Non-custodial crypto exchange EDX Markets, backed by leading stockbrokers, global market makers and venture capital firms, will announce its launch today. reported Wall Street Journal on June 20. The crypto market reacts to EDX Markets as several traditional financial services firms enter cryptocurrencies. Last week, black rock The iShares Spot Bitcoin ETF filing with the US SEC brought positive sentiments in the industry.
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EDX Markets Begins Cryptocurrency Exchange Operations
EDX Markets, backed by market leaders including Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial, began executing trades quietly in recent weeks.
While EDX Markets seeks business from brokers and investors interested in crypto assets, it remains concerned about increased scrutiny from regulators in the US after the issues at FTX and Binance. However, Wall Street firms are still interested in cryptocurrencies despite the regulatory crackdown led by the US Securities and Exchange Commission (SEC).
It is the first exchange of its kind that will address the latent demand for digital asset trading by enabling secure and compliant trading of digital assets through trusted intermediaries. It differs from how crypto exchanges normally work in that it is a "non-custodial" exchange, which does not handle its clients' digital assets directly.
EDX Markets will offer only Bitcoin, Ether, Bitcoin Cash and Litecoin trading services. It also plans to launch a clearing house to facilitate the trade settlement process.
Jamil Nazarali, CEO of EDX, said:
โWe are committed to bringing the best of traditional finance to the cryptocurrency markets, with an infrastructure built by market experts to incorporate key institutional best practices. Backed by our new and growing list of investors and customers, we are proud to launch trading and look forward to further enhancements to our offering."
In addition, EDX Markets finished a second round of financing with investors including options exchange operator Miami International Holdings and affiliates of proprietary trading firms DV Trading, GTS, GSR and Hudson River Trading.
Also read: Fidelity Investments Reportedly Launches BlackRock-Like Spot Bitcoin ETF, Goes Grayscale
Crypto Market reacted to the launch of the Crypto Exchange
The launch of EDX Markets receives mixed reactions from the crypto community. While some praised the move by traditional financial firms to enter the crypto market, others noted that these firms have taken over the crypto market.
Cryptocurrency prices continue to trade mostly sideways, with altcoins coming under pressure as Bitcoin market dominance reaches 50%. Bitcoin price It is trading above $26,800, up almost 2% in the last 24 hours.
There is.
Crypto Exchange EDX Markets Backed By Citadel Securities, Fidelity, Schwab Starts Trading
Drown crypto-native exchanges in lawsuits, spread fear around you, and then let the TardFi vultures swoop in.https://t.co/WT4kJ0mbk9 https://t.co/oEus0ZG49v
โHsaka (@HsakaTrades) June 20, 2023
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