A cryptocurrency exchange that runs on a subscription-based fee model states that over 500,000 traders have pre-registered to be part of its platform, which will not be activated until in July.
Even though most cryptocurrency trading platforms charge a percentage fee on every trade, DX. Exchange charges most traders a flat 10 EUR monthly fee, after which they can trade up to 50,000 EUR for “free” during the billing period. Traders who go above this limit will be fined percentage fees.
The exchange, which is based out of Estonia and has two licenses from the country’s ministry of economic affairs and communications, states that is has created a partnership with multinational stock exchange giant Nasdaq to use the latter’s matching engine to arrange trades. Nasdaq did not give an immediate response.
However, the decision would not be a surprise. Nasdaq has noted it is licensing its tech to a handful of cryptocurrency exchanges, such as Gemini, which makes use of its surveillance technology to stop traders from taking part in market manipulation and other illegal activities.
DX noted that this partnership, backed with the company’s regulatory licensure, has aided the platform to attract interest from institutional traders and brokers.
“Because we are fully regulated, a number of Banks and Brokers have reached out on how they can connect directly to the exchange to give their clients access,” says Daniel Skowronski, CEO, and Co-Founder of DX. “By connecting directly they can still offer a full suite of cryptocurrencies to their clients while decreasing their risk dramatically.”