EDX Markets, a crypto marketplace backed by Wall Street big names in finance and venture capital, has been launched to bridge the gap for digital asset trading and ensure security for the traders.
EDX Markets will incorporate digital assets in traditional finance using trusted intermediaries and address the demand for digital asset trading. The platform will be powered by MEMX technology with best practices from traditional financial markets and tighter spreads enabled by greater liquidity, to support secure, fast, and efficient cryptocurrency trading for U.S. retail and institutional investors according to a press statement released by Business Wire.
“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,” said Jamil Nazarali, the Chief Executive Officer of EDX Markets.
Crypto retail brokers benefit
The cryptocurrency ecosystem will also provide a marketplace for retail brokers who will trade crypto on a live traditional platform to maximize liquidity within the crypto markets. Trader’s orders can be worked on faster than what is happening in the traditional markets. According to the innovators, this will get rid of conflicts of interest affecting the current cryptocurrency exchanges by separating responsibility for operating the exchange from the entities trading on it.
The EDXM’s Board of Directors hailed the initiative as a great one, which was seconded by Jonathan Kellner, CEO of MEMX.
“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,” said the board.
First of its kind attracting big wigs in Finance
The innovative venture has made new hires, with the ex-manager of business development at Citadel Securities joining the industry. David Forman, former chief legal officer at Fidelity Brokerage Services, also joined the firm as a general counsel, and Tony Acuña-Rohter formerly CTO at ErisX.
The venture is being backed by Charles Schwab, Citadel Securities, Fidelity Digital Assets, Virtu Financial, Sequoia Capital, and Paradigm and will bring greater access, transparency, security, and compliant trading of digital assets according to the visionaries.
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