Nasdaq’s DX Exchange Shares New Tokenized Stocks And Crypto Trading Pairs To Its Platform

2019-1-8 12:30

An EU-based exchange called DX Exchange launched this week. The exchange features tokenized stocks and crypto trading pairs, allowing you to buy stocks like Netflix and Apple on the same platform where you buy cryptocurrencies like Bitcoin Cash and Litecoin.

The company announced the release of the platform with a series of tweets on January 6. The official launch rolled out earlier today, on January 7.

Are you ready to finally discover our trading pairs

— DX.Exchange (@DXdotExchange) January 6, 2019

DX Exchange uses Nasdaq’s Financial Information Exchange (FIX) protocol to facilitate trades. Using this platform, DX Exchange allows users to swap tokenized stocks in major global companies, including Amazon, Baidu, Apple, Facebook, Google, Intel, Microsoft, Netflix, Nvidia, and Tesla. All of these companies will be available for trading on the platform as easily as you would swap tokens on a conventional cryptocurrency exchange.

In addition to the tokenized stocks above, DX Exchange also announced support for various crypto to crypto and crypto to fiat pairs. XRP, BTC, ETH, LTC, and ADA will all be available on the platform, for example. Supported fiat currencies include the Euro, Yen, and US Dollar. DX Exchange will also support DigiByte coin trading, allowing users to trade DGB tokens with EUR, ETH, USD, and BTC.

DX Exchange is based in Estonia. For now, the exchange will only be available to residents of the European Union, although the company expects to make trading available for U.S. customers in 2019.

DX Exchange Is “Revolutionary” For The Crypto Community

Some analysts are calling the launch of DX Exchange a “revolutionary’ development for the crypto community.

Starting today, users will be able to trade cryptocurrencies and popular Nasdaq stocks on the trade platform. You no longer have to trade stocks on one platform and cryptocurrencies on another. You can trade everything within the single platform.

All stocks on DX Exchange are represented as ERC20 tokens on the Ethereum blockchain. There are a total of 10 tokenized stocks and 10 cryptocurrencies available at launch, including BTC, ETH, XRP, BCH, LTC, OMG, DASH, DXCASH, ENG, and DGB.

The 10 Nasdaq stocks, meanwhile, including Facebook (FB), Intel (INTC), Amazon (AMZN), Baidu (BIDU), Apple (AAPL), NVIDIAA (NVDA), Netflix (NFLX), Microsoft (MSFT), Tesla (TSLA), and Google (GOOGL).

All of the stocks on the DX Exchange platform are backed 1:1 by shares in these companies. In other words, each ERC20 token representing an AAPL share corresponds to a real AAPL share. DX Exchange has partnered with a Cyprus-based intermediary called MPS MarketPlace Securities Ltd. DX Exchange is careful to note that the stocks owned by this intermediary are held in a segregated account – so if something happens to MPS MarketPlace Securities, the stocks wouldn’t be at risk.

It’s also important to note that the stocks cannot be purchased directly with cryptocurrencies on DX Exchange. There’s no AAPL/XRP pair, for example, or a NFLX/BTC pair. You must buy the stocks with US Dollars.

DX Exchange is also fully EU regulated.

This Isn’t the First Time Nasdaq Has Been Linked with Crypto

This isn’t the first time Nasdaq technology has been linked to the crypto world. This past December, ErisX announced that it had raised $27.5 million from Nasdaq Ventures and Fidelity. ErisX is expected to launch an institutional-grade crypto trading platform sometime this year.

Meanwhile, earlier in 2018, it was revealed that Nasdaq and VanEck had partnered together to launch a series of transparent and regulated digital asset products. VanEck has been in headlines lately for its bitcoin ETF proposal making its way through regulatory hurdles with the SEC. The partnership with Nasdaq could lead to similar bitcoin-related investment products in the future.

DX Exchange officially went live on January 7. Company co-founder and CEO Daniel Skowronski announced the news on Twitter, saying:

We are Live. We are slowly opening deposits and withdrawals on each of the pairs. We will have ADA and Tether enabled later. Please be patient as we work through the process. Thank you for all your support.

— Daniel Skowronski (@danskowronski) January 7, 2019

You can check out DX Exchange for yourself today online at DX.exchange. The exchange is currently only available to EU residents, although a U.S. launch is expected before the end of the year.

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