Schwab-backed crypto exchange EDX Markets goes live

Schwab-backed crypto exchange EDX Markets goes live

By Wajeeh Khan - min read
new crypto exchange edx markets goes live
  • EDX officially launched trading in bitcoin, ether, litecoin, and bitcoin cash today.
  • The crypto exchange has also completed a second funding round with new investors.
  • EDX has plans of launching a clearinghouse business later this year as well.

Investors can now trade bitcoin, litecoin, ether, and bitcoin cash on a new digital assets marketplace – EDX Markets.

EDX Markets is backed by financial giants

On Tuesday, the crypto exchange that has support from a bunch of Wall Street behemoths, including Fidelity, Charles Schwab and Citadel Securities launched trading in the said digital assets.

EDX Markets had first revealed plans of launching a non-custodial exchange last year in September. In a press release this morning, its CEO Jamil Nazarali said:

EDX’s ability to attract new investors and partners in the face of sector headwinds demonstrates strength of our platform and demand for a safe and compliant crypto market.

It is noteworthy that neither of the four crypto assets available to trade on EDX were dubbed “securities” in the recent complaints the U.S. SEC has filed against Binance and Coinbase.

EDX will soon launch a clearinghouse business

In its press release, EDX Markets also confirmed today that it has completed a second round of funding with new investors. CEO Nazarali added:

We are committed to bringing the best of traditional finance to cryptocurrency markets, with an infrastructure built by market experts to embed key institutional best practices.

A non-custodial crypto exchange is known to be safer than the custodial wallet. On Tuesday, EDX Markets revealed plans of introducing a clearinghouse business in the coming months as well.

The news arrives only days after BlackRock officially filed to launch a Spot Bitcoin ETF in the United States (read more), suggesting the long-term institutional demand remains intact despite the FTX fiasco and the ongoing regulatory crackdown.