Citadel, Charles Schwab, Fidelity Launches Crypto Exchange – EDX Markets:
A group of leading venture capital firms and broker-dealers has announced the creation of a cryptocurrency exchange – EDX Markets (EDXM).
The launch earned support from giant financial players like Citadel Securities, Fidelity Digital Assets, Charles Schwab, Sequoia Capital, Paradigm, and Virtu Financial.
The summer began beautifully as market makers Citadel Securities and Virtu Financial collaborated with retail brokerage firms Fidelity Investment and Charles Schwab to launch a cryptocurrency exchange that is “efficient, transparent, and secure, with agreed-upon standards and best practices.”
According to reports, their idea came to reality with the launch of EDX Markets (EDXM), which allows users to buy and sell cryptocurrencies through trusted intermediaries.
The technology infrastructure of the newly launched exchange will be developed be MEMX – A member-ownex equities trading firm.
The runners of EDXM are renowned financial legends who have experience in the financial sectors.
They include The Chief Executive Officer – Jamil Nazarali – a former Global Head of Business Development at Citadel Securities, General Counsel David Forman – served as Chief Legal Officer at Fidelity Brokerage Services.
Commenting on the development, Nazarali said:
It is a privilege to lead EDXM as we build this exciting new trading ecosystem, and I am grateful for the participation, support, and guidance of our consortium members.
We look forward to welcoming additional participants to the exchange, which will drive ongoing trading in this important asset class while creating a virtuous cycle of continually enhanced liquidity and efficiency supported by MEMX’s cutting-edge technology.”
Meanwhile, the EDXM’s Board of Directors concurred that the crypto industry is a trillion-dollar market with millions of users.
it “requires a platform that can meet the needs of both retail traders and institutional investors with high compliance and security standards.”