After less than a year of activity, Crypto exchange DX will stop its operations, effective immediately. In an announcement published today on the company’s blog, the Estonia-based digital asset exchange informed its clients it would temporarily shut down due to a decision by its board of directors.
“As of today, we are not allowing any more deposits on the exchange and trading will be suspended. All open orders will be cancelled at 12:00 GMT today. All SLT will be closed at the last traded price at 12:00 GMT.”
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The main reason, according to the announcement, were the financial difficulties in operating the exchange. “The costs of providing the required level of security, support and technology is not economically feasible on our own.”
The NASDAQ-based exchange is now searching for a buyer for a “sell or merger” deal and is offering its brand name, client base, and technology. The statement makes it clear that if such a buyer does not show up, the temporary shutdown will turn permanent.
As Finance Magnates exclusively reported, DX.Exchange was formed in mid-2018, with the intention to launch in Q3 2018. This goal was postponed, until the eventual launch in January 2019. The company pursued several cooperations, such as its liquidity partnership with Algoz and the investment from NFX.