EDX Markets, a new crypto exchange backed by major financial institutions such as Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp., has officially gone live nearly nine months after being announced. The platform will cater only to institutional clients. The exchange will offer trading in Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). - Unlike existing crypto exchanges, EDX Markets will not keep customer assets under its custody during trading.
- Instead, the platform will work with a third-party custodian, separating the crypto trading services from broker-dealer functions as in traditional finance.
- EDX Markets will also launch another platform dubbed EDX Clearing to settle trades later in 2023.
- Other companies backing EDX Markets in funding include Paradigm, Sequoia Capital, Virtu Financial Inc., Miami International Holdings, GTS, GSR Markets, and HRT Technology.
EDX Markets was first announced in September 2022. |
