Estonian cryptocurrency exchange DX.Exchange is preparing to launch a service matching tradable tokens to a limited number of big ticket stocks traded over Nasdaq.
DX.Exchange is using a matching engine from Nasdaq to facilitate trading in tokenised securities from the likes of Amazon, Google, Facebook, Intel and Tesla. The digital stocks will be traded as an ERC-20 (Ethereum Request for Comment) token, backed one-to-one by real stocks issued by MPS MarketPlace Securities.
Amedeo Moscato, COO of DX.Exchange, says: “We are creating the first real bridge between crypto and the real stock exchange, and this is the beginning of the traditional market’s merge with blockchain technology. The old market has finally been connected to a new, tokenized financial world."
Beginning with stocks traded on Nasdaq, DX.Exchange is planning to create smart contracts for stock listings on other major exchanges, citing Nyse, the Hong Kong Exchange and Tokyo Stock Exchange as future targets.
The first day of trading will commence on 7 January, with customers able to purchase digital share equivalents using both fiat and cryptocurrencies.