Digital Asset Platform EDX Markets Begins Trading and Completes New Funding Round
EDX Markets provides a trusted, efficient, and liquid cryptocurrency trading experience
EDX to launch new clearinghouse business later this year to provide members with the most competitive and capital efficient market through a single settlement process
New EDX funding round welcomes additional strategic investors to accelerate platform development and market expansion
HOBOKEN, N.J., June 20, 2023--(BUSINESS WIRE)--EDX Markets (EDX), the first-of-its-kind digital asset marketplace designed to enable safe and compliant trading of digital assets through trusted intermediaries, today announced the successful launch of its digital asset market and the completion of an investment round with new equity partners.
Already backed by a consortium of major financial institutions, EDX has opened trading as the crypto marketplace of choice for industry leaders and builds on best practices from traditional finance to provide customers with distinctive benefits including liquidity, competitive quotes and a unique, non-custodial model designed to mitigate conflicts of interest. EDX also introduced a retail-only quote to the crypto markets, allowing participants the benefit of better pricing for retail-originated orders. Products traded on EDX include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH).
Later this year, EDX will launch EDX Clearing to settle trades matched on EDX Markets. The clearinghouse will facilitate trades against a central counterparty, allowing participants to benefit from enhanced price competition and reduced settlement risks, while increasing operational efficiencies.
EDX’s launch and the announcement of EDX Clearing come as the company recently closed a new funding round that welcomed additional strategic investors, including Miami International Holdings, DV Crypto, GTS, GSR Markets LTD, and HRT Technology. These firms join a coalition of founding investors, including Charles Schwab, Citadel Securities, Fidelity Digital AssetsSM, Paradigm, Sequoia Capital, and Virtu Financial. The new funding will support EDX as it continues to develop its trading platform and solidifies its market leadership position.
"EDX’s ability to attract new investors and partners in the face of sector headwinds demonstrates the strength of our platform and the demand for a safe and compliant cryptocurrency market," said Jamil Nazarali, CEO of EDX. "We are committed to bringing the best of traditional finance to cryptocurrency markets, with an infrastructure built by market experts to embed key institutional best practices. With the endorsement of our new and growing list of investors and customers, we’re proud to launch trading and look forward to further enhancements to our offering. Looking ahead, EDX Clearing will be a major differentiator for EDX -- and resolve an unmet need in the market – by enhancing competition and creating unparalleled operational efficiency through a single settlement process."
View source version on businesswire.com: https://www.businesswire.com/news/home/20230620110605/en/
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