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EDX Markets, the latest entrant in the ever-evolving world of cryptocurrency exchanges, has burst onto the scene with support from some of the most renowned names in finance, including Citadel Securities, Fidelity Investments, and Charles Schwab. They opened the digital doors to their innovative platform on June 20, officially marking their foray into the bustling cryptocurrency industry.
With the goal to be more than just another exchange, EDX is looking to blend the best of both worlds, combining traditional financial methods with the unique advantages that digital currency has to offer. By providing ample liquidity, competitive rates, and employing a noncustodial model to avoid any possible conflicts, they are setting a high bar for themselves. Currently, EDX is offering a select four cryptocurrencies to trade: Bitcoin, Ether, Bitcoin Cash, and Litecoin.
Looking to the future, EDX aims to roll out EDX Clearing, a central clearinghouse that settles trades performed on the EDX Markets platform. This system is slated to provide traders with benefits such as superior price competition, decreased settlement risks, and heightened operational efficiencies.
Recent fundraising efforts have resulted in an influx of strategic investors like Miami International Holdings, DV Crypto, Global Trading Strategies, GSR Markets, and Hudson River Trading. This group joins the established assembly of initial investors like Charles Schwab, Citadel Securities, Fidelity Digital AssetsSM, Paradigm, Sequoia Capital, and Virtu Financial. As per EDX, the fresh funds will be directed towards advancing their trading platform and strengthening their foothold in the market.
Even as regulators, like the Securities and Exchange Commission, amp up their scrutiny, interest in cryptocurrencies seems to be holding strong among investors. Similarly, BlackRock, the investment management titan, is also stepping into the crypto realm. On June 15, BlackRock filed an application for the maiden Bitcoin spot exchange-traded fund (ETF) in the U.S., signaling a regulated, convenient avenue for Bitcoin exposure, if approved.
