DX.Exchange now offers tokenized variants of the S&P 500 (SPY), Nasdaq Composite (QQQ), crude oil (UWT) and much more to to customers according to news outlets familiar with the situation.
The respective tokens back the ETFs on a 1:1 basis. According to the the company, the offering ETFs can be bought for either crypto currency or fiat money after or during trading hours.
Sadly, stablecoins have turned out to be the only feasible digital assets for crypto holders to manage adverse crypto market volatility, DX.Exchange’s chief operating officer Amedeo Moscato said that the new newly launched of new tokenized ETFs provides crypto investors with a great way to broaden their portfolios.
Amedeo Moscato said
“As of today, there’s over 130 Billion USD worth of cryptocurrency that can now be invested in Digital Stocks and ETFs. Crypto investors who wished to hedge part of their crypto portfolio had only USD-pegged stablecoins or limited options. Now they can invest in real-world assets on the blockchain.”
Relevantly, the exchange has suggested that the launch of the new tokenized ETF product complies with the recent crypto-laws established by the European Securities and Markets Authority and also functions according to the with the EU Markets Directive II on Financial Instruments.
Driven by the Financial Information Exchange Protocol of Nasdaq, DX.Exchange contends that its latest tokenized ETF products will entice more wealthy investors from emerging economies to the platform as well as speculators seeking cost-effective trading venues. As published by the Bitcoin Exchange Guide in January 2019, DX.Exchange officially began operations, permitting users from supported regions to purchase Bitcoin, altcoins and tokenized stocks from world renowned corporations such as Netflix, Nvidia, Apple, Tesla and much more.
DX.Exchange states “Digital stocks are backed 1:1 to real-world stocks such as Google and Amazon traded 7 days a week, allowing for fractional ownership built on the Ethereum blockchain.”
On January 14, 2019, Bitcoin Exchange Guide reported that when Real Betis and Real Madrid clashed with each other, DX.Exchange adverts were shown on outer wall wall wall wall wall spaces. Although some people may find the push insignificant, it makes a world of difference to demonstrate that cryptos are steadily getting adopted.
The DX.Exchange services and products are currently only offered to traders within the Eurozone, but the company has suggested expanding operations in the coming quarters to the United States as well as other counties.