DX.Exchange, a cryptocurrency and tokenized securities trading platform, is shutting down just nine months after its launch.
“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 matter, 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.
With the shutdown announcement, it is unclear what happens to DX.Exchange staff, which is in the range of 51-200, according to its LinkedIn page. The Block has reached out to the firm for a comment and will update this story if a reply is received.