NASDAQ-Powered Crypto Exchange To Go Live in June 2018
It was last month when Nasdaq, the world’s second-largest stock exchange with a $9 trillion market cap, announced that it would be open to launching a cryptocurrency exchange in the future as the regulatory environment evolves.
Within less than a month, the first cryptocurrency 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 new cryptocurrency exchange combines Nasdaq trading engines along with its own in-house technology and allows institutions and individuals to purchase cryptocurrencies with fiat, trade cryptocurrencies, and convert crypto back to fiat.
DX Exchange CEO Daniel Skowronski, told Finance Magnates,
“The advantage of this cooperation is threefold: the brand name, the technology and the regulations,”
The exchange is also working on getting licensed. It recently acquired an Estonian license and a Cypriot market maker license, and is currently in talks to get a US license. However, at the time of launch US customers are expected to be barred from the exchange.
According to Nasdaq website, its Matching Engine is the most widely-used electronic exchange component of its type in the world, combining performance with functionality to meet current and future business and performance requirements, while still remaining cost-effective to help smaller to mid-tier exchanges meet their ambitions.
The exchange will address cybersecurity concerns the help of NASDAQ’s infrastructure. Skowronski said that they will hire the experts in this field to avoid hacks and other malicious attacks.
The cryptocurrency exchange is expected to buy and sell just the top coins, including bitcoin, Bitcoin Cash, Ethereum and Litecoin, eventually expanding into a range of 20 to 30 other coins.
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.”
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