Key TakeawaysEDX Markets (EDXM) has announced plans to launch a crypto exchange aimed at individuals and institutions. The exchange plans to offer the best trading prices by aggregating liquidity from multiple market makers. EDXM will be backed by Fidelity as well as Charles Schwab, Citadel, Virtu Financial, Paradigm and Sequoia.
Share this article
A group of Wall Street titans, including Fidelity, Charles Schwab, and Citadel, among others, are collectively launching a cryptocurrency exchange called EDX Markets.
Fidelity, Others Launch EDX Markets
A Wall Street collective is launching a crypto exchange.
EDX Markets (EDXM) announced today its plans to launch a cryptocurrency exchange for retail and institutional investors.
EDXM intends to be the “first-of-its-kind” within the realm of centralized crypto exchanges by facilitating trading through trusted intermediaries. It aims to provide the best prices by aggregating liquidity from multiple market makers.
The exchange is backed by a consortium of “broker-dealers, global market makers and venture capital firms,” EDXM says.
Heading the list of companies backing the firm is Fidelity Digital Assets, a firm best known for providing crypto custody and trading services to institutional investors.
Incidentally, Galaxy Digital CEO Mike Novogratz reported on Monday that Fidelity supposedly had plans to “shift retail customers into crypto.” It appears that Novogratz may have been referring to today’s announcement concerning EDXM.
Other firms involved in EDXM include the multinational finance firm Charles Schwab, the market maker firms Citadel Securities and Virtu Financial, and the venture capital firms Paradigm and Sequoia Capital. Various other firms are expected to partner with EDX Markets in the future.
Many of those companies—particularly Charles Schwab—are considered “Wall Street firms” due to their significance in financial markets, though they are not all located on Wall Street.
Former Citadel executive Jamil Nazarili will serve as EDXM’s CEO. Tony Acuña-Rohter, previously the CTO of ErisX, will serve as EDXM’s CTO. Members of other firms will also have roles in the company, including seats on EDXM’s board of directors.
EDXM will additionally leverage technology from MEMX, a stock exchange and market operator founded in 2019 that shares many members with the upcoming crypto service.
Today, EDXM called cryptocurrency a “$1 trillion global asset class with over 300 million participants,” adding that unlocking greater demand from “millions more” requires a platform that can meet compliance and security standards.
The company did not indicate when it might launch the exchange.
Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.