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Breaking News: Amazon and Walmart Eye Launch of Their Own Crypto, Details
crypto exchange

Charles Schwab, Citadel, Fidelity And Partners Launch Crypto Exchange

Reynaldo Marquez
by Reynaldo Marquez
2 years ago
·
Posted in Breaking News Ticker
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Major names in the financial sector have announced the launch of a new crypto exchange called EDX Markets (EDXM). Aim at improving liquidity across the crypto market and offering customers in the U.S. exposure to digital assets, EDXM will allegedly offer better prices and a compliant product for retail and institutional investors.

Related Reading: Chamber Of Digital Commerce Calls Out The SEC, Argues The US Needs A Bitcoin ETF

Per a press release, the new crypto exchange will leverage technology from MEMX, a market operator, for its infrastructure with support from investment giants Fidelity Digital Assets, Citadel Securities, Charles Schwab, Paradigm, Sequoia Capital, and others. This will allegedly offer a better platform that current crypto exchanges by being more scalable and using a network of digital custodians.

The latter attempts to improve on the current functionality of crypto exchanges by separating the platform’s operators from the entities trading on it, the release claims. The partners behind EDXM believe the industry faces “significant conflicts of interest” that will be mitigated under this new platform.

In addition, EDXM is intended to operate as a “fully independent” company from Fidelity and the other partners. In the coming months, the crypto exchange will attempt to onboard new market participants.

Crypto exchange BTC BTCUSDT
BTC’s price with minor losses on the 4-hour chart. Source: BTCUSDT Tradingview

Community Reacts To Fidelity-Backed Crypto Exchange

The new platform will be supported by leadership with decades of experience, the partners have brought in Jamil Nazarali, former Global Head of Business Development at Citadel Securities as CEO, as CTO Tony Acuña-Rohter, former CTO at ErisX, David Forman as General Counsel, former CLO at Fidelity Brokerage Services.

Nazarali said the following about his appointment as CEO and the crypto exchange’s objective of improving liquidity across the nascent sector:

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.

The crypto community’s reactions to the new exchange are mixed across social media platforms. While many believe that the initiatives highlight the institutional adoption of Bitcoin and cryptocurrencies, others are suspicious of the entities backing EDXM.

Related Reading: Meet The Elon Musk Deep Fakes Being Used To Promote Crypto Scams

Finally, the crypto exchange Board of Directors added:

Crypto is a $1 trillion global asset class with over 300 million participants and pent-up demand from millions more. Unlocking this demand requires a platform that can meet the needs of both retail traders and institutional investors with high compliance and security standards. With MEMX-supported digital infrastructure that eliminates technological and organizational bottlenecks, EDXM will be a safe entry point to crypto and serve as the exchange of choice for trading digital assets on a platform designed for and used by leading financial institutions.

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Reynaldo Marquez

Reynaldo Marquez

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As an editor at NewsBTC, Reynaldo is an experienced journalist passionate about all things crypto. Reynaldo has interviewed key industry leaders, and created unique pieces analyzing the promise of crypto as the next frontier for an economic and social transformation of humanity. Since 2018, he has been at the forefront of the industry, closely following every major development and analyzing critical events at the heart of the crypto industry. With a keen eye for detail and an unwavering commitment to excellence, Reynaldo has been instrumental in bringing the latest news and insights to the crypto community. Outside of work, Reynaldo enjoys lifting weights and literature, which he believes gives him a unique perspective into the world of crypto. As an aspiring trader, he is always looking for new opportunities to explore and believes that crypto holds the key to unlocking the future of finance.

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