A cryptocurrency exchange from Tallinn, Estonia announced a partnership with NASDAQ. In the announcement DX Exchange, pointed that NASDAQ will provide the required technology which will be used for cryptocurrency peer-to-peer transactions.
In the release, DX Exchange explained that with this partnership the company would become the first complete crypto community that allows the users and institutions to use a transparent platform for trading cryptocurrencies. Besides that, the users will be able to use fiat money to buy crypto and also to exchange crypto back to fiat.
The CEO of the DX Exchange Daniel Skowronski explained that this adoption would improve the company and it will also become the most trusted exchange since it has the Nasdaq brand, the technology and it’s regulated.
Nasdaq is the most famous electronic stock market, but also among the oldest. At the moment Nasdaq is the second largest stock market in the world by market cap. While its trading engine was used in over 70 markets around the world, soon the engine will start trading cryptocurrencies. The stock giant stated that it would not charge trading fees; however, it will charge a monthly fee.
Not a Walk in a Park
When Skowronsky was asked about the partnership requirements, he declared that his exchange had to comply with a lot of the current crypto regulations and also to increase its standards. He added that during this regulatory upgrade the exchange was approved by the authorities from Estonia and Cyprus and also by the European Union.
Skowronsky also stated that his exchange had to meet certain requirements to avoid possible price manipulation tools, like trading bots, wash trading and tape-painting.
“The combination of NASDAQ technology and the DX.Exchange interface is one that will create a one-of-a-kind, fair trading experience, that puts the traders first,” said the CEO of DX.
The platform is launched in June, 2018. In the first stage, the exchange will start trading bitcoin, ethereum, litecoin and bitcoin cash. In the next stage, the exchange will list another 20 to 25 new cryptocurrencies and tokens which are yet to be disclosed.
While Nasdaq is a US-based exchange, the US users will not be able to use DX since it does not have a license to operate in the country yet.