Reports say centralised NASDAQ-powered exchange will offer zero fee trading from June.
According to Finance Magnets, NASDAQ is planning to make good on its recent enthusiasm regarding cryptocurrency by teaming up with a service called dx.exchange to open a new crypto trading concern. The website reports that the new facility, which it says is set to launch next month, will rely on NASDAQ’s market infrastructure, which is used by 70 other exchanges around the world.
“The advantage of this cooperation is threefold” DX Exchange CEO Daniel Skowronski told the site, “the brand name, the technology and the regulations.”
Skowronski went on to explain that NASDAQ is demanding DX Exchange meets the “highest regulatory standards”. To this end, the Isreal-based Exchange already has a license in Estonia, ensuring its ability to trade freely across Europe, and further accreditation from Cyprus’ markets regulator CySEC. While US customers will be excluded for the moment, DX Exchange’s management says that it is currently in talks with American regulators regarding gaining a federal thumbs-up.
DX Exchange will offer fiat purchases, inter-token trades, and well as crypto-fiat withdrawals, with its CEO describing it as a “one-stop-shop for exchanging fiat and crypto, holding coins and as well as wallet services”. Finance Magnets posits that the site will initially trade in the top six cryptocurrencies at launch, with a second phase where the list will expand to 20-25 coins.
Initially, there will be no fees for trading operations, with users instead paying a monthly sub in the region of €10 euros, with its management promising that DX Exchange’s sign up process will be easy and quick. NASDAQ’s infrastructure, it claims, will also help it mitigate against malicious hacks and attacks. There will be social elements to the offering too, with users able to chat among themselves, read an aggregated newsfeed and access information on the crypto offered.