EDX Markets Crypto Exchange, backed by Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial, seeks to settle trades on the blockchain for greater speed and efficiency at lower cost, eliminating the need for bilateral settlements, according to a press release on Tuesday.
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Fast facts
- The exchange will aim to provide institutional and individual investors a “safer and compliant” entry into the digital asset space through trusted intermediaries, the press release said.
- Despite the so-called “crypto winter,” many financial institutions and insiders are delving into crypto, introducing traditional investors to the asset class.
- Former global head of business development at Citadel Securities, Jamil Nazarali, will lead EDX as Chief Executive Officer. Nazarali will be joined in management by other finance and crypto veterans, such as former chief legal officer at Fidelity Brokerage Services David Forman and former CTO at ErisX Tony Acuña-Rohter.
- According to EDX Market’s Board of Directors, unlocking demand for crypto assets requires a high standard of compliance and security standards. “EDX Markets will be a safe entry point to crypto and serve as the exchange of choice for trading digital assets on a platform designed for and used by leading financial institutions,” the board commented in the press release.
- EDX will operate as a fully independent entity, with MEMX, MEMX, a technology driven market operator providing the necessary technology infrastructure. Spot trading in some crypto tokens is set to begin in November, according to the press release.
See related article: Indonesia to launch crypto stock exchange at end-2022
