- EDX Markets, supported by renowned financial institutions, enters the cryptocurrency industry with a distinctive noncustodial approach.
- EDX’s future plans include introducing EDX Clearing, enhancing price competition, reducing settlement risks, and improving operational efficiencies.
- Despite SEC regulatory crackdown, EDX’s debut and BlackRock’s Bitcoin ETF application showcase continued investor enthusiasm for cryptocurrencies.
EDX Markets, a recent player in the world of cryptocurrency exchanges, has made a noteworthy debut, enjoying support from renowned financial institutions like Citadel Securities, Fidelity Investments, and Charles Schwab. The company recently announced the introduction of its digital asset market on June 20, signifying its official entrance into the industry.
According to the statement, the exchange aims to appeal to “leading figures” in the industry by adopting established principles from traditional finance and providing distinct benefits such as liquidity, competitive pricing, and a noncustodial approach that reduces potential conflicts of interest. At present, EDX facilitates the trading of an exclusive selection of four cryptocurrencies including Bitcoin, Ether, Litecoin, and Bitcoin Cash.
EDX has shared its future plans to introduce EDX Clearing in the upcoming months. This clearinghouse will be specifically designed to settle trades executed on the EDX Markets platform. By implementing this system, trades will be conducted with a central counterparty, providing participants with significant benefits. Moreover, these advantages include enhanced price competition, reduced settlement risks, and improved operational efficiencies.
Meanwhile, EDX has successfully completed a recent funding round as part of its expansion plans, drawing the interest of strategic investors like Miami International Holdings, DV Crypto, Global Trading Strategies, GSR Markets, and Hudson River Trading.
These new investors join the existing group of founding investors, which includes Charles Schwab, Citadel Securities, Fidelity Digital AssetsSM, Paradigm, Sequoia Capital, and Virtu Financial. The company intends to utilize the additional funding to continue enhancing EDX’s trading platform and strengthen its position within the market.
Despite the ongoing regulatory crackdown by the Securities and Exchange Commission (SEC), the introduction of EDX Markets indicates that investors are still determined and steadfast in their enthusiasm for cryptocurrencies.
Another such news received with positive feedback is investment management firm BlackRock’s notable move towards embracing the realm of cryptocurrencies.
On June 15, the company filed an application for the first-ever Bitcoin spot exchange-traded fund (ETF) in the United States. Should it receive regulatory approval, this ETF would offer investors a regulated and convenient means to access Bitcoin and its potential benefits.
