A consortium of Wall Street giants have announced the launch of EDX Markets, a new cryptocurrency exchange for retail and institutional clients.
- Charles Schwab, Citadel y Fidelity presentan EDX Markets.
- It is available for institutional and retail clients
- Wall Street reiterates its interest in crypto, despite the fall.
A group of financial titans is launching its own platform a place to buy, sell and store cryptocurrency for trading digital currencies, a sign of Wall Street’s renewed interest in the sector even amid the market’s price pullback.
In a press release this Tuesday, Charles Schwab , Citadel Securities yFidelity Digital digital technologies are these electronic tools that have the ability to generate, store or even process data. Assets officially announced their cryptocurrency exchange: EDX Markets . The companies Paradigm, Sequoia Capital capital is most commonly defined as the large sum of money you would use to invest. y Virtu Financial are also part of the consortium and expect other reputable firms to join over time.
The platform combines blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. technology with “ best practices of traditional financial markets “to meet the growing demand for cryptocurrencies among both retail and institutional clients.
“ EDX Markets (EDXM) [is] the first exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. of its kind that will address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. the latent demand for digital asset trading by enabling the secure and compliant trading of digital assets through trusted intermediaries. “, the statement said.
EDXM will enable a highly liquid cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. ecosystem that aggregates liquidity how easily a cryptocurrency can be bought and sold without impacting the overall market price. from multiple market an area or arena, online or offline, in which commercial dealings are conducted. makers to reduce spreads and improve transparency .
Financial giants launch EDX Markets
The exchange will be conducted Jamil Nazarali former senior executive of Citadel Securities who will serve as CEO of EDXM. David Forman, ex director legal de Fidelity Brokerage Services and general advisor to Fidelity Digital Assets (the cryptocurrency business of Fidelity ), will be the platform’s new general counsel.
MEMX a marketplace 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 Citadel one of the largest in the U.S. stock market.
The consortium stressed in the statement that the launch seeks to respond to growing investor interest in the new asset class. They promoted EDXM as a “ secure entry point to cryptocurrencies “ while becoming the preferred digital asset exchange among institutional clients.
[Cryptocurrencies] are a $1 trillion global asset class with over 300 million participants and pent-up demand for 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 previewed the financial giants’ plans in June. At the time, CoinDesk reported that Charles Schwab , Fidelity, Citadel and others were collaborating to develop a “ecosystem” cryptocurrency trading . Although reports estimated that the platform would be ready by the end of the year or early 2023.
The news also comes amidst recent rumours thatFidelitywill begin offering digital currency currency is a medium of exchange that defines value. services to retail users. A report by Wall Street Journal yesterday which, it quoted sources familiar with the matter, confirmed the movement and so did reputed investor Mike Novogratz; although no official announcement has been made by the company.
A few weeks ago, BlackRock the world’s largest asset manager, strengthened its efforts in the sector with a partnership with Coinbase is an American company that operates a cryptocurrency exchange platform. which will allow its institutional clients to trade and custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. cryptocurrencies. The moves come as the cryptomarket has plunged more than 60% from its all-time highs in November last year.
- Fidelity launching Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. retail “would be the most bullish thing,” says Mike Novogratz
- MicroStrategy contemplates selling shares to add more Bitcoin to its stockpile
- Billionaire asset manager Stone Ridge to shut down its Bitcoin fund
Article by Hannah Estefania Perez / DiarioBitcoin
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