A cutting-edge cryptocurrency exchange has been launched with substantial support from renowned financial institutions, including Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial. The platform has successfully concluded a recent funding round and offers traders the ability to engage in transactions involving four popular cryptocurrencies.
Introduction of EDX Crypto Exchange
EDX Markets proudly announced the successful inauguration of its digital asset marketplace, accompanied by the completion of an investment round featuring prominent equity partners. According to the official announcement and the exchange’s website, the available products on EDX encompass bitcoin (BTC), ethereum (ETH), litecoin (LTC), and bitcoin cash (BCH).
EDX sets itself apart by employing a distinctive non-custodial model, meticulously designed to mitigate conflicts of interest. The platform has additionally introduced a retail-exclusive quote system to the crypto markets, which allows participants to benefit from improved pricing for orders originating from individual investors. Furthermore, EDX has plans to unveil EDX Clearing later this year, a service intended to settle trades conducted on the EDX Markets platform.
The company has recently concluded a funding round with the participation of several new strategic investors, including Miami International Holdings, DV Crypto, GTS, GSR Markets Ltd., and HRT Technology. Among the pioneering investors of the firm are Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial. Initial reports of Schwab, Citadel, and Fidelity’s intentions to establish a cryptocurrency trading platform surfaced in June of the preceding year, as initially disclosed by CryptokenTop.com News.
EDX Markets commences operations at a time when the U.S. Securities and Exchange Commission (SEC) is intensifying its scrutiny of unregistered cryptocurrency trading platforms and securities tokens. The regulatory authority has filed charges against Coinbase, a crypto exchange listed on the Nasdaq, for multiple securities law violations. SEC Chairman Gary Gensler has additionally stated that, excluding bitcoin (BTC), all other crypto tokens are considered securities.
Despite regulatory uncertainties, supporters of EDX Markets remain bullish about the future of the U.S. crypto industry. Blackrock, the largest asset manager globally, recently filed an application with the SEC to establish a bitcoin trust. This development is widely interpreted as a move towards launching a bitcoin exchange-traded fund (ETF), an application type that the SEC has consistently rejected in the past.
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Frequently Asked Questions (FAQs) about cryptocurrency exchange
What cryptocurrencies are available for trading on EDX Crypto Exchange?
EDX Crypto Exchange offers trading for four cryptocurrencies: bitcoin (BTC), ethereum (ETH), litecoin (LTC), and bitcoin cash (BCH).
What makes EDX Crypto Exchange unique?
EDX Crypto Exchange employs a non-custodial model designed to mitigate conflicts of interest. Additionally, it introduces a retail-only quote system for better pricing on retail-originated orders.
Are there any notable investors backing EDX Crypto Exchange?
Yes, EDX Crypto Exchange has received support from major financial institutions such as Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial.
How does EDX Crypto Exchange plan to settle trades?
EDX Crypto Exchange plans to launch EDX Clearing later this year, which will provide a service to settle trades matched on the EDX Markets platform.
How does the launch of EDX Crypto Exchange coincide with regulatory developments?
EDX Crypto Exchange launches at a time when the U.S. Securities and Exchange Commission (SEC) is increasing its scrutiny of unregistered cryptocurrency trading platforms and securities tokens. Regulatory uncertainty surrounds the industry.
Has the SEC made any statements regarding cryptocurrencies?
SEC Chairman Gary Gensler has stated that, except for bitcoin (BTC), all other crypto tokens are considered securities according to the SEC’s perspective.
More about cryptocurrency exchange
- EDX Markets Official Website
- Charles Schwab
- Citadel Securities
- Fidelity Digital Assets
- Sequoia Capital
- Virtu Financial
- SEC Official Website