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Nasdaq has partnered with an Estonian digital trading platform to launch the first token-based stocks based on Ethereum regulated by the laws of the European Union on January 7th.
Negotiation of regulated EU actions on Ethereum
In a press release Thursday, DX Exchange confirmed that it would offer users the ability to trade big name stocks using token on the Ethereum blockchain through smart contracts.
The product of a multi-way partnership, the launch will make DX the only stock exchange authorized to offer stock products tokenised in the EU.
"Digital titles combine the best of both worlds: blockchain technology and traditional equity investments," the statement reads.
Digital stocks are supported 1: 1 for real-world securities traded on conventional exchanges. Buy tokens for the main businesses you choose to invest in, like Google, Amazon, etc. Therefore, when you hold a token, you own the company's shares.
DX pointed out that the new securities were equivalent to physical exposure, in contrast to the difference trading contracts (CFDs).
The launch is behind the corner!
To learn more about the Nasdaq world-class matching engine at https://t.co/gavrewTi9F, check out the video below #exchangeyourway pic.twitter.com/Ffhf4TcKPI– DX.Exchange (@DXdotExchange) 2 January 2019
Another Crypto outlet for Nasdaq
To carry out the project, the exchange has partnered with Nasdaq and will use the financial information exchange protocol (FIX), in line with the majority of US companies active in the market.
Actions to support tokens will be acquired by the "exclusive" partner MPS MarketPlace Securities Ltd.
The company "issues tokens that represent shares on the Ethereum blockchain (via smart contracts) and buys and holds real-world securities based on demand," explains DX.
… The tokens offered for sale will be based on shares of listed companies listed on major stock exchanges such as the NASDAQ, the NYSE, the Hong Kong Exchange and the Tokyo Stock Exchange.
The Nasdaq is said to be starting to offer Bitcoin futures in the first half of this year, while the owner of the New York Stock Exchange Intercontinental Exchange is still on track to launch physical futures contracts in January.
In the meantime, this week also saw the founder and CEO of Galaxy Digital, Mike Novogratz, increase its shareholding to 80% of the merchant bank cryptocurrency.
What do you think of the tokenized DX Exchange actions? Let us know in the comments below!
Images courtesy of Shutterstock
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