EDX Markets is a new player in the cryptocurrency exchange industry, backed by some of the most influential financial institutions on Wall Street.
The Debut of EDX Markets Comes at a Time When the SEC is Tightening its Oversight on the Cryptocurrency Sector
EDX Markets is a new player in the cryptocurrency exchange industry, backed by some of the most influential financial institutions on Wall Street such as Fidelity Investments, Charles Schwab and Citadel Securities. The company announced the launch of its digital asset market on June 20, aiming to attract "industry leaders" by offering a non-custodial model that reduces conflicts of interest, as well as liquidity and competitive quotes.
The exchange currently supports only four cryptocurrencies: Bitcoin, Ether, Litecoin, and Bitcoin Cash. However, it plans to launch EDX Clearing, a clearinghouse that will settle trades on the EDX Markets platform with a central counterparty. This will provide benefits such as better price competition, lower settlement risks, and higher operational efficiencies. EDX also secured additional funding from strategic investors such as Miami International Holdings, DV Crypto, GTS, GSR Markets LTD, and HRT Technology, who joined the existing group of founding investors.
The debut of EDX Markets comes at a time when the SEC is tightening its oversight on the cryptocurrency sector. Nevertheless, traditional financial firms seem to have remained interested in digital assets. For instance, BlackRock, which has $20 trillion worth of assets under management, applied for the first Bitcoin spot ETF in the US on June 15. If approved, this ETF would offer investors a regulated and convenient way to access Bitcoin.
