A group of investment bigshots including Charles Schwab, Citadel, Fidelity Digital Assets have announced the launch of a new crypto exchange, EDX Markets.
As per reports, EDX Markets(EDXM), will be a “first-of-its-kind exchange” and will offer investors safer, quick and more efficient crypto trading for US retail and institutional investors.
The exchange will be backed by other firms including Sequoia Capital, Citadel Securities, Paradigm and Virtu Financial. The report suggests that after the launch, other market members are expected to partner with EDXM.
EDXM will serve both traditional institutions and retail investors, providing them a ‘safe entry point’ to crypto. Jamil Nazarali, a former senior executive at Citadel Securities, will be heading the exchange as CEO.
A representative from the firm Fidelity, stated that the aim of the industry association is to develop market infrastructure for an efficient alternative for liquidity to help a more efficient, secure and cost-effective process for trading digital assets.
The exchange will employ the technology developed by the stock exchange, The Members Exchange (MEMX).
The customer-centric market operator, MEMX will provide the technology ecosystem for EDXM. EDXM will operate by utilizing the scalable exchange architecture purpose-built by MEMX.
Jonathan Kellner, CEO of MEMX said, “We are excited to partner with EDXM on this important and innovative venture. This marks a new chapter for MEMX as we bring our scalable market technology to other asset classes and market operators.”
Also Read: Samsung & 6 Others to Launch Crypto Exchange in 2023
