Crypto Exchange Backed by Fidelity, Citadel and Charles Schwab To Use Anchorage Digital As Custodian

Anchorage Digital has been enlisted by a new cryptocurrency exchange, which is backed by major financial institutions. EDX Markets (EDX) has announced that Anchorage Digital will provide custody services for its clearinghouse arm, EDX Clearing, which is scheduled to launch later this year.

The decision to partner with Anchorage Digital was made due to the company’s banking charter from the Office of the Comptroller of the Currency (OCC), which regulates national banks in the US.

According to EDX CEO Jamil Nazarali, this partnership is a crucial step towards ensuring the safety and security of our customers’ assets.

“Anchorage Digital has a robust security, governance, risk and compliance framework, which will provide a best-in-class solution to meet the needs of our institutional client base. As the only federally chartered crypto bank in the US, Anchorage Digital Bank is the ideal partner to support EDX’s build of a robust and compliant clearinghouse business.”

In June, EDX started trading with the support of prominent financial companies like Citadel Securities, Fidelity Digital Assets, Virtu Financial, Charles Schwab, Sequoia, and Paradigm.

EDX Clearing will handle the settlement of trades made on its platform, which currently supports four cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

Anchorage Digital Bank will be responsible for the custody of the traded assets.

Co-founders Jan Happel and Yann Allemann, who use the Negentropic handle on X social media platform, believe that the US dollar index (DXY) will climb to 106.

Currently, the DXY is valued at 103.51 as per MarketWatch, measuring the value of the US dollar against six major currencies. The co-founders predict that the DXY reaching its peak would create an ideal environment for Bitcoin to thrive.

Investors seem to be moving towards riskier assets like cryptocurrency, as indicated by the increasing US dollar index.