Estonia-based cryptocurrency exchange, Dx has done the impossible- found a way to unite the church and the state. Not literally, but the exchange introduced a new cryptocurrency platform that tokenizes the stock market, according to news reports.
News portal, Bloomberg revealed that the exchange will tokenize eminent companies on the stock market such as Apple Inc., Facebook Inc. and Tesla Inc., outside the US, even when the stock markets are closed. The move will kick into place sometime next week.
In four days you can, for the first time, invest your #Cryptocurrencies in Digital Tokenized Stocks backed 1:1 by Real Stocks – Exclusively on https://t.co/gavrewTi9F. Read the full story from Bloomberg (@business) at https://t.co/0jemMhg2ND #exchangeyourway pic.twitter.com/4Yz8XgO7jP
— DX.Exchange (@DXdotExchange) January 3, 2019
This is an interesting development, given that the regulatory bodies in the US, such as the Securities and Exchange Commission (SEC) prefer keeping a hawk eye over such revolutionary moves. However, the news portal noted that Chief Executive Officer (CEO) 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.
Skowronski said in an email to Bloomberg, “We saw a huge market opportunity in tokenizing existing securities. We believe that this is the beginning of the traditional market’s merge with blockchain technology. This is going to open a whole new world of trading securities old and new alike.”
Previously, a Medium post talked about this exchange, sometime last year when it was starting up. At the time, the post had said that the exchange was equipped with the engine of the stock market Nasdaq. Prior to the launch, Skowronski had told news portal Finance Magnates, “Cryptocurrency enthusiasts should not have to pay more than a small membership fee to trade digital currencies. The advantage of this partnership is triple, we have the brand’s popularity, technology and regulation with us.”
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