Citadel, Charles Schwab, Fidelity Launched Crypto Exchange EDX Markets

A group of leading venture capital firms and broker-dealers announced the creation of the cryptocurrency platform – EDX Markets (EDXM).

The launch received support from giant finance players, including Citadel Securities, Fidelity Digital Assets, Charles Schwab, Sequoia Capital, Paradigm, and Virtu Financial.

The Plan Came to Existence

At the beginning of the summer, market makers Citadel Securities and Virtu Financial teamed up with retail brokerage firms Fidelity Investment and Charles Schwab to introduce a cryptocurrency exchange that is “efficient, transparent, and secure, with agreed-upon standards and best practices.”

According to a recent press release, their idea came to fruition with the launch of EDX Markets (EDXM), which allows users to buy and sell cryptocurrencies through trusted intermediaries. MEMX (a member-owned equities trading platform) will provide the technology infrastructure for the newly-introduced exchange.

EDXM has amassed some prominent players from the finance field in its team. The Chief Executive Officer – Jamil Nazarali – is a former Global Head of Business Development at Citadel Securities, while General Counsel David Forman served as Chief Legal Officer at Fidelity Brokerage Services. Commenting on the news, Nazarali said:

“It is a privilege to lead EDXM as we build this exciting new trading ecosystem, and I am grateful for the participation, support, and guidance of our consortium members.

We look forward to welcoming additional participants to the exchange, which will drive ongoing trading in this important asset class while creating a virtuous cycle of continually enhanced liquidity and efficiency supported by MEMX’s cutting-edge technology.”

EDXM’s Board of Directors outlined that the crypto industry is a trillion-dollar market with millions of participants. As such, it “requires a platform that can meet the needs of both retail traders and institutional investors with high compliance and security standards.”

Fidelity’s Pro-Crypto Stance

When speaking of Fidelity Digital Assets, it is worth mentioning its parent company – Fidelity Investments – and its positive approach to the cryptocurrency sector.

Earlier this year, it enabled investors to add bitcoin to their retirement 401(k) plans. Back then, Dave Gray – the firm’s head of workplace retirement offerings and platforms – said the reason for that move was because the entity believes blockchain technology and digital assets will play a key role in the financial industry’s future.

Other recent reports indicated that Fidelity might start providing bitcoin trading services to its retail customers on its brokerage platform. If introduced, the option could grant the company’s over 34 million retail clients access to the leading cryptocurrency by market capitalization.

The post Citadel, Charles Schwab, Fidelity Launched Crypto Exchange EDX Markets appeared first on CryptoPotato.

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