A group of financial giants has launched a cryptocurrency and crypto exchange that can be settled on-chain, with legacy finance's liquidity backing.
- A group of financial giants has teamed up to create a cryptocurrency and bitcoin exchange.
- Fidelity Securities, Citadel Securities, and Charles Schwab are among the participants.
- Transactions can be done on-chain for a low cost.
According to a press release, a coalition of financial giants, including Charles Schwab and Citadel Securities, has launched a cryptocurrency and bitcoin exchange.
EDX Markets (EDXM), a powerful exchange, is intended to be backed by legacy financial institutions' liquidity. Paradigm and Sequoia Capital are also notable contributors to the venture, as Bitcoin Magazine reported previously. Virtu Financial is another notable contributor.
Jamil Nazarali (CEO of EDX Markets, former global head for business development at Citadel Securities) stated that "We look forward welcoming additional participants to exchange,".
MEMX, a market operator established in 2019, focuses on technological infrastructure. EDXM selected the infrastructure provider to create a scalable solution that will allow the exchange to operate in a variety of markets for institutional and retail investors.
The release also states that EDXM transactions can be "netted on the blockchain" by leveraging multiple security and custodial partners.
According to EDXM's board, "Crypto" is a global asset class worth $1 trillion with more than 300 million participants and a pent-up demand of millions more.
The board concluded that "unlocking this demand requires an online platform that can meet both institutional investors and retail traders' needs with high compliance standards and security standards."
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By: Shawn Amick
Title: Fidelity, Citadel Securities, Charles Schwab Launch Bitcoin, Crypto Exchange
Sourced From: bitcoinmagazine.com/business/fidelity-citadel-securities-charles-schwab-launch-crypto-exchange
Published Date: Tue, 13 Sep 2022 15:06:29 GMT
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