A group of the biggest financial institutions in the world are backing the newly launched digital asset marketplace EDX Markets (EDX).
According to a new press release, the company received a round of funding from financial heavyweights including 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.”
EDX currently only offers trading for four crypto assets: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) – none of which were mentioned in the U.S. Securities and Exchange Commission’s (SEC) charges against Coinbase and Binance earlier this month.
According to a new Wall Street Journal report, the electronic market-making firm Citadel Securities is also an active trader on EDX.
EDX reportedly aims to set itself apart from other exchanges by being a non-custodial platform, or not directly handling its customers’ digital assets. The exchange will instead allow firms to agree on prices and then settle the trades between themselves using the EDX platform.
Later this year, according to the report, EDX is planning to launch a new clearinghouse to settle trades, but will still use third-party banks and custodians to hold its customers’ funds.
Says 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.
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.”
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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