The cryptocurrency community has welcomed a new exchange entrant recently, named EDX Markets. However, the exchange hasn’t come alone but with the backing of significant Wall Street giants like Citadel Securities, Charles Schwab, and Fidelity Investments. June 20th marked the official entry of the exchange in the market by revealing the launch of its digital assets market.
Per the announcement, the newcomer exchange wishes to attract industry giants through the best practices infused in traditional finance and distinctive merits, which involve competitive quotes, liquidity, and a non-custodial model focusing on minimizing conflicts of interest. The EDX exchange has begun its journey with only four cryptocurrencies currently. These include Ether, Litecoin, Bitcoin, and Bitcoin Cash.
If things go well, EDX markets would also introduce a clearinghouse named EDX Clearing, which would settle trades conducted on the EDX Markets trading platform. Introducing a clearinghouse will be advantageous in terms of a central counterparty enabling the trades, thereby minimizing settlement risks, boosting price competition, and enhancing operational efficiencies.
The company sought additional funding as part of its growth strategy recently. The funding round focused on attracting strategic investors like Hudson River Trading, Miami International Holdings, Global Trading Strategies, DV Crypto, and GSR Markets. The purpose of this funding is to boost EDX’s trading platform and work on strengthening its position in the market.
The latest funding round allowed the new investors to join the initial coalition of Charles Schwab, Fidelity Digital AssetsSM, Sequoia Capital, Citadel Securities, Paradigm, and Virtu Financial.
As the Securities and Exchange Commission (SEC) cracks down on the crypto community because of regulatory uncertainties, the introduction of EDX markets signals that investors remain firm about their interest in cryptocurrencies.
Along these lines, the popular investment management firm Blackrock has stepped into the cryptocurrency world. The company applied on June 15 for the first-ever US Bitcoin spot exchange-traded fund (ETF). If the application gets approval, the ETF will lead investors to a regulated and convenient place for exposure to Bitcoin.
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