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Wall Street financial giants launch EDX Markets cryptocurrency exchange

A consortium of leading broker-dealers, global market makers and Wall Street venture capital firms has announced the launch of its own cryptocurrency exchange, EDX Markets (EDXM).

The exchange was founded by financial giants Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial. EDXM will be led by Jamil Nazarali, a former top manager at Citadel Securities, with representatives from the co-founders on the exchange’s board of directors.

According to the statement, EDXM will be “the first of its kind cryptocurrency exchange that will meet the demand of companies and their clients to trade digital assets, while providing a safe and compliant environment for trading cryptocurrencies.”

“Cryptocurrency is a global asset class worth over $1 trillion, with pent-up demand from millions of new entrants. Meeting this demand requires a platform that meets high standards of compliance and security. EDXM will become a secure entry point into cryptocurrency and digital asset trading,” the statement said.

In order to reduce spreads and increase the transparency of transactions, EDXM aggregates the liquidity of several market makers. This, according to the project participants, will lead to more favorable prices for investors than those offered by other cryptocurrency exchanges.

The trading platform is provided by the US Stock Market Members Exchange (MEMX), owned by a consortium of financial firms that includes some of the founders of EDXM.

Recently, investment giant Fidelity announced its readiness to provide clients with access to bitcoin trading on its brokerage platform. Probably, the EDXM exchange was meant as a trading platform, where the company acts as one of the founders.

Source: Bits

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