By
Tolu Ajiboye
March 8th, 2024
Meet DX.Exchange. It is the first NASDAQ-powered cryptocurrency exchange that will go live in June and will offer zero fee trading to its users.
As it has recently become known, the first crypto exchange powered by NASDAQ will be introduced next month.
Though there are a huge number of players on the market, a new exchange called DX.Exchange will be quite a different player.
The world’s second largest stock exchange by market capitalization NASDAQ has never entered in a partnership of this kind before. Nevertheless, today this project looks very promising.
As said DX Exchange CEO Daniel Skowronski said, “the advantage of this cooperation is threefold: the brand name, the technology and the regulations”.
Collaboration with NASDAQ will greatly contribute to shaping of a positive reputation of a new project. And this point does not need any further explanations.
Moreover, NASDAQ will provide DX.Exchange with an access to its infrastructure including matching engine that is successfully being used by more than 70 exchanges in different corners of the world.
Partnership with NASDAQ is a sign of quality of the services that will be offered by DX.Exchange, as NASDAQ has very strict requirements to the exchanges that it cooperates with. These exchanges should meet all regulatory standards and show excellent error-free performance.
Moreover, obtaining Estonian license and a license from the Cypriot regulator, CySEC will enable DX to offer its customers a wide range of crypto possibilities and to hold clients’ deposits and funds.
In the nearest future, customers from US will have no access to the platform. Nevertheless, DX management is discussing a possibility to get the local license for offering its services to the country’s population.
Skowronski explained that the upcoming exchange would become a “one-stop-shop” for “exchanging fiat and crypto, holding coins and as well as wallet services.”
Initially, DX will provide users with an opportunity to trade with the market’s top six cryptocurrencies , including Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC).
As the second stage, it is planned to add 20-25 coins, including smaller security and utility tokens.
Daniel Skowronski commented their position the following way: “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.”
There won’t be any fees charged for trading operations. But there will be a monthly fee of around 10 euros for traders.
KYC and AML issues as well as cybersecurity are the major concerns of the new exchange. Skowronski promises to implement the most advanced tool and to hire the best professionals that will help to ensure security and transparency for all the participants.
Earlier this spring, NASDAQ has already announced its plans to consider a feasibility of entering the crypto exchange community provided the regulatory environment becomes more appropriated and well-established.