- EDX announced that a new non-custodial cryptocurrency exchange that executes orders for its customers has been launched. According to the information received, the company is expected to make an official announcement regarding its activities today.
- EDX is a company supported by leading players on Wall Street such as Citadel Securities, Fidelity, and Schwab.
- By using a non-custodial approach, EDX aims to prevent the risks associated with customer funds.
A cryptocurrency exchange supported by American financial giants is preparing to start operating. The official announcement may come today!
Exchange Established by Financial Giants to Begin Service
EDX announced that a new non-custodial cryptocurrency exchange that executes orders for its customers has been launched. According to the information received, the company is expected to make an official announcement regarding its activities today.
EDX is a company supported by leading players on Wall Street such as Citadel Securities, Fidelity, and Schwab. Citadel Securities is the largest market maker in the United States, while Schwab and Fidelity are major players in the brokerage industry.
EDX Markets is significantly different from other cryptocurrency exchanges such as Coinbase and Binance. Firstly, it offers cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. However, it does not prefer the thousands of crypto tokens evaluated as securities by the SEC.
Another difference is that it is a non-custodial company that does not directly manage customer funds. Instead, it is a marketplace where people can buy and sell cryptocurrencies among themselves. Once an agreement is reached, the company’s technology facilitates the movement of funds. EDX also plans to establish a clearinghouse later this year.
EDX is launching its operations in a challenging period for the cryptocurrency market. The SEC has already filed lawsuits against companies like Coinbase and Binance, accusing them of offering illegal products in the United States.
By using a non-custodial approach, EDX aims to prevent the risks associated with customer funds. Additionally, it will avoid the risk of customer funds mixing, which played a role in the collapse of FTX. The SEC also alleges that Binance has mixed customer funds.
EDX Markets Comes After Moves by BlackRock and Deutsche Bank
EDX Markets, announced on September 13, 2022, was established by financial giants Citadel, Fidelity, and Schwab, but it did not start operating quickly. EDX’s launch comes after last week’s news of BlackRock, the world’s largest asset manager, filing a Bitcoin ETF application, and this week, Deutsche Bank, Germany’s largest bank, applying for a license for crypto custody.
In addition, it is expected that Fidelity, one of the founders of EDX Markets, will soon file a spot Bitcoin ETF application and make a bid to acquire digital asset management company Grayscale.
