A group of financial behemoths have partnered to launch a bitcoin and cryptocurrency exchange. Among the participants are Fidelity, Citadel Securities and Charles Schwab. Transactions will be settled on-chain at low-cost.
A coalition of financial titans including Charles Schwab, Citadel Securities, and Fidelity Digital Assets have launched a bitcoin and cryptocurrency exchange, per a press release.
EDX Markets (EDXM) is meant to serve as a powerhouse exchange backed by the liquidity of legacy financial institutions. Other notable contributors in the venture include Paradigm, Sequoia Capital and Virtu Financial, as Bitcoin Magazine previously reported.
“We look forward to welcoming additional participants to the exchange, which will drive ongoing trading in this important asset class while creating a virtuous cycle of continually enhanced liquidity and efficiency supported by MEMX’s cutting-edge technology,” said Jamil Nazarali, CEO of EDX Markets and former global head of business development at Citadel Securities.
MEMX is a market operator founded in 2019 with a special focus on technological infrastructure. The infrastructure provider was chosen by EDXM to build a scalable solution that will enable the exchange to operate within a multitude of 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 “netted and settled on the blockchain.”
“Crypto is a $1 trillion global asset class with over 300 million participants and pent-up demand from millions more,” 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.
