Citadel and Fidelity-backed EDX crypto exchange has gone live

June 20, 2023 09:47 PM AEST | By Invezz

Google News:

Citadel and Fidelity-backed EDX crypto exchange has gone live — Image source: Invezz

Recent News

Ro& by Armatec Global Appoints Former U.S. Air Force Lieutenant Genera...

Entergy Recognized as Civic 50 Honoree for the 10th Consecutive Year

Riot Platforms: Needham sees ’major opportunity’ in Corsicana

Archer Joins Transportation Secretary and Acting FAA Administrator To...

EDX, a new non-custodial cryptocurrency exchange, has gone live and is already executing orders for its clients. According to the Wall Street Journal, the company will make the official announcement about its operations later on Tuesday.

EDX is a company backed by some of the biggest players in Wall Street like Citadel Securities, Fidelity, and Schwab. Citadel Securities is the biggest market-maker in the United States while Citadel and Fidelity are large players in the brokerage industry.

EDX Markets is significantly different than other crypto exchanges like Coinbase and Binance. For one, it is offering cryptocurrencies like Bitcoin, Ether, Litecoin, and Bitcoin Cash. It has avoided the thousands of crypto tokens that the SEC believes are financial securities.

The other difference is that it is a non-custodial company, meaning that it does not handle customer funds directly. Instead., it is a marketplace where people can buy and sell cryptocurrencies amongst themselves. After agreeing, the company’s technology facilitates the movement of funds. EDX also plans to launch a clearinghouse later this year.

EDX is launching at a difficult time for the crypto market. The SEC has already sued companies like Coinbase and Binance, accusing them of offering illegal products in the US. At the same time, most cryptocurrencies are struggling to retest their all-time highs, which they hit in 2021.

By using a non-custodial approach, EDX aims to avoid the risks associated with holding customer funds. It will also avoid the risk of commingling customer funds, which played a part in the collapse of FTX. The SEC has accused Binance of commingling customer funds as well.

The post Citadel and Fidelity-backed EDX crypto exchange has gone live appeared first on Invezz.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.