EDX Markets Partners With Paxos For Custody Services

EDX Markets (EDXM), the latest institutional crypto player, stated today that it will cooperate with Paxos as its custodian.

According to a press release, Paxos is regulated by the New York Department of Financial Services and will keep all EDXM customer assets in a bankruptcy-remote trust, in completely segregated US accounts.

The exchange, which is sponsored by Citadel Securities, Charles Schwab, and Fidelity Investments, expects to debut before the end of the year. According to the firm’s CEO Jamil Nazarali, compliance and security are major differentiators of EDXM’s solution.

Jamil Nazarali stated:

“With compliance and security as key differentiators of EDXM’s offering, we are thrilled to partner with Paxos to deliver the gold standard in digital asset custody services to our investors. With Paxos’ best-in-class solutions along with MEMX’s technology powering the exchange, EDXM now has all the tools to make institutional-grade digital asset trading available to investors for the first time.”

MEMX, a market operator launched in 2019, will offer EDXM with technical infrastructure. MEMX was developed by Bank of America Merrill Lynch, Charles Schwab, and Citadel Securities, among others, with Nazarali serving as worldwide head of business development.

“Paxos is redefining financial markets by building regulated solutions that enable the movement of all assets at any time in a trustworthy way. Together with EDXM, we are creating an easy path for banks and other financial institutions to access crypto markets in the most regulated way available,” said Paxos Head of Strategy, Walter Hessert.

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