Another cyber-currency trading venue is entering the market. So this time it is reportedly powered by NASDAQ, one of the most prominent stock exchanges in the US.
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Daniel Skowronski, the head of the yet-to-be-launched cyber-money exchange called the partnering with the American stock exchange a threefold benefit.
“The advantage of this cooperation is threefold: the brand name, the technology and the regulations,” said Skowronski.
The dx.exchange CEO also added that when it comes to technology, the bourse will lean on the infrastructure of NASDAQ. For instance, he said, that will be a matching engine which is also utilized by more than 70 trading venues all over the globe.
Regarding the regulations, the CEO said when collaborating with NASDAQ the exchange has to fit the top regulatory standards. Therefore, dx.exchange will dodge the most typical errors such as binary count trading. Moreover, it is expected that overall meeting the requirements will help the crypto-bourse prevent stumer volumes.
These standards comprise Estonian license, acquired not long ago and also a market maker license issued by the CySEC, a Cypriot controller. The exchange will be able to provide its clients with a wide variety of cyber-coins trading possibilities as well as to store the funds and deposits of the clients.
In the beginning, Americans will be barred from dealing with the problem, Skowronski said, as the company is still negotiating with the US regulators to obtain a federal permit.
So the bourse’s clients will get a chance to:
- buy cyber assets for public currencies;
- trade on a token-to-token basis;
- swap cryptos back into public currencies;
- withdraw the funds.
“We created a one-stop-shop for exchanging fiat and crypto, holding coins and as well as wallet services.”
For a start, there will be available only six cryptocurrencies for trading, including:
Later the exchange promises to increase the number of coins to 20-25 and add a couple of smaller tokens too.
The upcoming exchange promises not to imply fees on people who execute trading operations. However, all the traders will have to pay nearly 10 euros as monthly fees.
At the same time, the KYC process will be completed by submitting an email and phone number. Thus, it is expected to be pretty fast.
Furthermore, there is going to be a private chat, offered by the platform, which will permit users to communicate with each other and “exchange views.” Also, the clients will be able to enjoy the aggregated newsfeed and info regarding crypto-assets.
Also, when it comes to security, the company promises to hire the best specialists in the niche to prevent cyber-attacks and other hacks. But most importantly, this issue will be addressed with the help of NASDAQ’s infrastructure. The time will tell how it all works out.