First NASDAQ-Powered Crypto Exchange to be Launched Next Month: US Excluded?
DX.Exchange, the first crypto exchange powered by the US stock market juggernaut NASDAQ, is set to be launched next month, as announced in a Finance Magnates article on May 14.
DX.Exchange CEO, Daniel Skowronski was the first to comment on the benefits of such an exchange by stating that “The advantage of this cooperation is threefold: the brand name, the technology and the regulations.”
Future plans for expansion
He then further hinted at the fact that an exchange is not all that the platform can offer. Skowronski said that they’ve “created a one-stop-shop for exchanging fiat and crypto, holding coins and as well as wallet services.”
The report also states that, at first, the platform is expected to only work with the market’s top six coins such as Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), EOS (EOS), and Litecoin (LTC).
According to Skowronski, the platform plans to add somewhere between 20 and 25 coins, as well as some other smaller tokens. “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”, the CEO notes.
Zero trading fees
DX.Exchange will not charge trading fees. However, traders will be required to pay a monthly fee of around €10 EUR and the KYC process is expected to be very novice-accessible and fast. The process will only require an email and a phone number, “Without undermining the necessary KYC and AML components, required by the regulator,” he notes.
As far as compliance with statutory regulations goes, the CEO noted that working with NASDAQ ensures that the platform meets the highest regulatory standards, all while offering its clients a wide array of crypto trading options, and the possibility of holding their funds and deposits.
The chairman also reported that US customers will be excluded, at least for the time being. However, it’s well worth noting that the platform’s representatives are allegedly working on obtaining a federal license from the US regulators.