Ethereum will Hold Apple and Tesla Stock Next Week


A digital exchange opening next week allows investors to trade in major public companies using digital currency on Ethereum. DX.Exchange is a first of its kind in the cryptocurrency space. The exchange allows trades to occur even when the markets are closed.

Stocks Held on the Ethereum Blockchain

DX.Exchange will at first offer digital tokens based on shares of ten Nasdaq-listed companies. The company plans on expanding to the New York Stock Exchange in the future.

“We saw a huge market opportunity in tokenizing existing securities,” Daniel Skowronski, CEO of DX, told Bloomberg via email. “We believe that this is the beginning of the traditional market’s merge with blockchain technology. This is going to open a whole new world of trading securities old and new alike.”

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Stocks such as Apple, Facebook, and Tesla will be available to be traded on Ethereum. The exchange’s digital stock offering will be a true test to see if investors are interested in the offering. Skowronski told Bloomberg that he doesn’t need permission from the US Securities Exchange because the company isn’t offering its services to Americans.

Currently, DX has full authorization to operate in the European Union. The company believes it could hold advantages over traditional shares due to being open 24 hours. In addition to constant trades, investors are able to buy fractions of a stock and not the full share like traditional markets. All trades will be held permanently on the Ethereum blockchain.

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It is unlikely that these companies will receive any sort of compensation initially from DX. While public companies don’t earn profits from shares on major exchanges, they do receive money during their initial public offering (IPO).

Currently, DX runs all its operations out of Israel and Estonia. The exchange also has plans of targeting public companies trading in Tokyo and Hong Kong soon.

Featured Image: Depositphotos/yuliang11

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