Cryptocurrency
Nasdaq-powered crypto platform DX.Exchange shuts down; on lookout for merger or acquisition
As reported by The Block, “DX.Exchange, a cryptocurrency and tokenized securities trading platform, is shutting down just nine months after its launch. “The Estonia-registered platform, which is built on Nasdaq’s matching engine and market surveillance technology, announced Sunday that it is closing operations as it pursues a merger or outright sale. “’The costs of providing the required level […]
As reported by The Block, “DX.Exchange, a cryptocurrency and tokenized securities trading platform, is shutting down just nine months after its launch.
“The Estonia-registered platform, which is built on Nasdaq’s matching engine and market surveillance technology, announced Sunday that it is closing operations as it pursues a merger or outright sale.
“’The costs of providing the required level of security, support and technology is not economically feasible on our own,’ said DX.Exchange.
“The exchange has, therefore, blocked all deposits and suspended trading on its platform. It has also asked users to withdraw funds by Nov. 15.
“If a merger or acquisition does not take place in a timely manner, then the exchange could stop operations permanently, per the announcement. But it is hopeful for a deal as it wants to achieve ‘success for its shareholders and compete in this challenging market.’
“DX.Exchange launched its platform in January of this year, and offered trading in cryptocurrencies as well as tokenized securities such as stocks of Tesla and Apple and exchange-traded funds or ETFs like Invesco QQQ and SPDR S&P 500. However, it appears that the firm has scrubbed any mention of tokenized securities on its platform as it is no longer referenced on its website…”