A consortium of Wall Street giants announced the launch of Edx Markets, a new crypto exchange for retail and institutional clients.
- Charles Schwab, Citadel and Fidelity present EDX Markets.
- It is available for institutional and retail clients
- Wall Street reiterates its interest in crypto, despite the drop.
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A group of financial titans is launching its own platform for trading digital currencies, a sign of Wall Street’s renewed interest in the sector, even amid falling market prices.
In a Press release this Tuesday, charles schwab, Citadel Securities Y Fidelity Digital Assets officially announced their cryptocurrency exchange: EDXMarkets. The companies Paradigm, Sequoia Capital Y Virtu Financial they are also part of the consortium and expect other reputable firms to join over time.
The platform combines blockchain technology with “the best practices of traditional financial markets” to serve the growing demand for cryptocurrencies among both retail and institutional clients.
“EDX Markets (EDXM) [es] the first exchange of its kind that will address the latent demand for digital asset trading by enabling secure and compliant trading of digital assets through trusted intermediaries“, says the statement.
EDXM will enable a highly liquid cryptocurrency ecosystem that aggregates liquidity from multiple market makers to reduce spreads and improve transparency.
Financial giants launch EDXMarkets
The exchange will be directed Jamil Nazaraliformer senior executive of Citadel Securities who will serve as CEO of EDXM. David Forman, former legal director of Fidelity Brokerage Services and general counsel to Fidelity Digital Assets (the cryptocurrency business of fidelity), will be the new general advisor of the platform.
MEMXa market operator founded in 2019, will provide the technological infrastructure for the exchange. MEMX was founded by Bank of America, Merrill Lynch and several other firms, among which are some of the creators of the new edxm; included charles schwab Y Citadelone of the largest in the US stock market.
The consortium highlighted in the statement that the launch seeks to respond to the growing interest of investors in the new asset class. They promoted to EDXM as a “secure entry point to cryptocurrencies“ while becoming the preferred digital asset exchange among institutional clients.
[Las criptomonedas] are a $1 trillion global asset class with over 300 million participants and cumulative demand of millions more. Unlocking this demand requires a platform that can meet the needs of both retail traders and institutional investors with high standards of compliance and security.
The launch comes after a report teased the financial giants’ plans in June. At that moment, CoinDesk He reported that charles schwab, Fidelity, Citadel and others were collaborating to develop a “ecosystem” cryptocurrency trading. Although the reports estimated that the platform would be ready by the end of the year or the beginning of 2023.
The news also comes amid recent rumors that fidelity will start offering digital currency services to retail users. A report of Wall Street Journal yesterday which, citing sources familiar with the matter, confirmed the move and so did reputable investor Mike Novogratz; although the company has not made any official announcement.
a few weeks ago, black rockthe world’s largest asset manager, strengthened its efforts in the sector with a partnership with coinbase which will allow its institutional clients to trade and hold cryptocurrencies. The moves come as the crypto market has plunged more than 60% from its all-time highs in November of last year.
Article by Hannah Estefanía Pérez / DailyBitcoin
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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.