There’s a new crypto exchange in town. But if you feel that the town is getting too crowded, this resident is quite different.
dx.exchange, which is set to launch next month, is the first crypto exchange powered by NASDAQ. “The advantage of this cooperation is threefold: the brand name, the technology and the regulations,” said DX Exchange CEO Daniel Skowronski, commenting on the topic exclusively to Finance Magnates.
While the first advantage is quite self-explanatory, Skowronski further explained that their technology would rely on NASDAQ’sinfrastructure, such as its matching engine – used by over 70 exchanges around the world.
Not for US clients, for now
As for the regulations, Skowronski noted that working with NASDAQ mandates that the exchange meets the highest regulatory standards, thus avoiding common errors and bugs, such as double count trading, and in general will prevent fake volumes.
Those above-mentioned standards include a recently acquired Estonian license, as well as a market maker license from the Cypriot regulator, CySEC. This framework will allow DX to offer its clients the entire variety of the crypto trading options and to hold customers funds and deposits.
US customers will be excluded from approaching the platform, at this point. However, the management is currently engaged in a dialogue with the US regulators to obtain a federal license.
Vetting the coins
The exchange will allow customers to purchase crypto with fiat money, to trade on a token-to-token basis, as well as to convert the coins back to fiat and to withdraw it. “We created a one-stop-shop for exchanging fiat and crypto, holding coins and as well as wallet services,” notes Skowronski.
At first, the platform is expected to feature the top six coins, such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
At the second phase will feature the top 20-25 coins, as well as 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.