EDX Markets launched on June 20, 2023, as a crypto trading platform that builds on the best practices established in traditional finance, providing customers with a non-custodial model that mitigates conflicts of interest. PHOTO BY MAXIM HOPMAN/UNSPLASH
EDX Markets launched on June 20, 2023, as a crypto trading platform that builds on the best practices established in traditional finance, providing customers with a non-custodial model that mitigates conflicts of interest.
CEO Jamil Nazarali will be speaking at Zenger News’s Future of Digital Assets event in New York City on Nov. 14 and will share his informed perspective on the way traditional finance practices are helping to create more trusted and reliable exchange services for users.
At launch, EDX supported trading for Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Litecoin (CRYPTO: LTC), and Bitcoin Cash (CRYPTO: BCH). EDX offers a retail-only quote to the crypto markets, allowing users to leverage the better pricing of retail-originated orders.
The launch followed the closing of a round of funding, which included strategic investors such as Miami International Holdings, DV Crypto, GTS, GSR Markets LTD and HRT Technology, in addition to founding investors, such as Charles Schwab, Citadel Securities, Fidelity Digital Assets and Sequoia Capital.
At the time of launch, Nazarali said: “EDX’s ability to attract new investors and partners in the face of sector headwinds demonstrates the demand for a safe and compliant cryptocurrency market.”
EDX plans to launch EDX Clearing later this year to settle trades matched on EDX Markets. The clearinghouse will facilitate trades against a central counterparty, allowing participants to benefit from price competition and reduced settlement risks.
In June, EDX chose Anchorage Digital Bank as its custody provider, a move that continues to place EDX at the nexus of digital assets and traditional finance, providing the benefits of both for customers.
“As the only federally chartered crypto bank in the US, Anchorage Digital Bank is the ideal partner to support EDX’s build of a robust and compliant clearinghouse business. Anchorage Digital has proven that separating custody and exchange functions for institutions isn’t just possible, it’s essential.”
EDX’s decision to incorporate the reliability of traditional finance with the boundless opportunities of a growing digital asset class is a solid way to manage the challenges in public perception toward crypto exchanges. Those misgivings will likely be top-of-mind for retail investors as Sam Bankman-Fried, the disgraced founder of FTX (CRYPTO: FTT), is on trial in New York.
Before joining EDX, Nazarali served in several roles at Citadel Securities, including as global head of Business Development and head of Citadel Execution Services. He was the global head of Electronic Trading at Knight Capital Group and worked as a management consultant at Ernst & Young and Bain & Company. ​
Produced in association with Benzinga
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