Crypto Boom: Fidelity, Charles Schwab, Citadel and More Back Newly Launched Crypto Exchange

There’s massive news in the crypto space that will definilt lead to a boom for the industry. Check out the latest reports below.

Several major financial institutions worldwide have provided financial support to the recently launched digital asset marketplace, EDX Markets (EDX). A press release has revealed that the company has secured a round of funding from esteemed financial giants such as Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial.

The funding will “support EDX as it continues to develop its trading platform and solidifies its market leadership position.”

Currently, EDX only allows trading for four cryptocurrencies namely Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

Interestingly, these digital currencies were not implicated in the SEC charges against Coinbase and Binance. As per the latest report from Wall Street Journal, Citadel Securities, an electronic market-making firm, is also actively engaged in trading on EDX.

According to reports, EDX intends to distinguish itself from other exchanges by operating as a non-custodial platform.

This means that the exchange will not directly handle its customers’ digital assets. Instead, firms can use the EDX platform to agree on prices and settle trades between themselves.

Jamil Nazarali, CEO of EDX,

“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. With the endorsement of our new and growing list of investors and customers, we’re proud to launch trading and look forward to further enhancements to our offering.”

He continued and stated the following:

“Looking ahead, EDX Clearing will be a major differentiator for EDX — and resolve an unmet need in the market – by enhancing competition and creating unparalleled operational efficiency through a single settlement process.”

Stay tuned for more details about the matter.