New Cryptocurrency Exchange to Open, Bringing More Competition to the MarketRyan Tucker
A new cryptocurrency exchange is set to begin operations next month, and it will be powered by the same technology that is used by the NASDAQ stock exchange. The new exchange, DX, will began its operations by allowing users to trade with six top cryptocurrencies, including Bitcoin, Litecoin, and Ethereum. DX plans not to charge fees for cryptocurrency trading, and eventually hopes to expand its offering to more cryptocurrencies.
The use of the same technology that NASDAQ uses could establish a proof of concept, allowing NASDAQ to ascertain whether it would be able to launch its own cryptocurrency trading operations. With NASDAQ competitor NYSE’s owner announcing recently that it is planning to possibly open its own cryptocurrency trading platform, it is probably only a matter of time before major Wall Street firms throw themselves fully into the cryptocurrency world.
The downside to DX is that it won’t be open to US citizens, at least to start out. Whether that is due to regulatory issues such as registration as a money services business, or due to questions of taxation of trading gains is unclear, but the company is supposed to be in discussions with US regulators to find a solution.
With more and more companies looking to jump into the cryptocurrency exchange market, the future for cryptocurrencies continues to look bright. The more companies that continue entering the market, the more choices for consumers and the lower fees should be to purchase cryptocurrencies. More cryptocurrency exchanges means that Bitcoin and other cryptocurrencies will continue their push into the financial mainstream.
For Bitcoin IRA investors this is yet more good news. The more opportunities people have to buy cryptocurrencies, the greater demand will get, which will lead to increasing prices. Far from fading away, Bitcoin and cryptocurrencies will become part of the mainstream investment world sooner than many people realize.