- DX. Exchange will support Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), OmiseGo (OMG), Enigma, ShareToken, and Digibyte.
- The new platform gives traders a 24-hour seven days a week access to the traditional stock market.
The cryptocurrency market alongside the traditional market investors is waiting anxiously for the groundbreaking launch of tokenized stocks. The new system of trading traditional stocks using digital tokens is being launched on Monday, January 7 by the Estonia-based DX. Exchange.
The good news is that the exchange has revealed the cryptocurrencies that will be supported on the new platform. As from the launch, DX. Exchange will support Bitcoin (BTC), Ethereum (ETH), XRP, Cardano (ADA), OmiseGo (OMG), Enigma, ShareToken as well as Digibyte. All the above assets will be paired to the US Dollar while XRP and ADA will be paired with the Japanese Yen and XRP and Digibyte to the Euro.
The game changer is the trading of stocks of companies like Facebook, Google, Apple, Netflix, Tesla, Nvidia, Amazon, Intel as well as Baidu using tokenized shares. As reported last week, the firm will allow customers to trade stocks of the Nasdaq listed stock companies without owning physical shares of the same.
The new platform gives traders a 24-hour seven days a week access to the traditional stock market. In addition to that, people outside the United States now have an easier way of entering the stock market in the country. According to the exchange, already 500,000 customers have registered to start trading immediately the platform is released. DX.Exchange will run on Nasdaq’s cutting-edge matching engine.
Several experts have expressed their views on the new development in the market. Bloomberg News said in a story in regards to regulations:
“Even though U.S. regulators oversee trading of DX’s initial roster of stocks, Chief Executive Officer Daniel Skowronski said he doesn’t need permission from the Americans to offer this service because DX doesn’t operate there. The company says it’s licensed by the Estonian Financial Intelligence Unit with full authorization to operate in the European Union.”
Another expert opinion from the head of product at AlphaPoint, Ned Myers
"The digitization of existing financial securities presents a real opportunity to onboard new capital via fractionalization, in a way comparable to other tradable assets that already rely on a blockchain. Fractionalizing equity interest in a corporation, project finance project, or real estate investment trust, are all examples of the same trend — creating a digital security that leverages the advantages of blockchain.”
Ned says in continuation:
“Transferring a store of value from a physical asset to a digital one provides easier access to the hundreds of billions of dollars circulating throughout capital markets, sidestepping the fees associated with converting crypto assets to a fiat currency. DX.Exchange’s trading of securities is indicative of a trend AlphaPoint is seeing from several of its customers and is likely to dominate both the blockchain and high-worth asset sectors in 2019."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.