EDX Markets: Exchange Supported by Multiple Wall Street Firms Commences Operations

Abstract:

• Despite regulatory pressure in the US, cryptocurrency exchange EDX Markets, supported by Wall Street, completed its first trades.
• By adapting features of conventional banking to digital currencies, EDX prioritizes regulatory compliance and reduces potential for conflicts of interest.
• EDX is gaining new investors and partners in the vital sector as it works to provide a secure and regulated platform for institutional investors.

Despite recent regulatory pressures in the United States, some institutions are not abandoning cryptocurrencies, as evidenced by the launch of cryptocurrency exchange EDX Markets on Tuesday, which is supported by major Wall Street corporations like Charles Schwab, Citadel Securities, and Fidelity Digital Assets.

EDX Markets’ mission is to translate traditional financial concepts into the cryptocurrency market with an eye toward regulatory compliance and minimizing conflicts of interest. Additionally, EDX declared the completion of a fresh fundraising round that included GSR Markets and Miami International Holdings.

CEO Jamil Nazarali of the exchange said in a statement that institutional investors prefer more traditional methods of entering the cryptocurrency market.

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Despite industry challenges, he believes that EDX’s success in attracting new investors and partners is proof of the need for a regulated cryptocurrency market. We are dedicated to introducing sound, established financial practices into the bitcoin sector.

The infrastructure needed by Wall Street banks to enter the space has been established by EDX, as Halborn Security’s COO David Schwed says. Numerous B2B ventures have found that building relationships with established businesses as suppliers pays dividends.

“They’re building the plumbing, middleware, and technology to deliver that,” he said to Decrypt. So, in my opinion, this is the best time to construct. For the simple reason that this sort of technology is going to be required by anyone ventures into space and wishes to construct on the regulated endpoints.

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The first EDX trades occur just as the Securities and Exchange Commission (SEC) prepares to crack down on big players in the cryptocurrency market, including Binance and Coinbase. BlackRock, the world’s largest asset management, has launched an attempt to establish the first US spot Bitcoin ETF. It appears that EDX will facilitate Wall Street’s participation in the dynamic crypto war.

CEO and inventor of MicroStrategy Michael Saylor tweeted that “the window to get ahead of institutional demand for Bitcoin is closing,” citing EDX and joining the chorus of crypto analysts who see signs of effort from Wall Street. concerted.

Unlike other major cryptocurrency exchanges, EDX only allows investors to trade in Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. According to data provided by CoinGecko, 67% of the whole cryptocurrency market is tokens.

It’s probably intentional to have such short lists. SEC Chairman Gary Gensler has said that “everything but Bitcoin” is a security, and the agency has recently sued Binance and Coinbase, seizing several of the industry’s major cryptocurrencies.

A significant US market maker owned by entrepreneur Ken Griffin, Nazarali was previously the worldwide head of business development at Citadel Securities before joining EDX. Griffin is well-known for his violent response to a group of DAO members who attempted to purchase a copy of the US Constitution at a Sotheby’s auction.

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