The first cryptocurrency exchange powered by Nasdaq is going to launch next month, Finance Magnates stated in an exclusive report.
Called “DX”, the new exchange combines Nasdaq trading engines along with its own in-house technology and allows institutions and individuals to purchase cryptocurrencies with fiat, trade cryptocurrencies, and convert crypto back to fiat.
“The advantage of this cooperation is threefold: the brand name, the technology and the regulations,” said DX Exchange CEO Daniel Skowronski, told Finance Magnates.
Over 70 exchange services all over the world use the NASDAQ matching engine. The world’s second largest stock exchange by market capitalization NASDAQ has never entered in a partnership of this kind before. Nevertheless, today this project looks very promising.
Moreover, obtaining Estonian license and a license from the Cypriot regulator, CySEC will enable DX to offer its customers a wide range of crypto possibilities and to hold clients’ deposits and funds.
In the nearest future, customers from US will have no access to the platform. Nevertheless, DX management is discussing a possibility to get the local license for offering its services to the country’s population.
Skowronski explained that the upcoming exchange would become a “one-stop-shop” for “exchanging fiat and crypto, holding coins and as well as wallet services.”
At launch, the platform is expected to support top six coins including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC). More coins will be added gradually – around 20-25 coins will be added in the second phase, along with some smaller tokens (both utility and security).
“We are supporting blockchain technology. 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,” he said.
No fees will be charged for trading operations. However, traders will have to pay a monthly fee of around 10 euros.
KYC and AML issues as well as cybersecurity are the major concerns of the new exchange. Skowronski promises to implement the most advanced tool and to hire the best professionals that will help to ensure security and transparency for all the participants.
Earlier this spring, NASDAQ has already announced its plans to consider a feasibility of entering the crypto exchange community provided the regulatory environment becomes more appropriated and well-established.