A giant cryptocurrency exchange backed by major financial players Citadel Securities, Fidelity Investments and Charles Schwab has started operations today. The fact that the first cryptocurrency to be listed is Bitcoin, leading to high price expectations.
In the first stage, only Bitcoin and these 3 cryptos will be offered
cryptocoin.com Last week’s BlackRock ETF application, which we quoted as, had activated the crypto money market. The latest in the ongoing streak of positive news is the launch of cryptocurrency exchange EDX Markets (EDXM), backed by major financial players Fidelity, Citadel and Charles Schwab, today.
The exchange plans to offer services with only 4 cryptocurrencies at first. These are Bitcoin, Ethereum, Litecoin and Bitcoin Cash. According to the news of the Wall Street Journal, the stock market is expected to open its services to institutions and investors as of June 20. In the future, we can see that other major altcoins are also listed if the necessary liquidity is provided.
Why is EDX Markets different from other cryptocurrency exchanges?
It appeared with EDX Markets in September to appeal to brokers and investors interested in cryptocurrencies. Unlike other exchanges, it will operate as a “non-protective” exchange. This means that it will not directly process customers’ crypto funds. Instead, it will provide a platform where firms can trade between cryptocurrencies and fiat currencies.
Buying and selling transactions will take place outside of the EDX platform. EDX plans to launch a clearinghouse later this year to facilitate trade settlement. The client wants to use third-party banks and crypto custody services to hold their assets. EDX’s approach aims to avoid conflicts of interest and reduce concerns about potential misuse of security and client funds.
About EDX Markets (EDX)
EDX Markets is designed to provide secure and compliant trading of cryptocurrencies through trusted brokers. The exchange is currently supported by a consortium of major financial institutions. From day one, it started trading as the crypto exchange of choice for industry leaders. The new crypto platform promises distinctive advantages, including a non-custodial model. It also offers individual price quotes, enabling participants to gain better pricing advantage for orders.
For now, only 4 cryptocurrencies will be among the products traded on EDX. These are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Later this year, EDX will launch EDX Clearing to finalize matching trades on EDX Markets. This service facilitates trades against a central counterparty. It also enables participants to benefit from increased price competition and reduced compromise risks. Meanwhile, it increases their operational efficiency.
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