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Dx.Exchange Launches Trading of Nasdaq-Listed Companies

A part of the crypto community is going to get pleasant news with the start of this new year. A crypto startup backed by Nasdaq is planning to enable its clients to indirectly purchase shares of major firms through a token-based platform. These firms are publicly listed companies like Apple Inc., Facebook Inc. and Tesla Inc.

The Estonia-based crypto exchange Dx.exchange introduces a new cryptocurrency platform that tokenizes the stock market. It will be the first non-CFD crypto exchange to provide stocks trading that are tokenized on the blockchain. With that, securities will be available to be purchased directly with prominent cryptocurrencies like Bitcoin.

Reportedly, the exchange will feature digital tokens based on the share of 10 Nasdaq-listed companies. Each digital security will be supported by one regular share. This service is expected to begin from January 7th. The exchange will deploy Nasdaq’s matching engine to facilitate the trading of digital securities. The exchange platform will offer trading stocks even after closing hours of the stock markets.

According to the press release of Dx.exchange, DX is rolling out a new Nasdaq supported crypto exchange on January 7th, reducing the gap between cryptocurrencies and real-world stocks with its Crypto & tokenized digital stocks platform. The firm claims itself to be the first exchange to offer tokenized shares of publicly traded companies, which are not Contracts for Difference (CFDs). As it notes, DX will encourage traders to buy some of the world’s most valuable stocks in the form of digital tokens with cryptocurrencies like Bitcoin and Ethereum.

On this, Dx.exchange’s COO Amedeo Moscato notes, “By tokenizing stocks of some of the biggest publicly traded companies like Google, Amazon, Facebook and more, DX is opening an untapped market of millions of old and new traders around the globe cutting out the middleman.”

The COO adds that through the platform, a token holder can own stocks or portions of the company’s stock since the tokens are backed 1:1 to the real-world stocks. That makes them entitled to the same cash dividends that the stocks are worth. The exchange says that it uses Ethereum and ERC-20 to tokenize the stocks. Further, it adds that they are providing the same service as Stablecoins like USDT (Tether) while using stocks instead of fiat money.

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Ruti Vora

Ruti has recently joined CryptonewsZ as a writer and has been writing on other cryptocurrency sites as well. Having a background of tech field makes her versatile with a keen interest in literature. You will find her surrounded by books and music when she is not on work. You can also contact her on Linkedin or Facebook.
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