There is a new crypto-change in the town. However, if you feel the city is too crowded, this resident is entirely different.
dx.exchange, to be released next month, is the first crypto data exchange, powered by NASDAQ. “The advantage of this cooperation is threefold: brand name, technology, and regulations,” said DX Exchange Executive Director Daniel Skowronski, commenting on the issue exclusively for Finance Magistrates.
While the first advantage is very explicable, Daniel Skowronski further explained that their technology would be based on the NASDAQ infrastructure, such as the matching engine used by over 70 exchanges around the world.
Not for US clients, for now
Regarding regulations, Skowronski remarked that working with NASDAQ mandates means that exchange meets the highest regulatory standards, thus avoiding frequent errors and bugs, such as double counting, and will generally prevent false volume.
The standards mentioned above include a recently acquired Estonian license, as well as a market license from the Cypriot regulator, CySEC.This framework will allow DX to offer its customers the full range of crypto trading options and to hold funds and customer deposits.
US clients will be rejected from the platform approach at this time. Still, management is currently engaged in a dialogue with US regulators to obtain a federal license.
Vetting the Coins
The exchange will allow clients to buy crypto with fiat money, token-to-token trading as well as convert the coins back into the fiat and withdraw them.
We have created a one-stop shop for fiat and crypto exchange, which has coins and wallet services, Skowronski notes.
At first, the platform is scheduled to include the top six coins, such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
In the second phase, the top 20-25 coins will be presented, as well as some smaller tokens “both utility and security.” We support blockchain technology. Moreover, how we can contribute to the progress of this ecosystem is by checking the tokens and ensuring that the good ones are promoted. We will not list coins, just because they pay us. Those who are worthy will be posted.
New coins wishing to apply for listings will go through a three-step process:
- Initial Application
- A legal opinion by the in-house team and due diligence: inspecting the team and the whitepaper.
The platform will not charge fees for trading transactions, but traders will pay a monthly fee of about 10 euros per month.
According to Skowronski, KYC process will be done by sending an email and a phone number and is expected to be very fast and friendly.
Without undermining the required KYC and AML components needed by the regulator, he writes.
Cybersecurity is another primary concern of crypto exchanges, as we have seen in many cases. This issue will also be addressed with the NASDAQ infrastructure, and Skowronski promises to hire the best specialists in the field to avoid hacking and other malware attacks.
People are looking for safety and security. We try to be very clear, so customers know what they get.
The platform also provides an internal conversation that will allow users to interact and share views as well as aggregate news and coin information.
European license, Israeli R&D
Three veterans of the trade industry lead the company. Skowronski was CEO and general manager at OANDA Europe and America. COO Raz Kaplan was previously Head of Risk Management at SpotBroker. Moreover, CTO Yaron Ben Shoshan was Director of Strategic Development at Forex Manage.
DX Exchange hired a large team of 72 employees in Israel for its R & D team, which will lead the foundation, as well as its future development.
The post NASDAQ-Powered Crypto Exchange DX Set to Launch the Next Month appeared first on Crypto News 24/7 – Bitcoin News.
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