DX.Exchange Is Tokenizing Major U.S. Stocks This Month
This month, Estonia’s DX.Exchange is launching access to tokenized shares of major stocks listed on the Nasdaq Stock Market. The play, which is based on Nasdaq infrastructure and whose digital stock offerings will be tokenized on Ethereum, says it doesn’t need U.S. regulators’ greenlight for their operations, either.
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Dx.Exchange to Tokenize Shares of High-Profile Stocks
On January 7th, the Tallinn-based DX.Exchange will begin offering users tokenized versions of major Nasdaq-listed assets, like Apple (AAPL) and Tesla (TSLA), for trading.
The enterprise, which also maintains a sizeable research and development team in Israel, is a European Union company sanctioned to operate via an Estonian financial license. As such, DX.Exchange’s leadership have said American regulators have no sway in their operations.
Numbering 10 to start, the digital stock offerings will be tokenized on Ethereum, while the exchange’s infrastructure will be underpinned by Nasdaq technology, e.g. Nasdaq’s proprietary matching engine system.
The stock tokens, noteable for being tradeable around the clock, will be pegged to stock holdings custodied by the Cyprus-based MPS MarketPlace. The offerings build off the momentum of DX.Exchange’s crypto trading platform, which launched last spring, and its own token, which was announced last fall.
“This is going to open a whole new world of trading securities old and new alike,” DX.Exchange CEO Daniel Skowronski said on the news.
Doubling Down on Liquidity, Market Making
On January 2nd, DX.Exchange announced it had entered a strategic partnership with Fingenom Group company AlgoZ for market making and further liquidity services.
“We are honored to have been selected to provide DX.Exchange with our proven market making and liquidity solutions, which will help ensure that DX.Exchange traders are provided with consistent and attractive trade opportunities,” AlgoZ Co-CEO Nir Dovrat said of the team up.
Accordingly, AgloZ will work to provide “continuous liquidity” on DX.Exchange’s cryptocurrency offerings.
DX’s Skowronski said the company offered “superior technology” that will help their platform fight toward becoming “a leader in the world of cryptocurrency trading.” Though, of course, whether the exchange goes that far is an open question for now.
What’s your take? Will other foreign plays soon follow DX.Exchange’s lead in tokening major U.S. stocks? Let us know in the comments section below.
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