Wall Street Giants Plan to Launch Crypto Exchange - There was information spreading on Twitter yesterday (Sep 13) that some Wall Street giants would join hands to launch a crypto exchange called EDX Markets (EDXM).

    According to information posted on Twitter, EDX Markets (EDXM), backed by top global institutions including Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial, will offer services only to US users and organizations.

    EDX Markets claims to leverage the best technologies from the founding institutions, along with experiences gained on the traditional financial markets to provide a safe and efficient exchange for digital assets.

    “EDXM will enable a highly liquid cryptocurrency ecosystem that aggregates liquidity from multiple market makers to reduce spreads and improve transparency. This commitment to price discovery and efficiency is expected to result in better prices for investors than those offered by existing cryptocurrency exchanges”.

    The management team includes CEO Jamil Nazarali – former global head of business development at Citadel Securities, CTO Tony Acuña-Rohter – former CTO of ErisX derivatives exchange, and legal advisor David Forman – former Chief Legal Officer at Fidelity Investments. However, the launch date or products and cryptocurrencies supported by EDXM have not been revealed. 

    This is the biggest move to hit the crypto space of Wall Street giants in the past few months. Previously in August, asset manager BlackRock announced partnership with Coinbase to provide clients with direct Bitcoin exposure. Another giant, Fidelity, also lets users buy crypto via their brokerage accounts earlier this week.

    The US is a potential country for crypto trading with many well-known names in the industry such as Coinbase or FTX. However, the biggest obstacle here is the legal barrier, which is quite strict and often changes unpredictably.

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