The exchange will operate with a combination of a tighter spread, proven technology by MEMX, and the best practices found in the traditional financial market to ensure that retail and institutional investors in the US experience fast, secure, and efficient crypto trading.
A consortium of Charles Schwab, Citadel Securities, and Fidelity Digital Assets have officially launched EDX Markets (EDXM), a digital asset exchange said to be a first-of-its-kind. According to reports, it will deploy trusted intermediaries to ensure that digital asset trading is done in a safe and compliant environment. The exchange will operate with a combination of a tighter spread, proven technology by MEMX, and the best practices found in the traditional financial market to ensure that retail and institutional investors in the US experience fast, secure, and efficient crypto trading.
The EDX Markets exchange has made several senior leadership hires. Jamil Nazarali, formerly Global Head of Business Development at Citadel Securities, is currently the Chief Executive Officer of EDXM. In a statement, Nazarali disclosed that more participants would be welcomed to the exchange.
“It is a privilege to lead EDXM as we build this exciting new trading ecosystem, and I am grateful for the participation, support, and guidance of our consortium members. 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,” he said.
As part of the decision to reduce the spread and improve efficiency, a highly liquid crypto ecosystem aggregating liquidity from market makers has been enabled. This effort could provide better prices to investors compared to other exchanges. To ensure that there is greater speed and efficiency while getting rid of expensive bilateral settlements, trades would be facilitated on the blockchain. Also, the responsibilities of operating on the exchange will be separated from the entities trading on it to drastically remove the conflict of interest.
EDXM’s Board of Directors also stated that the asset class has over 300 million participants and pent-up demand from millions more. To unlock and take advantage of this huge demand, it is important to introduce a platform that has high compliance and security standards for both retail and institutional investors.
“With MEMX-supported digital infrastructure that eliminates technological and organizational bottlenecks, EDXM will be a safe entry point to crypto and serve as the exchange of choice for trading digital assets on a platform designed for and used by leading financial institutions,” said the board of directors.
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