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Wall Street-backed crypto exchange EDX Markets launches—here’s what you need to know

TL;DR

  • EDX Markets, a new crypto exchange backed by major financial firms, has launched, offering Bitcoin, Ethereum, Litecoin, and Bitcoin Cash trading.
  • EDX is planning to introduce a clearinghouse, EDX Clearing, to enhance trading efficiencies later this year.
  • Despite regulatory challenges, EDX has raised additional funding from strategic investors for further platform development and market expansion.

EDX Markets, a novel digital asset marketplace, has officially launched, marking a significant milestone in the cryptocurrency exchange landscape​. This launch represents not just the advent of a new player in the crypto space but also signifies a robust shift in how digital assets are traded.

EDX Markets, backed by an alliance of heavyweight investors, including Charles Schwab, Citadel Securities, and Fidelity Digital Assets, stands as a testament to the increasing integration of traditional financial practices within the cryptocurrency space​.

It is important to know that EDX Markets aims to deliver a unique blend of benefits to its customers by leveraging the best practices from traditional finance. This includes offering liquidity, competitive quotes, and implementing a non-custodial model to lessen conflicts of interest​.

Interestingly, the platform has also introduced a retail-only quote to the crypto markets, providing retail-originated orders with improved pricing. The digital currencies currently available for trading on EDX are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH)​.

EDX Clearing: A game changer?

Looking ahead, EDX also announced plans to introduce EDX Clearing later this year, a clearinghouse that will settle trades matched on EDX Markets​. However, this addition will offer traders improved price competition, diminished settlement risks, and enhanced operational efficiencies.

According to the announcement, the introduction of EDX Clearing is expected to address a long-standing need in the market and further differentiate EDX from other exchanges. As Jamil Nazarali, CEO of EDX, noted, “EDX Clearing will be a major differentiator for EDX — and resolve an unmet need in the market – by enhancing competition and creating unparalleled operational efficiency through a single settlement process.”​

The launch of EDX Makets crypto exchange in the United States comes at the time when major crypto exchanges like Binance face a regulatory crackdown by the Securities and Exchange Commission.

Social media platforms are abuzz with speculation, with some suggesting that major U.S. investors’ support for EDX Markets might be a driving factor behind the recent scrutiny of other exchanges like Binance​.

https://twitter.com/celiavvi/status/1671206480329027594?s=61&t=UEyMHVi5TWTDA–SBthOMA

Nonetheless, it remains to be seen how the fresh approach of EDX Markets to digital asset trading will influence the broader crypto ecosystem and reshape the trading experience for individual and institutional investors. Till then, let’s keep our fingers crossed.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Damilola Lawrence

Damilola is a crypto enthusiast, content writer, and journalist. When he is not writing, he spends most of his time reading and keeping tabs on exciting projects in the blockchain space. He also studies the ramifications of Web3 and blockchain development to have a stake in the future economy.

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