DX.Exchange pauses while looking for a new owner.
The company, which offered symbolic shares of companies listed on the Nasdaq Stock Exchange, announced the decision following a vote on Monday by its board of directors to stop its activities because it continues "a merger or a direct sale of the company ".
If a buyer is not found, "the exchange can not resume business," writes the company. Deposits have been suspended and customers have until November 15 to withdraw funds.
"The costs of providing the required level of security, support and technology are not economically feasible on our own," the company said in the announcement.
At its launch in January 2019, customers could buy stock symbolized from parent company Google, Alphabet, Apple, Amazon.com, Facebook, Microsoft, Tesla, Netflix, Baidu, Intel Corporation and Nvidia.
The temporary closure of DX.Exchange follows Circle's spin-off of Poloniex, two years after the purchase of the $ 400 million financial technology company. Circle co-founders Jeremy Allaire and Sean Neville have announced plans to focus more and more on the USDC Stablecoin and SeedInvest crowdfunding platform. Polo Digital Assets, Ltd., an undetermined investment group based in Asia, bought the stock market.
Nasdaq image via Shutterstock