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First Nasdaq-powered cryptocurrency exchange DX to go live in June 2018
[Update: The article has been edited to include a statement from CEO Daniel Skowronski from the official release.]
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.
DX.Exchange has already received a license from the Estonia Financial Supervision Authority (EFSA) and a market maker license from the Cypriot regulator, CySEC. While it is currently in talks with the US regulators for a federal license, US customers cannot access the platform at the moment.
The exchange will address cybersecurity concerns the help of NASDAQ’s infrastructure. Skowronski said that they will hire the experts in this field to avoid hacks and other malicious attacks.
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.
"Crypto enthusiasts shouldn't have to pay more than a minimal membership charge to trade with their peers, and they shouldn't have to trade in an unregulated unsecure environment. The combination of NASDAQ technology and the DX.Exchange interface is one that will create a one-of-a-kind, fair trading experience, that puts the traders first,” he said.