DX.Exchange Launches Trading Platform, Aims for US in 2019

DX.Exchange, the NASDAQ-powered crypto exchange, on Monday launched its long-awaited cryptocurrency Trading Platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term The Estonia-based centralized exchange was announced in May of last year exclusively by Finance Magnates.

We visited the firm’s main offices in Ramat Gan, Israel, to get see the launch in real time.

Delayed launch

After the initial announcement, the exchange delayed the launch several times. Speaking on our podcast in August of last year, DX’s CEO Daniel Skowronski admitted the firm may have rushed into announcing the new platform.

Speaking with Finance Magnates, DX.Exchange COO Amedeo Moscato addressed the issue: “Setting up a crypto exchange in 2018 is not an easy task. Given the status of the market and the competition you’re facing, you need to do a very thorough job. Especially if you’re not basing yourself on a white label supplier, but creating a proprietary platform. You need to know that everything is working in the best way.”

Tokenized Stocks

The launch comes a few days after DX revealed it will offer its clients tokenized stocks of leading listed companies. Traders will soon be able to buy stock-backed tokens of firms such as Google, Facebook, Tesla, Intel, and many others. Furthermore, they will also be able to receive dividends from the companies by using the tokenized structure.

Moscato revealed some details from behind the scenes of pivoting to launch the tokenized stocks: ”Part of the reasons for the delay was due to some regulatory and technological challenges. But mostly, during the setup, we decided to introduce the tokenized stocks service. We figured that the market needs something fresh. The idea itself isn’t new, but no one could find the way to do it until now. We found the technological and regulatory solution to do it properly.”

Thousands of Applications

It is not clear how many listed users the platform currently has. The initial numbers revolved around half a million users, but the delay and the natural screening during the KYC processes probably place it around a few tens of thousands.

DX.Exchange's Telegram group currently holds almost 88,000 people. According to Moscato, in the days after breaking the news on the launch, the exchange was getting thousands of applications a day.

Eyes set on the US

DX.Exchange currently targets quite a few countries, with a special focus on Europe and the APAC region. Walking around the company’s Tel Aviv office, one can spot German, Italian, French, Russian, Korean, Chinese, and Japanese desks, handling both marketing and customer services efforts. Obviously, in addition to the huge English desk.

Moscato explains that beyond the main office presence, the exchange also has local agents in all those countries, promoting the exchange digitally and physically at conferences.

DX doesn’t offer services to US-based clients, but as their CEO Daniel Skowronski said more than once, their strategic goal is to expand to the American market.

All my fellow Americans, yes you will get access to https://t.co/gYCudXeoCt in 2019. Let us get it launched over here in the EU then we are coming for you. #patience

— Daniel Skowronski (@danskowronski) January 7, 2019

“We aim to start marketing to US citizens as well. We are progressing in tackling all the regulatory difficulties and hope to introduce the product there during 2019 – perhaps already in the second quarter,” said Moscato.

Last week, DX teamed with Fingenom’s daughter company Algoz to enhance its Liquidity Liquidity The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent The term liquidity refers to the process, speed, and ease of which a given asset or security can be converted into cash. Notably, liquidity surmises a retention in market price, with the most liquid assets representing cash.The most liquid asset of all is cash itself.· In economics, liquidity is defined by how efficiently and quickly an asset can be converted into usable cash without materially affecting its market price. · Nothing is more liquid than cash, while other assets represent Read this Term. AlgoZ will provide liquidity on all cryptocurrency trading pairs listed on the exchange.