The launch of a new juggernaut? – As regulation rages in the United States, new initiatives continue to emerge. Announced several months ago, a new exchange platform named EDX Markets should officially launch this Tuesday, June 20, according to the Wall Street Journal. Several traditional finance giants support this new actor.
Citadel Securities, Fidelity Investments and Charles Schwab at the helm
While Binance and Coinbase suffer the wrath of the SEC in the United States, EDX Markets could well take advantage of it to make its nest. The young crypto-stock market indeed benefits from significant support: Citadel Securities, Fidelity Investments, Charles Schwab or Paradigm et Sequoia Capital. Between them, these powerful sponsors have trillions of dollars in assets under management.
At launch, EDX Markets is expected to offer trading services for four cryptocurrencies: Bitcoin, Ethereum, Litecoin et Bitcoin Cash. Unlike traditional platforms, EDX Markets should work like a non-custodial entityto alleviate concerns about security of funds.
Thus, the platform will not directly manage the assets of its customers. Conversely, it should function as a market where participating companies will use EDX to price transactions. Alongside this, EDX Markets is also expected to launch a clearinghouse to facilitate the trade settlement process.
The launch of EDX Markets demonstrates Wall Street’s continued interest for the cryptocurrency market, despite the regulatory challenges imposed by the SEC. Recently, the giant BlackRock had also made a resounding announcement with the filing of a Bitcoin ETF application with the SEC.
