The brainchild of Wall Street pundits including Charles Schwab, Fidelity Digital Assets and Citadel Securities, EDX Markets hits the market today. The platform, whose roadmap is already proving to be well provided, relies on traditional finance tools to offer trading in Bitcoin (BTC), Ether (ETH), Litecoin (LTC ) and Bitcoin Cash (BCH).
Wall Street takes a step closer to cryptocurrencies
We are currently witnessing a curious phenomenon where, while the Securities and Exchange Commission (SEC) frontally attacks the crypto ecosystem in the United States, many institutions with an international aura decide to bet on the adoption of cryptocurrencies.
Where Binance.US and Coinbase, the 2 main crypto players on the American scene, engaged in a showdown – the outcome of which will be decisive – with the SEC, BlackRock recently announced its desire to launch a Bitcoin ETF ( BTC). Just today, Deutsche Bank, Germany’s largest bank with more than €1.34 trillion under management, followed suit with the world’s largest asset manager by announcing a dedicated custody service for digital assets.
And, on the same day, EDX Markets announces the official launch of its platform entirely dedicated to cryptocurrencies. Announced in September 2022, EDX is the brainchild of a consortium of Wall Street pundits including Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial.
Today, EDX launches its trading service for industry leaders “ based on the best practices of traditional finance » and already includes the trading Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
Without disclosing the amount, EDX also announced the completion of a fundraising performed alongside Miami International Holdings, DV Crypto, GTS, GTR Markets and HRT Technology. The funds raised here will be used to “ consolidate the leading position from the platform, according to the statement.
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The platform will act as a “non-custodial” exchange and will therefore serve more as a relay, compared to a traditional cryptocurrency exchange platform. In other words, EDX will not hold client funds, but will serve as a tool for companies wishing to carry out crypto transactions.
This is a similar operation to the traditional Stock Exchange, traders not investing directly on the Nasdaq or the New York Stock Exchange (NYSE), but via specialized intermediaries.
The exchange between cryptocurrency and cash will be processed outside of EDX via a third party. Later, EDX should set up its own clearing house to enhance its operational efficiency under the EDX Clearing name.
“EDX’s ability to attract new investors and partners despite industry headwinds demonstrates the strength of our platform and the demand for a safe and compliant cryptocurrency market. […] We are committed to bringing the best of traditional finance to the cryptocurrency markets, with an infrastructure built by market experts to incorporate key institutional best practices. »
According to the managing director of EDX, customers are now demanding platforms offering cryptocurrency trading without the problems induced by the storage of customer fundsespecially since the FTX affair.
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Source: Press Release
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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