Loading… Loading… Loading…
EDX Marketslaunchedon June 20, 2023, as a crypto trading platform that builds on the best practices established in traditional finance, providing customers with a non-custodial model that mitigates conflicts of interest.
CEO Jamil Nazaraliwill be speaking atBenzinga's Future of Digital Assetseventin New York City on Nov. 14and will share his informed perspective on the way traditional finance practices are helping to create more trusted and reliable exchange services for users.
At launch, EDX supported trading forBitcoinBTC/USD ,EthereumETH/USD ,LitecoinLTC/USD , andBitcoin CashBCH/USD . EDX offers a retail-only quote to the crypto markets, allowing users to leverage the better pricing of retail-originated orders.
The launch followed the closing of around of funding, which included strategic investorssuch asMiami International Holdings,DV Crypto,GTS,GSR Markets LTDandHRT Technology, in addition to founding investors, such asCharles Schwab,Citadel Securities,Fidelity Digital AssetsandSequoia Capital.
At the time of launch, Nazarali said: "EDX's ability to attract new investors and partners in the face of sector headwinds demonstrates the demand for a safe and compliant cryptocurrency market."
EDX plans to launch EDX Clearing later this year to settle trades matched on EDX Markets. The clearinghouse will facilitate trades against a central counterparty, allowing participants to benefit from price competition and reduced settlement risks.
In June, EDX chose Anchorage Digital Bank asits custody provider,a move that continues to place EDX at the nexus of digital assets and traditional finance, providing the benefits of both for customers.
"As the only federally chartered crypto bank in the US, Anchorage Digital Bank is the ideal partner to support EDX's build of a robust and compliant clearinghouse business. Anchorage Digital has proven thatseparating custody and exchange functions for institutions isn't just possible, it's essential."
EDX's decision to incorporate the reliability of traditional finance with the boundless opportunities of a growing digital asset class is a solid way to manage the challenges in public perception toward crypto exchanges. Those misgivings will likely be top-of-mind for retail investors as Sam Bankman-Fried, the disgraced founder ofFTXFTT/USD , is on trial in New York.
Before joining EDX, Nazarali served in several roles atCitadel Securities, including as global head of Business Development and head of Citadel Execution Services. He was the global head of Electronic Trading atKnight Capital Groupand worked as a management consultant atErnst & YoungandBain & Company.?
Read Next:Meet Crypto And Blockchain Expert Michael Casey At Benzinga's Future Of Digital Assets Event
Meet and engage with transformativeDigital Asset and Cryptobusiness leaders and investors at Benzingas exclusive event:Future of Digital Assets. Tickets are flying:Get yours!Loading… Loading… Loading…