{"id":25449,"date":"2023-06-21T09:14:06","date_gmt":"2023-06-21T13:14:06","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/new-crypto-exchange-edx-backed-by-citadel-securities-fidelity-schwab-starts-operation\/"},"modified":"2023-06-21T09:14:07","modified_gmt":"2023-06-21T13:14:07","slug":"new-crypto-exchange-edx-backed-by-citadel-securities-fidelity-schwab-starts-operation","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=25449","title":{"rendered":"New crypto exchange EDX backed by Citadel Securities, Fidelity, Schwab starts operation"},"content":{"rendered":"
\n

A new crypto exchange backed by several Wall Street heavyweights such as Charles Schwab
\n SCHW,
\n -0.86%<\/bg-quote>,<\/span>
\n Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial, has started operation.\u00a0<\/p>\n

The exchange, called EDX Markets, was launched in September. It currently allows trading of bitcoin
\n BTCUSD,
\n +2.82%<\/bg-quote>,<\/span>
\n ether
\n ETHUSD,
\n +1.85%<\/bg-quote>,<\/span>
\n Litecoin
\n LTCUSD,
\n +4.62%<\/bg-quote>
\n and Bitcoin Cash
\n BCHUSD,
\n +18.03%<\/bg-quote>,<\/span>
\n according to a statement Tuesday.\u00a0<\/p>\n

\n

EDX is a \u201cnoncustodial\u201d exchange, meaning it doesn\u2019t directly deal with its customers\u2019 cryptocurrencies, the Wall Street Journal reported. Instead, EDX operates a exchange where firms agree to execute trades of crypto and dollars, while using the platform to agree on prices. Then the firms move crypto and cash between each other to settle the trades. <\/p>\n

EDX will launch a clearing house to settle trades later this year, the company said.\u00a0Still, even then the company plans to use third-party banks and a crypto custodian to hold customer assets, the Wall Street Journal reported. <\/p>\n

In contrast, most centralized crypto exchanges require their customers to park their cash and coins in wallets run by the exchanges.<\/p>\n

The move comes after the Securities and Exchange Commission recently sued both crypto exchanges Binance and Coinbase
\n COIN,
\n +2.70%<\/bg-quote>.<\/span>\n <\/p>\n

SEC chairman Gary Gensler has repeatedly said most crypto are securities and should fall into the agency\u2019s jurisdiction, while bitcoin is the only crypto he is comfortable labelling as a commodity.\u00a0<\/p>\n

EDX has recently closed a new funding round, where the investors include Miami International Holdings, DV Crypto, GTS, GSR Markets LTD, and HRT Technology.\u00a0<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A new crypto exchange backed by several Wall Street heavyweights such as Charles Schwab SCHW, -0.86%, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial, has started operation.\u00a0 The exchange, called EDX Markets, was launched in September. It currently allows trading of bitcoin BTCUSD, +2.82%, ether ETHUSD, +1.85%, Litecoin LTCUSD, +4.62% and Bitcoin […]<\/p>\n","protected":false},"author":1,"featured_media":21730,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-25449","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nNew crypto exchange EDX backed by Citadel Securities, Fidelity, Schwab starts operation | iFintechWorld<\/title>\n<meta name=\"description\" content=\"A new crypto exchange backed by several Wall Street heavyweights such as Charles Schwab SCHW, -0.86%, Citadel Securities, Fidelity Digital Assets,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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