EDX Markets Wants To Expand To Singapore With New Funding Round

Key Points:

• Cryptocurrency platform EDX Markets secures funding for expansion in Singapore, aiming to diversify products and tap into the financial talent pool.
• EDX introduces EDXC, a non-custodial clearing solution for digital asset trading.

Cryptocurrency trading platform EDX Markets, supported by Citadel Securities and Fidelity Digital Assets, is set to expand its operations in Singapore, introducing spot and perpetual futures trading.

EDX Markets Expands Operations and Diversifies in Singapore

The company secured additional funding from EDX Clearing, a move facilitated by a successful second funding round co-led by Pantera Capital and existing investor Sequoia Capital, though the exact funding size remains undisclosed.

CEO Jamil Nazarali highlighted Singapore‘s appeal for the expansion, citing the opportunity to diversify products and access a talent pool in the financial sector. The funds will be utilized to develop new technologies and enhance EDX’s presence in global markets, Bloomberg reported.

EDX Clearing, the latest advancement in the digital asset markets, revolutionizes EDX’s marketplace by offering a competitive non-custodial market. Members can benefit from a single net settlement process through EDXC, significantly reducing credit risk by acting as a central counterparty.

In response to the current resurgence in the cryptocurrency market, EDX Markets aims to provide institutional investors with a platform to trade tokens, including Bitcoin, Ether, and Litecoin, without offering custody services. The company employs a non-custodial model, partnering with Anchorage Digital for custody, allowing users to trade without pre-funding in fiat currency or cryptocurrency.

To attract institutional investors, EDX established its clearinghouse and outsourced custodial services to Anchorage Digital, avoiding fund co-mingling risks. Notable backers in EDX’s latest funding round include Citadel Securities, Virtu Financial, Sequoia, and Fidelity Investments’ digital-asset arm.

Investors purchased shares at double the initial 2022 investment, demonstrating strong confidence in EDX’s growth. Noteworthy investors in EDX Markets also include Charles Schwab Corp., GSR Markets, GTS, Hudson River Trading, Miami International Holdings Inc., and Paradigm.