DX Exchange the new entrant to the crypto market has hit the crypto market full force. The Cryptocurrency exchange partnered with Nasdaq, holds operating licenses with the Estonian Financial Intelligence Unit, will pair all the aforementioned six major cryptocurrencies with the United States Dollar (USD), the Euro (EURO) and Japanese Yen (JPY).
The exchange will have Bitcoin (BTC) and Ethereum (ETH) as the base currencies paired with LTC, XRP, Enigma (ENG), OmiseGo (OMG), Cardano (ADA), DASH, ShareToken (SHR) and Digibyte (DGB).
Crypto traders and enthusiasts have waited since May last year for the Nasdaq powered DX.Exchange to go live. News of the exchanges first hit the crypto-verse during last years Consensus event in New York. DX.Exchange was initially meant to feature trading of the top six coins of Bitcoin (BTC), Ethereum (ETH), XRP , Bitcoin Cash (BCH), EOS (EOS) and Litecoin (LTC).
DX.Exchange to offer Digital Versions of Top U.S Stocks
Each unit of the digital security token will be backed by regular shares of the company on a one to one ration. Such an arrangement will be similar to buying stocks through other large traditional platforms such as TD Ameritrade. The difference this time round will be that the stocks will be represented by tokens on the Ethereum blockchain.
Zero Trading Fees But a Monthly Membership Fee
DX.Exchange has a monthly membership fee rather than charging fees on each trade.
Digital stocks are backed 1:1 to real-world stocks traded on conventional stock exchanges. You purchase tokens for leading assets that you choose to invest in, such as Google, Amazon, etc. Therefore, when you are a token holder, you own shares of the company.
Cryptocurrency platforms enable traders or investors to buy shares in any denomination, DX Exchange by partnering with Nasdaq has attracted a large number of small investors who are interested to trade the shares of Nasdaq’s companies. It uses Ethereum blockchain which will allow the virtual stocks to get tokenized via smart contracts. With this module, the DX Exchange received a mainstream interest by crypto enthusiasts across the world.