Wall Street stalwarts set up digital asset exchange with on-chain settlement
Some of the biggest names in finance are teaming up to create the EDXM exchange, citing pent-up demand for crypto assets and the need compliance and security.
New
Major financial firms have teamed up to create EDX Markets (EDXM), a new exchange that will trade digital assets through trusted intermediaries. The exchange will provide services to institutional and retail investors.
The new exchange will be backed by Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial, according to an announcement on Tuesday. Jamil Nazarali moved from Citadel Securities, where he was global head of business development, to the stock market as CEO.
EDXM's Board of Directors, made up of representatives from founding members, commented:
“Crypto is a $1 trillion global asset class with over 300 million participants and pent-up demand from millions more. form capable of meeting the needs of retail traders and institutional investors with high compliance and security standards.”
Galaxy Digital CEO Mike Novogratz recently hinted that Fidelity would enter the cryptocurrency retail business. Citadel Securities founder Ken Griffin has been a vocal critic of crypto in the past, but has become more accepting of digital assets in recent months.
Related: Charles Schwab's asset management arm launches crypto-linked ETF
EDXM will settle transactions on a blockchain through a network of digital custodians. He claimed in a statement that the exchange will "remove significant conflicts of interest that plague existing cryptocurrency exchanges by separating responsibility for the operation of the exchange...
Some of the biggest names in finance are teaming up to create the EDXM exchange, citing pent-up demand for crypto assets and the need compliance and security.
New
Major financial firms have teamed up to create EDX Markets (EDXM), a new exchange that will trade digital assets through trusted intermediaries. The exchange will provide services to institutional and retail investors.
The new exchange will be backed by Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial, according to an announcement on Tuesday. Jamil Nazarali moved from Citadel Securities, where he was global head of business development, to the stock market as CEO.
EDXM's Board of Directors, made up of representatives from founding members, commented:
“Crypto is a $1 trillion global asset class with over 300 million participants and pent-up demand from millions more. form capable of meeting the needs of retail traders and institutional investors with high compliance and security standards.”
Galaxy Digital CEO Mike Novogratz recently hinted that Fidelity would enter the cryptocurrency retail business. Citadel Securities founder Ken Griffin has been a vocal critic of crypto in the past, but has become more accepting of digital assets in recent months.
Related: Charles Schwab's asset management arm launches crypto-linked ETF
EDXM will settle transactions on a blockchain through a network of digital custodians. He claimed in a statement that the exchange will "remove significant conflicts of interest that plague existing cryptocurrency exchanges by separating responsibility for the operation of the exchange...
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