A crypto exchange backed by TradFi giants like Citadel and Fidelity has started operations. EDX Markets announced the launch of its digital asset market and the completion of an investment round earlier today. The crypto exchange currently offers several mainstream cryptocurrencies including BTC, ETH, and LTC. The exchange will only cater to institutional clients and will use a third party for crypto custody.
EDX Markets has kicked off operations following an investment round earlier today that added new equity partners. The new investors joined a coalition of founding investors, including traditional finance giants like Charles Schwab, Citadel Securities, Fidelity Digital Assets, and Sequoia Capital. The crypto exchange went live more than nine months after it was unveiled in September last year.
EDX Markets Will Not Serve Retail Customers
According to a press release by EDX Markets earlier today, the crypto exchange presented itself as a digital asset marketplace designed to enable safe and compliant trading of digital assets through trusted intermediaries. The exchange also concluded an investment round that added strategic investors, including DV Crypto, GTS, GSR Markets, and Miami International Holdings, which recently acquired LedgerX from FTX.
EDX will not cater to retail crypto customers. The new exchange will allow institutional investors to trade top cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). While not offering services to retail investors directly, the exchange reportedly expects retail brokerages to send investors’ orders to buy and sell crypto products to its marketplace. The exchange will use a third-party custodian to handle its clients’ digital assets.
“EDX’s ability to attract new investors and partners in the face of sector headwinds demonstrates the strength of our platform and the demand for a safe and compliant cryptocurrency market. We are committed to bringing the best of traditional finance to cryptocurrency markets, with an infrastructure built by market experts to embed key institutional best practices.” Jamil Nazarali, CEO of EDX Markets
EDX also announced that it would launch a new clearinghouse business later this year to make its investors’ settlement princess more efficient. EDX Clearing will settle trades matched on the crypto marketplace and facilitate trades against a central counterparty.
Go to Source
Unstoppable NFT Domains