have become the only viable digital assets with which crypto holders overcome unfavorable crypto market volatility, Amedeo Moscato, the chief operating officer of DX.Exchange has said that the new launch of the new tokenized ETFs presents crypto investors with an excellent way of diversifying their portfolios.
In his words:
“As of today, there’s over 130 Billion USD worth of cryptocurrency that can now be invested in Digital Stocks and ETFs. Crypto investors who wished to hedge part of their crypto portfolio had only USD-pegged stablecoins or limited options. Now they can invest in real-world assets on the blockchain.”
Importantly, the exchange has hinted that the introduction of the new tokenized ETF product is in compliance with the latest crypto regulations put in place by the European Securities and Markets Authority and it also works in line with the EU Markets in Financial Instruments Directive II.
Powered by Nasdaq’s Financial Information Exchange Protocol, DX.Exchange firmly believes that its new tokenized ETF offerings will attract more investors from developing nations to the platform, as well as traders looking for cost-efficient trading venues.
DX.Exchange Promoting Broader Crypto Adoption
As reported by Bitcoin Exchange Guide in January 2019, DX.Exchange officially launched operations, allowing users from supported regions to buy bitcoin, altcoins as well as tokenized stocks of highly reputed companies like Netflix, Apple, Nvidia, Tesla and more.
“Digital stocks are backed 1:1 to real-world stocks such as Google and Amazon traded 7 days a week, allowing for fractional ownership built on the Ethereum blockchain,” DX.Exchange states on its website.
On January 14, 2019, Bitcoin Exchange Guide Informed that the ads of DX.Exchange were displayed on perimeter wall spaces during a game between Real Betis vs Real Madrid.
Though the move might seem insignificant to some people, it, however, goes a long way to show that cryptos are gradually going mainstream.
At current, the DX.Exchange products and services are only available to traders within the European Union, however, the firm has hinted it would expand operations to the United States and other jurisdictions in the coming months.