thecoinrise.com
The launch of the crypto platform EDX Markets (EDXM) was announced by a collection of top venture capital firms and broker-dealers. Big names in finance, including Citadel Securities, Fidelity Digital Assets, Charles Schwab, Sequoia Capital, Paradigm, and Virtu Financial, supported the launch.
Major market players including Citadel Securities and Virtu Financial joined hands with retail brokerage firm Fidelity Investments and financial services company Charles Schwab to bring a “efficient, transparent, and secure” crypto exchange platform, “with agreed-upon standards and best practices.”
EDXM promotes transparency and efficiency
The recent press release, their idea comes to fruition with the launch of EDXM, which enables “a highly liquid cryptocurrency ecosystem that aggregates liquidity from multiple market makers to reduce spreads and improve transparency.”
Moreover, the announcement reveals that a member-owned equities trading platform (MEMX) will offer the technology infrastructure for the newly-introduced exchange. The announcement reads:
“MEMX, an innovative, customer-centric market operator founded in 2019, will provide the technology infrastructure for EDXM. Using scalable exchange architecture purpose-built by MEMX to extend across a range of markets, EDXM will meet the needs of the world’s largest and most sophisticated financial institutions as well as those of retail investors.”
The staff at EDXM includes several well-known figures in the finance industry. Jamil Nazarali, the company’s chief executive, formerly worked as global head of business development at Citadel Securities, while general counsel David Forman previously held the position of chief legal officer at Fidelity Brokerage Services.
When examining Fidelity Digital Assets, it is important to note that its parent business, Fidelity Investments, has a pro-cryptocurrency stance.
It made it possible for investors to include bitcoin in their 401(k) retirement plans earlier this year. Dave Gray, the company’s head of workplace retirement programmes and platforms, stated at the time that the decision was made as the organisation believes blockchain technology and digital assets would play a significant part in the future of the financial industry.