EDX Markets Has Been Launch By Charles Schwab, Citadel, And Fidelity Digital

Charles Schwab, Citadel Securities, and Fidelity Digital Assets have announced the opening of EDX Markets, a digital asset exchange.

The consortium also includes Paradigm, Sequoia Capital, and Virtu Financial, with more market participants expected to join EDXM in the future, according to the group.

According to a release:

“EDXM will enable a highly liquid cryptocurrency ecosystem that aggregates liquidity from multiple market makers to reduce spreads and improve transparency. This commitment to price discovery and efficiency is expected to result in better prices for investors than those offered by existing cryptocurrency exchanges.”

The move comes amid an increasing drive by traditional financial institutions into digital assets, even as cryptocurrency prices have fallen from all-time highs in the last year.

MEMX, a market operator launched in 2019, will offer EDXM the technology infrastructure. Bank of America Merrill Lynch, Charles Schwab, and Citadel Securities, among others, formed MEMX.

Jamil Nazarali, formerly Citadel Securities’ global head of business development, will serve as CEO, while Tony Acua-Rohter, who previously served as chief technology officer at ErisX before its acquisition by Cboe Global Markets, will join as CTO. David Forman, a former Fidelity lawyer, joins as general counsel.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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