Business InnovationLaunchedEDX Markets Crypto Exchange Successfully Launches In The US With Backing By Fidelity, Schwab, And Citadel
Milestone Date: June 20, 2023
EDX Markets (EDX), a digital asset marketplace, has crossed a significant milestone by successfully launching its platform in the United States.
This platform provides a secure and compliant environment for trading digital assets through trusted intermediaries. Additionally, the company has completed an investment round, securing new equity partners to support its growth and development.
EDX stands out from other crypto exchanges due to its distinctive approach of not holding customers' digital assets in custody. Instead, users are required to engage with financial intermediaries for buying, selling, and custodianship of crypto assets, similar to the process followed on traditional stock exchanges like the New York Stock Exchange (NYSE) or The Nasdaq Stock Market (NASDAQ).
This approach has garnered approval from regulators who appreciate the separation between the exchange function and the broker-dealer function, ensuring enhanced compliance and oversight. According to EDX Markets CEO Jamil Nazarali, this distinction has been well-received by regulators.
“EDX’s official launch allows our outstanding team to bring to crypto the same values and standards of competition, transparency, fairness, and safety that investors in traditional assets expect and enjoy,” said Nazarali. In what appears to be an indication of significant interest in cryptocurrency and blockchain from traditional finance players, the marketplace is backed by investments from Fidelity, Schwab, and Citadel.
By Elizabeth Morrison
Published:June 20, 2023