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.
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.
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.
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.
🛒 Get The Hottest Crypto Deals 👉 http://www.coinbureau.com/deals📲 Insider Info in my Socials 👉 https://guy.coinbureau.com/socials/👕 My Merch Store 👉https://store.coinbureau.com🔥 TOP Crypto TIPS In My Newsletter 👉 https://guy.coinbureau.com/signup/~~~~~📺Essential Videos📺Last Week’s Crypto Review 👉 https://youtu.be/YgjiIFABPCgEthereum After The Merge 👉 https://youtu.be/rb0xJVd7ay8Cardano Updates 👉 https://youtu.be/mV93rmtNczcSolana Updates 👉 https://youtu.be/enAoz-87D7AESG And Cryptocurrency 👉 https://youtu.be/zVxiFEzCp2URising Civil Unrest 👉…
Grayscale Investment’s Bitcoin Trust (GBTC) has dropped to a new low this week as the bitcoin fund tapped a record 35.18% low against bitcoin spot prices. GBTC’s discount to spot has been underwater for a total of 577 consecutive days. GBTC Discount to NAV Widens by 35% — Fund Reaches an All-Time Low Against BTC […]
Bitcoin started the week trading below $19,000, as recent economic pressures continued to weigh on cryptocurrency markets. The token fell lower in today’s session, as market sentiment remained bearish following last week’s rate hikes by the U.S. Federal Reserve. Ethereum was also lower, falling below $1,300. Bitcoin Bitcoin (BTC) slipped below $19,000 to start the […]
Many interesting facts about the market are revealed in the results of the Annual Australian Crypto Survey, which was commissioned by Swyftx, an Australian crypto exchange. It is important to understand that the recent survey of the crypto industry in Australia consists of multiple sections covering the entire market. It is covered in this report […]
Tether USDT is the largest stablecoin by market cap. Also, the token ranks among the top five in the overall market capitalization of all crypto assets. Through several progressive road maps and other development plans, Tether USDT has risen over the years. Recently, the stablecoin announced its launch on Polkadot. USDT is a product of […]
The mission to keep the value of Terra Classic (LUNC) has been undertaken by the entire community, and Binance has managed to always be at the forefront of this. The proposed 1.2% transaction fee burn was fully supported by the community, which caused the value of the digital asset to surge. Now, Binance has joined […]