EDX Markets, a crypto exchange backed by a group of Wall Street titans, including Fidelity, Charles Schwab, and Citadel, among others, has announced that it will officially launch in November.
EDX Market Announces November Launch
The crypto exchange backed by trading titans and brokerage firms in the United States, EDX Markets (EDXM), is set to debut in November. The exchange is set to be the “first-of-its-kind” in centralized finance.
EDXM will be a highly liquid exchange, offering services to retail and institutional investors. The exchange will facilitate trading through trusted intermediaries, offering the best prices by aggregating liquidity from multiple market makers.
The exchange is backed by Wall Street heavyweights including Charles Schwab (SCHW), Citadel Securities, Fidelity Digital Assets, Virtu Financial (VIRT), Sequoia Capital, and Paradigm. However, it will operate as a completely autonomous entity.
Wall Street Goes Deeper
On Monday, we reported that Mike Novogratz said that Fidelity was planning to “shift retail customers into crypto.” The move was said to allow Fidelity’s 34 million individual brokerage customers to buy and trade bitcoin (BTC) via its online brokerage.
While Novogratz may have silently referred to EDX Market, it remains uncertain. EDX Markets will be led by Jamil Nazarali, a former senior executive at trading giant Citadel Securities.
On the Flipside
- Despite consistent efforts, the Securities and Exchange Commission (SEC) has continuously rejected bids to launch a Bitcoin spot ETF.
Why You Should Care
The launch of EDX Markets shows that Wall Street is ready to go deeper into crypto regardless of the ongoing crypto crisis.
Read about Fidelity’s Bitcoin plans below:
Read Mike Novogratz’s prediction for Bitcoin below: