DX.Exchange, the first ever cryptocurrency exchange powered by Nasdaq, is set to launch in June.
The Tallin, Estonia-based exchange operates on Nasdaq’s market matching technology, which is used by over 70 marketplaces across the world.
“The advantage of this cooperation is threefold: the brand name, the technology and the regulations,” DX.Exchange CEO Daniel Skowronski told the Finance Magnates financial news website in an interview.
Nasdaq has recently entered a technology collaboration with crypto exchange Gemini, founded by the Winklevoss twins.
Digital currency is likely to play a major role in the economy in future and cryptocurrency is the “right next step in the space of currency, Nasdaq CEO Angela Friedman had told CNN’s Poppy Harlow in the Boss Files series earlier this month.
Users can join the DX.Exchange platform by paying a monthly membership fees of EUR 10. The exchange offers commission free trading, and initially will support Bitcoin and five other major cryptos including Bitcoin Cash, Ethereum and Litecoin.
There are plans to add another 25 altcoins to the platform.
Institutions and individuals are allowed to buy cryptocurrencies with fiat, trade cryptos and convert them into fiat.
The exchange is regulated under by the Estonia Financial Supervision Authority, or EFSA. DX.Exchange reportedly also has a market maker license from the Cypriot regulator, CySEC.
US citizens will not have access to the platform as of now. The exchange is working on getting regulatory permissions for the US, Japan and other countries.
by Jyotsna V