A number of financial giants including Fidelity Investments, Citadel Securities, and Charles Schwab Corp. announced on Tuesday that the consortium of companies plans to launch a cryptocurrency exchange called EDX Markets. Reports note that firms like Paradigm, Sequoia Capital, and Virtu Financial are also backing the new crypto trading platform. The story was first reported during the first week of June, but the companies confirmed creating the new crypto exchange this week and appointed a CEO.
EDX Markets Plans to ‘Remove Significant Conflicts of Interest That Affect Existing Cryptocurrency Exchanges’
In a press release published Tuesday, Fidelity Investments, Charles Schwab, and Citadel Securities revealed that the financial heavyweights have plans to launch a crypto exchange. The exchange will be called EDX Markets, and the former Citadel executive, Jamil Nazarali, will be the platform’s CEO.
The EDX launch date is unconfirmed at the moment, but the trading engine will be operated by MEMX, otherwise known as the Members Exchange. The Wall Street Journal reports that the high-speed trading company Virtu Financial, and the venture firms Paradigm and Sequoia Capital are behind EDX’s upcoming launch.
EDX will cater to institutional and retail investors and it will be different than traditional crypto exchanges today. EDX aims to “remove significant conflicts of interest that affect existing cryptocurrency exchanges,” the EDX press release published on Tuesday notes.
Fidelity has been into cryptocurrencies and bitcoin for quite some time, but Citadel’s Ken Griffin has been a skeptic. In March 2022, Griffin’s perspective on crypto assets changed, and he mentioned the securities giant planned to make moves in crypto. Following Griffin’s commentary, months later in June, it was reported that Citadel, Charles Schwab, and Fidelity would launch an exchange.
“We know there is significant interest in this cryptocurrency space and we will look to invest in firms and technologies working to offer access with a strong regulatory focus and in a secure environment,” Mayura Hooper, a spokesperson for Charles Schwab said at the time.
At the end of July, Charles Schwab’s asset management subsidy launched its first crypto-related exchange-traded fund (ETF). Amid the crypto winter, while the crypto industry laid off thousands of employees, Fidelity said in June it was on a hiring spree for individuals who can manage crypto trading and digital currency custody services.
Tags in this story
asset management subsidy, Charles Schwab, Charles Schwab crypto, Charles Schwab cryptocurrency, citadel, citadel securities, crypto exchange, Crypto trading platform, EDX Exchange, EDX launch date, fidelity, Fidelity Investments, Jamil Nazarali, New CEO, Paradigm, Sequoia Capital, Virtu Financial
What do you think about Citadel, Charles Schwab and Fidelity launching a crypto exchange? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Sleuth Discovers Satoshi’s Long-Lost Bitcoin Version 0.1 Codebase, Raw Code Contains Bitcoin Inventor’s Never-Before-Seen Personal Notations
On October 7, 2022, a bitcoin supporter named Jim Blasko explained that he discovered the oldest upload of Bitcoin’s version...
Bankruptcy Court Publishes 14,000 Pages Of Celsius Customer Usernames And Trade History
The crypto community is upset about a recent discovery stemming from the Celsius bankruptcy case as a court filing has...
Chiliz [CHZ] on-chain metrics to consider before going long this week
CHZ is among the cryptocurrencies that have delivered the most gains recovering from June lows. It just concluded a 25%...
EU Bans Crypto Services For Russians In New Sanctions Over Ukraine Escalation
An array of crypto-related services have been targeted in the latest round of sanctions on Russia approved by the EU....
The Hideaways Confirms Another Price Rise! Will Dogecoin Explode In 2023? Will LUNA Explode In 2023? We Take A Look At All 3 Projects.
The weekend was good so far for Dogecoin (DOGE) holders as DOGE price surged to make a new weekly high....
Why This Coin Is Still Attracting Terra (LUNA) And LUNA Classic (LUNC) Investors
Over the last few weeks, the performance of the Terra (LUNA) and LUNA Classic (LUNC) coins has been very volatile....
Will This Coin Be The Ethereum (ETH) And Ripple (XRP) Killer? Read More
If you have been around the crypto market for a while now, you must have come across Bitgert (BRISE). The...
Artificial Intelligence Market Size To Reach US$407 Billion By 2027
The artificial intelligence market size is driven by big data, cloud applications, and services Artificial Intelligence is inarguably the most...
Court filing ‘doxing’ Celsius users draws questions on KYC, bankruptcy processes
Court filing ‘doxing’ Celsius users draws questions on KYC, bankruptcy processes Samuel Wan · 26 seconds ago · 2 min...
Best New Crypto To Invest In? The Hideaways Up 450% And Going Strong As LUNA And LUNC Drop
LUNA and LUNC’s prices surged again recently, creating new weekly highs before the market experienced a pullback. Investors have been...
Mortgage Interest Rates Today, October 7, 2022 | Rates Go Up
Advertiser Disclosure Jason Stauffer Jason Stauffer Staff WriterAdvertisement Jason Stauffer is a personal finance reporter who previously covered the housing...
Binance resumes BSC bridge operation after 2M BNB exploit
Binance resumes BSC bridge operation after 2M BNB exploit Christian Nwobodo · 41 mins ago · 2 min read The...
Crypto Exchange Okx Blocked By Russia’s Telecom Watchdog
Russian media and communications regulator, Roskomnadzor, has restricted access to the website of a major cryptocurrency exchange, Okx. The trading...
Grifters rug over 60 ETH from spoof token created after Binance exploit
Grifters rug over 60 ETH from spoof token created after Binance exploit Oluwapelumi Adejumo · 3 hours ago · 2...
CryptoSlate Daily wMarket Update – Oct. 6: Market turns red as BTC dips below $20,000
CryptoSlate Daily wMarket Update – Oct. 6: Market turns red as BTC dips below $20,000 Monika Ghosh · 3 hours...
Scammers Are Targeting Cryptocurrency Scam Sites To Hijack Their Targeted Audience
Cryptocurrency scam sites are being targeted by other scammers to hijack their traffic and their possible earnings. A recently detected...
Fully funded Chevening Clore Leadership Scholarship 2023/2
A Fully funded Chevening Clore Leadership Scholarship 2023 is currently ongoing for qualified international students. This scholarship programme is aimed...
Fidelity Launches Ethereum Index Fund — Sees Client ‘Demand For Exposure To Digital Assets Beyond BTC’
A filing with the U.S. Securities and Exchange Commission has shown that Fidelity looks to launch an investment product known...
Wells4 days ago
Wells Fargo Savings And CD Rates Are On Par With Other Large National Banks — Very Low. These Options Can Help You Earn More
Altcoins5 days ago
Assessing the hype around LUNC if Coinbase, Robinhood listings go through
Fintech6 days ago
US Tennis Player Serena Williams’ VC Firm Leads Ugandan Fintech’s $12.3 Million Pre-Series A Funding Round
Doctoral Scholarship6 days ago
The University Of Tokyo Scholarship In Japan 2023 | Fully Funded
Altcoins4 days ago
ETC investors on the fence will be pleased to read this about the altcoin
Altcoins5 days ago
Buyer confidence wanes as Axie Infinity [AXS] drops below $13
Celsius investors5 days ago
Celsius: A look into the crypto lender’s ex-CEO may solve the bankruptcy puzzle
Ethereum5 days ago
Ethereum’s post-Merge blues: Will ETH finally be able to get out of it?