After, Adena Friedman, NASDAQ’s CEO indicated that the world’s second-largest stock exchange is open to double as a cryptocurrency exchange, her words are slowly turning into reality. DX cryptocurrency exchange fueled by NASDAQ is set to open its doors from next month. In a move that may seem as NASDAQ’s way of approaching the virtual currency space, DX will use NASDAQ’s technology and comply with regulations as required by the world’s 2nd largest stock exchange.
Speaking to Finance Magnates, Daniel Skowronski, CEO, DX exchange, said,
“The advantage of this cooperation is threefold: the brand name, the technology, and the regulations”
Daniel, also indicated that they will rely on NASDAQ’s matching engine among other infrastructures which are also being implemented by more than seventy exchanges around the world.
“working with NASDAQ mandates that the exchange meets the highest regulatory standards, thus avoidng common errors and bugs, such as double count trading, and in general will prevent fake volumes.” said the DX CEO.
Unfortunately, the new cryptocurrency exchange fueled by NASDAQ will not be available to citizens in the United States of America. Reason? DX has an Estonian license and a CySec market maker license. But, if the talks with the U.S regulators go in favor of the new cryptocurrency exchange, the US citizens will be able to trade on the new exchange.
On the formula the exchange will use to list coins, Dan explained that they will not rely on just the payments but they will also vet the cryptos thoroughly. For a start they will list the top six digital coins then they will expand the list to 25 coins. Other services that the new NASDAQ fueled cryptocurrency exchange will offer its clients is fiat-to-crypto and crypto-to-fiat conversion, wallet services among others.
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