In a Twitter post by MEMX, it stated: “MEMX is pleased to share that new digital asset exchange EDX Markets (EDXM) will be leveraging MEMX trading technology infrastructure to support secure, fast, and efficient cryptocurrency trading for U.S. retail and institutional investors.”
A group comprising the biggest names in the finance sector is set to create a new cryptocurrency exchange called EDXM exchange. The firms in question include Charles Schwab, Fidelity Digital Assets, Citadel Securities, Paradigm, Virtu Financial, and Sequoia Capital.
The creation of EDXM stems from the need for compliance and security of crypto assets. It will be the first-of-its-kind exchange, enabling investors to experience a safer, faster, and more efficient crypto exchange.
EDX Markets (EDXM) will offer digital assets trading through trusted intermediaries and provide services to institutional and retail investors by giving them a “safe entry point.”
EDXM will be incorporating technology built by The Members Exchange (MEMX), which the same founding firms established in 2019.
In a tweet by the stock exchange,
“MEMX is pleased to share that new digital asset exchange EDX Markets (EDXM) will be leveraging MEMX trading technology infrastructure to support secure, fast, and efficient cryptocurrency trading for U.S. retail and institutional investors.”
The exchange will also ensure that trades on a blockchain are settled through a network of digital custodians. EDXM also promises “a highly liquid cryptocurrency ecosystem that aggregates liquidity from multiple market makers to reduce spreads and improve transparency.”
The EDXM board of directors has been set up, and it comprises members of the respective founding firms. Jamil Nazarali, former global head of business development in Citadel Securities, was appointed as the CEO of the new crypto exchange.
In a comment by the new board of directions,
“Crypto is a $1 trillion global asset class with over 300 million participants and pent-up demand from millions more. Unlocking this demand requires a platform that can meet the needs of both retail traders and institutional investors with high compliance and security standards.”
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