Various financial powerhouses in the industry are supporting the launch of a brand new crypto exchange, according to WSJ. Citadel Securities, Fidelity Investments, and Charles Schwab Corp are included in the launch group for EDX Markets.
The launch of EDX Markets is another step towards more digital assets and cryptocurrency interest on Wall Street. Other backers of the new exchange include high-speed trading firm Virtu Financial Inc. and venture-capital firms Sequoia Capital and Paradigm.
In a recent press release, EDX says that it will “aim to serve both individual and institutional investors.” EDX will also be separated from the financial firms aiding in its launch, operating as its own entity. This will “remove significant conflicts of interest that affect existing cryptocurrency exchanges,” according to EDX.
Additionally, the technology that the exchange will operate on will be provided by Members Exchange (MEMX). MEMX was founded in 2019 by some of the firms that will back the upcoming EDX Market launch, including Citadel Securities, Fidelity, Schwab, and Virtu.
The new exchange’s CEO will be Jamil Nazarali, who was previously an executive with Citadel Securities. An expected launch date for the EDX Markets exchange has yet to be announced. When one releases we will update you here.