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Non-custodial crypto exchange EDX Markets backed by leading broker-dealers, global market makers, and venture capital firms to announce its launch today, reported Wall Street Journal on June 20. The crypto market reacts to EDX Markets as several traditional financial services firms enter crypto. Last week, BlackRock iShares spot Bitcoin ETF filing with the US SEC brought back positive sentiments in the industry.
Also Read: Here’s When Bitcoin Price Can Start Rally Again Above $30,000
EDX Markets Start Crypto Exchange Operations
EDX Markets-backed by market leaders including Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial silently started executing trades in recent weeks.
While EDX Markets seeks business from brokers and investors interested in crypto assets, but it remains concerned regarding heightened scrutiny from regulators in the US after troubles in FTX and Binance. However, Wall Street firms are still interested in crypto despite regulatory crackdowns led by the US Securities and Exchange Commission (SEC).
It is a first-of-its-kind exchange that will address latent demand for digital asset trading by enabling safe and compliant trading of digital assets through trusted intermediaries. It differs from how crypto exchanges typically operate as it is a “noncustodial” exchange, which doesn’t handle its customers’ digital assets directly.
EDX Markets will offer only Bitcoin, Ether, Bitcoin Cash, and Litecoin trading services. It also plans to launch a clearinghouse to facilitate the process of settling trades.
Jamil Nazarali, CEO of EDX, said:
“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.”
Moreover, EDX Markets completed a second funding round with investors including options-exchange operator Miami International Holdings and affiliates of proprietary trading firms DV Trading, GTS, GSR, and Hudson River Trading.
Also Read: Fidelity Investments Reportedly Filing BlackRock-Type Spot Bitcoin ETF, Acquire Grayscale
Crypto Market Reacted to Crypto Exchange Launch
EDX Markets launch gets mixed reactions from the crypto community. While some praised the move by traditional financial firms to enter the crypto market, others pointed out these firms taking over the crypto market.
Crypto prices continue to trade mostly sideways, with altcoins under pressure as Bitcoin market dominance hits 50%. BTC price trades above $26,800, up nearly 2% in the past 24 hours.
There it is.
Crypto Exchange EDX Markets Backed by Citadel Securities, Fidelity, Schwab Starts Operations
Drown the crypto native exchanges in lawsuits, generate fear around them, and then let the TardFi vultures swoop in.https://t.co/WT4kJ0mbk9 https://t.co/oEus0ZG49v
— Hsaka (@HsakaTrades) June 20, 2023
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