Recent reports suggest that DX is partnering with NASDAQ, with the latter planning on delivering a seamless P2P crypto exchange platform. Of course, DX is just the latest company in an impressive slew of crypto exchange services, all hoping to offer a robust and versatile ecosystem for OTC derivatives and crypto tokens.
According to Daniel Skowronski, the CEO of DX, the platform will benefit NASDAQ in at last three areas, including regulatory compliance, brand recognition, and technological infrastructure. As it stands, over 70 exchange services from all across the globe use the NASDAQ matching engine, and there doesn’t seem to be much stopping the giant from expanding even further.
The Underlying Deal
One of the primary benefits of DX is that it does not charge trading fees. By contrast, traders are asked to pay a month subscriptions of around 10 Euros, which is practically nothing. As seen with other companies who have adopted the zero-trading fee policy, the decision could mean attracting thousands if not millions of customers from all around the world.
At the same time, the platform also wishes to become a name for increased accountability and transparency, since the emerging crypto market has these features at the forefront of its operating. Commenting on the attractive fee policy, Skowronski stated the following:
“Crypto enthusiasts shouldn’t have to pay more than a minimal membership charge to trade with their peers, and they shouldn’t have to trade in an unregulated [and] unsecured environment. The combination of NASDAQ technology and the DX. Exchange interface is one that will create a one-of-a-kind, fair trading experience that puts the traders first.”
Plus, crypto tradings using the platform in question will be able to complete purchases of crypto tokens with trade digital currency pairs, fiats, along with fiat withdrawals. Should things go smoothly, DX will also offer exchange services allowing crypto enthusiasts the chance to both buy and sell cryptos using debit or credit cards.
Once things get set into motion, the platform will begin by listing six digital assets. Among the most important names, we have Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Afterwards, the development team also has plans for expanding its current levels of operation and service, ultimately reaching between 20 to 25 virtual coins. What happens as time go on, we will have to wait and see.
The Estonian Financial Services Authority licenses DX (EFSA) and CySEC, the Cypriot market maker regulator. While the platform hasn’t been open to the U.S territory yet, DX is continually trying to acquire the necessary federal license for being able to trade within the United States. The KYC procedure on the DX platform involves email and phone number verification, promising quick and hassle-free identity verification.
But, we can’t dismiss the fact that crypto exchanges have been, at least in the past, the target of cybercriminals, and the problems aren’t going to cease any time soon. However, since DX appreciate this valid concern, it has announced that robust security features will be set in place in order to guard the platform against malicious incursions from greedy hackers.