• EDX Markets, a crypto exchange backed by financial giants Charles Schwab and Citadel Securities, has officially launched trading in bitcoin, ether, litecoin and bitcoin cash.
• The exchange has also completed a second funding round with new investors and plans to launch a clearinghouse business later this year.
• This news comes shortly after BlackRock filed to launch a Spot Bitcoin ETF in the US, suggesting an increased institutional demand in cryptocurrency markets.
Schwab-backed Crypto Exchange EDX Markets Goes Live
EDX officially launched trading in bitcoin, ether, litecoin and bitcoin cash on Tuesday. The crypto exchange is backed by Wall Street behemoths like Fidelity, Charles Schwab and Citadel Securities. Additionally, it has completed its second funding round with new investors.
Non-Custodial Exchange for Safer Trading
EDX Markets revealed plans of launching a non-custodial exchange last September. This type of exchange is known to be safer than custodial wallets since users remain in control of their funds at all times. Moreover, none of the four crypto assets available to trade on EDX were deemed “securities” according to recent complaints filed against Binance and Coinbase by the U.S SEC.
Clearinghouse Business Planned for Later This Year
In addition to trading services, EDX Markets also announced plans of introducing a clearinghouse business later this year as well. CEO Jamil Nazarali commented: “We are committed to bringing the best of traditional finance to cryptocurrency markets with an infrastructure built by market experts to embed key institutional best practices.“
Continued Institutional Interest
This news arrives only days after BlackRock formally filed for approval from the United States SEC to launch a Spot Bitcoin ETF – suggesting that long-term institutional interest remains strong despite regulatory challenges posed by FTX fiasco or other similar issues.
Overall, EDX Markets‘ latest moves demonstrate that there is still growing institutional demand for digital assets despite some sector headwinds – which could help drive more mainstream adoption over time.