Financial giants Charles Schwab, Citadel Securities and Fidelity Digital Assets have collaborated to launch a bitcoin and cryptocurrency exchange. According to a press release, the trio merged to form a cryptocurrency exchange named EDX Markets (EDXM).
Key points to remember
- Fidelity, Charles Schwab and Citadel have partnered to launch the first cryptocurrency exchange of its kind.
- The exchange will be named EDX Markets and led by Jamil Nazarali, a former senior executive at Citadel Securities.
- EDXM will be supported by companies such as Citadel Securities, Paradigm, Sequoia Capital and Virtu Financial.
A one-of-a-kind exchange
The exchange is said to be the first of its kind launched with the promise of being “safer, faster and more efficient cryptocurrency trading”.
To achieve its goal, the EDXM will rely on technology built by Membership Exchange (MEMX), a stock exchange, for tailoring its operation to retail and institutional investors across multiple markets. The exchange will also be aided by companies such as Citadel Securities, Paradigm, Sequoia Capital and Virtu Financial.
“We look forward to welcoming additional participants to the exchange, which will drive continued trading in this important asset class while creating a virtuous cycle of continuously improved liquidity and efficiency underpinned by MEMX’s cutting-edge technology. “said Jamil Nazarali, CEO of EDX Markets. and former Global Head of Business Development at Citadel Securities.
EDXM market objectives
The exchange plans to eliminate costly bilateral settlements by clearing and settling transactions through its blockchain network. Additionally, down the line, the EDXM Board discussed the crypto market cap unleashing demand for the millions of market participants, stating, “Unlocking this demand requires a platform that can meet to the needs of retail traders and institutional investors with high compliance and security. standards.”
Prior to this launch, Galaxy Digital CEO Mike Novogratz hinted at Fidelity launching a crypto business. Earlier this year, Fidelity launched offering bitcoin as a 401(k) investment optionpaving the way for a gradual adoption of cryptography.
Despite unfavorable market conditions and regulatory pressures, the traditional financial industry is moving towards integrating crypto into its operations. This shows that the market crash has not deterred them from adopting crypto.