Cryptoexchange

Tokenized real assets would be categorized as security tokens. Currently, most crypto exchanges are not ready to list security tokens, as they would need to comply with the applicable security exchange regulations. […] When trading exchange-listed alternative assets, such as REITs, on a traditional exchange, KYC and AML checks are conducted by the financial intermediary where the investor has the trading account. In the case of security tokens, the crypto exchange might fill this role, so issuers only need to do their own due diligence at the time of the ICO.

Source: wiktionary

Borri and Shakhnov (2018a) proceeded to discover a trading strategy able to generate excess returns by exploiting the persistence of past price deviations across exchanges. These results were obtained from a zero-cost long–short strategy—that is, going long previously underpriced currency pairs and going short previously overpriced currency pairs. The excess returns were explained by a common risk factor driven by fluctuations in cryptoasset trade volume and by the likelihood of cryptoexchange shutdowns.

Source: wiktionary