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An Nasdaq-based cryptography startup plans to allow its customers to indirectly purchase the shares of key companies via a token-based platform.
DX.Exchange, based in Estonia, announced Thursday that it would launch its trading platform on January 7, allowing its customers to purchase cryptographic tokens representing the shares of several technology companies listed on the Nasdaq stock exchange. Customers will be able to use the selected cryptocurrencies and legal currencies to buy tokens.
The company will use the Nasdaq matching engine to facilitate the trading of digital securities, as well as protect against market manipulation. DX.Exchange customers will not purchase ownership of shares directly, but will buy tokens that represent shares in a company, Amedeo Moscato, COO told CoinDesk.
"From now on, when they become token holders, they own shares or portions of the company's shares, since the tokens are supported 1: 1 for real-world shares, which makes them the same cash dividends that are worth actions ", he explained.
MPS Marketplace Securities, Ltd, with which DX.Exchange has an agreement with, will purchase real stocks based on customer demand and generate ERC-20 token to represent each share.
The shares themselves would be stored in a separate account separate from any fund or internal use of MPS. This is intended to serve as a safeguard against the company that has problems or bankruptcy, he explained.
In addition, MPS will be under the supervision of the Cyprus Securities and Exchange Commission, while DX.Exchange will comply with the regulations and authorities of the European Union.
At the time of launch, MPS announced that it will acquire shares in AlphaBet, Apple, Amazon.com, Facebook, Microsoft Corporation, Tesla, Netflix, Baidu, Intel Corporation and Nvidia.
In addition to the matching engine, the platform uses the Nasdaq Financial Information Exchange (FIX) protocol, which is a standard used by many US securities trading companies. The protocol defines exchanges of electronic messages for two parties that conduct securities transactions.
DX.Exchange is also collaborating with Bloomberg, with the platform which in turn supplies Bloomberg's cryptographic center.
In addition to its equity services, DX.Exchange will offer peer-to-peer encryption.
Image of the Nasdaq via oleschwander / Shutterstock
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