EDX Markets, A Crypto Exchange Endorsed by Wall Street Giants Goes Live

EDX Markets, A Crypto Exchange Endorsed by Wall Street Giants Goes Live

Time Stamp: June 21, 2023 4:52 AM
Source Node: 2735717

EDX Markets Endorsed by Wall Street Giants Goes Live as a “Non-Custodial” and Institutional-Only Crypto Exchange.

EDX Markets starts operations as a distinctive crypto exchange that only supports institutions through authentic intermediaries.

According to Bloomberg, EDX Markets has set the ball rolling as a “non-custodial” and institutional-only platform that permits trading of Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH), and Bitcoin (BTC).

In September last year, EDX revealed that it was taking the “non-custodial” route.

With the backing of financial giants, such as Charles Schwab Corp, Fidelity Digital Assets, and Citadel Securities, EDX seeks to revamp the crypto sector as a first-of-its-kind exchange by using a third party whenever trading occurs. As a result, EDX will not directly hold users’ crypto investments, according to Jamil Nazarali, the firm’s CEO.

To adhere to regulatory specifications that crypto exchanges shouldn’t carry dealer and broker activities, Nazarali pointed out, “We believe crypto is here to stay, but for it to evolve as an asset class, it needs to adopt the rules and investor protections that exist in traditional finance.”

The United States Securities and Exchange Commission (SEC) has been on the offensive criticizing Coinbase and Binance for operating as clearinghouses, brokers, and unregistered exchanges.

Based on the waning institutional investment in the crypto sector triggered by the market downturn, EDX seeks to reignite this area through the “non-custodial” approach meant to embed the best practices.

Innovations Continue to Rock the Crypto Sector

EDX’s move to offer an institutional-only crypto exchange is not the only invention happening in the crypto space.

This is because leading investment and financial firm Deutsche Bank recently applied for a custody service in the digital asset arena as it seeks to tap into crypto earnings, The Crypto Basic reported.

Furthermore, Fidelity and BlackRock are eyeing the Bitcoin exchange-traded fund (ETF) route to onboard more retail and institutional investors into the crypto industry without having to own the coins directly.

Follow Us on Twitter and Facebook.

Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

-Advertisement-

Time Stamp:

More from The Crypto Basic