News

EDX Markets, The New Bitcoin Exchange Backed By Major Wall Street Firms: WJS

Key Points:

  • EDX Markets offers trading in four cryptocurrencies, including bitcoin and ether.
  • EDX Markets is backed by Citadel Securities, Fidelity Investments, and Charles Schwab.
EDX Markets, a new “noncustodial” exchange backed by Citadel Securities, Fidelity Investments, and Charles Schwab, has launched. It offers trading in 4 cryptocurrencies including Bitcoin, Ether, Litecoin, and Bitcoin cash.

The exchange will offer trading in just four cryptocurrencies, including Bitcoin, Ether, Litecoin, and Bitcoin cash, none of which have been identified as securities by the SEC. Such a conservative approach to listing cryptocurrencies could help EDX stay out of trouble with the SEC, which has sued Coinbase Global and other crypto exchanges for listing coins that the agency deems to be securities. Coinbase has disputed the agency’s categorization of cryptocurrencies as securities and vowed to fight back in court.

EDX is a “noncustodial” exchange, meaning it doesn’t directly handle digital assets. Instead, EDX runs a marketplace where firms agree to execute trades of coins and dollars, using its platform to agree on prices. Then the firms move crypto and cash between each other to settle the trades.

The launch of EDX Markets shows that some Wall Street firms remain interested in crypto despite a regulatory onslaught by the Securities and Exchange Commission and a market that has cooled off substantially over the past 18 months. Citadel Securities, an electronic market-making firm with a huge presence in stocks and options, confirmed it was trading cryptocurrencies on EDX. Citadel Securities’ billionaire founder Ken Griffin was earlier a very public critic of crypto.

EDX’s backers include electronic trading firms Virtu Financial, Sequoia Capital, and Paradigm. In addition, EDX has attracted investment from options-exchange operator Miami International Holdings and affiliates of proprietary trading firms DV Trading, GTS, GSR, and Hudson River Trading. Both Citadel Securities and GTS are market-makers on the NYSE, and Citadel’s founder, Ken Griffin, made his fortune in traditional markets and was publicly hostile to crypto as recently as a year and a half ago.

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.

Join us to keep track of news: https://linktr.ee/coincu

Thana

Coincu News

Thana

I am a news editor at Coincu, where I produce daily editorial packages and manage the knowledge and review article sections. Before journalism, I earned a Bachelor's degree in Global Logistics and Supply Chain Management from Northampton University and studied news journalism at Press Association Training.

Recent Posts

Missed the AAVE Bullish Ride? This New Presale Can Turn Your Thousands into Millions

While Aave finds itself in uncertain territory, a fresh face in the crypto scene, Qubetics…

1 hour ago

Dogecoin Price Forecast: Analysts Push For $0.2288 DOGE While This Ethereum Altcoin Eyes 8,000% Gains In The Next 16 Days

Analysts push for a Dogecoin price surge to its $0.2288 yearly high while ETFSwap (ETFS)…

2 hours ago

Below $1 Swift Altcoin Competitor Could Overshadow XRP Price Potential Election Rally 

Discover the promising altcoin under $1 that may outperform XRP amid election volatility and market…

2 hours ago

Polkadot and SP Negócios Collaborate to Enhance Crypto Economy Development

Campinas, Brazil, 5th November 2024, Chainwire

2 hours ago

Terra Shuttle Bridge Has Now Been Disabled

Terra Shuttle Bridge has now been closed, and all remaining LUNC and USTC tokens have…

4 hours ago

FLOKI Announces Dubai Takeover with WAFI Mall Campaign

Miami, Florida, 5th November 2024, Chainwire

4 hours ago

This website uses cookies.