- A group of financial giants have partnered to launch a bitcoin and cryptocurrency exchange.
- Participants include Fidelity, Citadel Securities and Charles Schwab.
- Transactions will be settled on-chain at low cost.
According to a press release, a consortium of financial giants including Charles Schwab, Citadel Securities and Fidelity Digital Assets has launched a bitcoin and cryptocurrency exchange.
EDX Markets (EDXM) is meant to operate as a powerhouse exchange backed by the liquidity of older financial institutions. As previously reported by Bitcoin Magazine, other notable contributors to the venture include Paradigm, Sequoia Capital, and Virtu Financial.
Jameel Nazrali, CEO of EDX Markets, said, “We look forward to welcoming additional participants to the exchange to continue trading in this important asset class while creating a good cycle of continuously increased liquidity and efficiency backed by MEMEX’s state-of-the-art technology. Will take it forward.” and former Global Head of Business Development at Citadel Securities.
MEMX is a market operator established in 2019 with a special focus on technical infrastructure. The infrastructure provider was selected by EDXM to create a scalable solution that would enable the exchange to operate in multiple markets for both institutional and retail investors.
Additionally, the release states that by leveraging multiple partners for custodial and security services, EDXM transactions will be “purified and settled on the blockchain.”
“Crypto is a $1 trillion global asset class with over 300 million participants and millions of people have lost their demand,” said EDXM’s board of directors.
“Unlocking this demand requires a platform that can meet the needs of both retail traders and institutional investors with high compliance and security standards,” the board concluded.