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EDX Markets (EDX), a pioneer in the digital asset marketplace, has announced the successful debut of its highly-anticipated platform, accompanied by a fresh round of investments from equity partners.
EDX Markets Launches Innovative Digital Asset Marketplace with New Equity Partners
Supported by a consortium of renowned financial institutions, EDX has solidified its position as the premier cryptocurrency marketplace for industry frontrunners.
Leveraging well-established financial strategies, EDX offers customers exceptional benefits, including robust liquidity, highly competitive quotes, and a distinctive non-custodial model that expertly tackles conflicts of interest.
Remarkably, EDX has introduced a retail-only quote system to the crypto markets, offering participants superior pricing for retail-originated orders. Notable digital assets available for trading on the platform include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
Excitingly, EDX has announced plans to launch EDX Clearing later this year. This clearinghouse will revolutionize the settlement process for trades executed on the EDX Markets platform.
By enabling trades against a central counterparty, participants will enjoy enhanced price competition, reduced settlement risks, and improved operational efficiencies. EDX’s recent funding round has strengthened its market position.
Strategic investors, such as Miami International Holdings, DV Crypto, GTS, GSR Markets LTD, and HRT Technology, have joined forces with the coalition of founding investors. This backing further solidifies EDX’s presence and sets the stage for its ongoing growth and success.
The esteemed list of founding investors includes Charles Schwab, Citadel Securities, Fidelity Digital AssetsSM, Paradigm, Sequoia Capital, and Virtu Financial. The infusion of funds from these investors will fuel EDX’s ongoing platform development and cement its status as a market leader.
CEO Emphasizes Commitment to Safety and Compliance as EDX Markets Launches Operations
Jamil Nazarali, CEO of EDX, expressed his enthusiasm about the company’s progress, stating, “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,”
He further expressed his commitment to bridging the best aspects of traditional finance with the cryptocurrency markets. While emphasizing the importance of an infrastructure crafted by industry experts to incorporate essential institutional best practices.
With the enthusiastic support from their expanding roster of investors and customers, he displayed a sense of pride in the launch of trading and expressed anticipation for future improvements to their services.
Looking ahead, Nazarali highlighted that EDX Clearing would serve as a significant differentiator for the platform, addressing a previously unmet need in the market.
He emphasized that it would foster enhanced competition and unrivaled operational efficiency by streamlining the settlement process into a single, seamless workflow. EDX Markets, backed by industry giants, officially began operations on June 20.
Distinguishing itself from conventional crypto exchanges, EDX primarily caters to institutional traders and operates through API-based trading access, without a traditional front-end or graphical user interface.
According to a report by the Wall Street Journal, EDX relies on retail brokerages to route investors’ transaction orders for cryptocurrencies to its cutting-edge marketplace.
This approach mitigates the inherent conflicts of interest associated with storing customer funds, a concern that has become increasingly apparent in the wake of recent industry developments, such as the failure of FTX.
While EDX supports spot trading activities for only four cryptocurrencies — Bitcoin, Bitcoin Cash, Litecoin, and Ethereum — it should be noted that the exchange is not registered with the U.S. Securities and Exchange Commission (SEC).
Although none of the digital assets offered by EDX are classified as securities by the SEC, the lack of registration may expose the exchange to potential regulatory challenges.
Chair Gary Gensler and the SEC have repeatedly urged crypto firms to seek registration, stressing the importance of compliance with federal securities laws. Several enforcement charges have been filed against crypto firms for violating these laws, highlighting the noncompliance of certain companies.
Nonetheless, the unwavering support of financial giants in the backing of EDX demonstrates the continued interest of Wall Street firms in the crypto industry, despite the SEC’s cautious approach.
Just last week, BlackRock, one of the world’s largest asset managers, applied to create a spot Bitcoin ETF, while rumors circulated about Fidelity’s potential acquisition of Grayscale or its plans for a Bitcoin spot ETF application.
These developments underscore the significant appetite Wall Street firms have for this burgeoning industry.
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