Financial giants Charles Schwab, Fidelity Digital Assets, and Citadel Securities have officially launched trading in four crypto assets on the EDX Crypto Exchange, the company confirmed on Tuesday.
Institutional Interest and Regulatory Clarity
The announcement comes in the wake of BlackRock’s recent filing to launch the first spot bitcoin exchange-traded fund in the U.S. It signalled that long-term institutional interest in the crypto industry remains intact, despite the setbacks faced by FTX and other actors in 2022, as well as regulatory challenges this year.
To quell any concerns regarding fund misuse, EDX plans to operate as a “non-custodial” exchange. It will serve as a platform for a network of firms to execute and settle trades between crypto assets and fiat currencies.
This approach aims to meet the needs of major financial institutions that remain crypto-curious but skeptical of centralized crypto service providers due to the failures of many in 2022 and the regulatory uncertainty faced by the remaining players.
EDX Crypto Exchange Overlooks Expanded Funding and Prominent Investors
![EDX Crypto exchange allows trading of bitcoin, ether, litecoin, and bitcoin cash](https://blockchainbytesdaily.com/wp-content/uploads/2023/06/michael-fortsch-eqZfRHm0Uyo-unsplash-scaled.jpg)
In addition to the launch, the company revealed the successful closure of a second funding round. It attracted new investors such as Miami International Holdings, DV Trading, GTS, GSR, and Hudson River Trading. They are prominent players in the options-exchange and proprietary trading sectors.
The EDX Crypto exchange allows trading of bitcoin, ether, litecoin, and bitcoin cash, which were not included in the U.S. Securities and Exchange Commission’s lawsuits against Binance and Coinbase two weeks ago.
As EDX continues to expand, it plans to launch a clearinghouse business later this year. It is to facilitate the settlement process while maintaining the security of customer assets held at third-party banks and a crypto custodian.
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