One of the world’s biggest exchanges, NASDAQ is partnering up with DX exchange which will be using NASDAQ’s matching engine technology. Reportedly, the exchange will start with featuring top six coins while offering zero fee trading services.
DX exchange to use NASDAQ’s technology
NASDAQ, the second-largest exchange in the world by market capitalization is backing a new cryptocurrency exchange DX which is scheduled for next month launch i.e June.
After NASDAQ talked about the possibility of opening a crypto exchange in the future once the crypto space gets more clarity on regulation and being bearish on cryptocurrencies, the exchange is now making an indirect entry into the crypto sector.
DX Exchange will be the first cryptocurrency exchange backed by NASDAQ that will offer free trading services albeit a monthly membership fee of 10 Euros does apply.
The first coins to feature on this exchange are reportedly the top six coins like Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin.
Daniel Skowronski, the CEO of the crypto exchange said that they will add 20-25 coins in the second stage along with smaller ones, further stating:
“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.”
Recently, NASDAQ shared an article titled “3 Crypto Coins to Bounce Higher” that identifies “3 of the most compelling coins tipped to ride out the storm” viz. Bitcoin, Litecoin, and Stellar.
NASDAQ taking baby steps in crypto market
The exchange is currently undergoing an early registration that involves an easy sign-up procedure. Regulated by Estonia Financial Supervision Authority (EFSA), US customers won’t be able to use the platform, though the management team is already discussing the matter with the regulatory bodies for a federal license.
Built on “Nasdaq’s market-leading matching technology”, the name of such a big exchange in itself is a big deal as stated by Skowronski,
“The advantage of this cooperation is threefold: the brand name, the technology, and the regulations.”
In order to work with the NASDAQ, the exchange has to comply with the top regulatory standards. Moreover, the exchange offers several options to its users for crypto trading while holding the funds and deposits of its customers.
After NASDAQ CEO Adena Friedman’s consideration of a crypto exchange last month, last week its parent company, Intercontinental Exchange (ICE) has also been reported to be working on creating its own bitcoin exchange.
What are your views on NASDAQ powered exchange? Share your thoughts with us in the comment section below!
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Being an active participant in the Blockchain world, I always look forward to engage with opportunities where I could share my love towards digital transformation.