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- EDX Markets announced that it intends to launch EDX Clearing to settle trades matched on EDX Markets.
- The exchange recently closed a funding round that included Miami International Holdings, DV Crypto, GTS, GSR Markets LTD, and HRT Technology.
The cryptocurrency market in the United States has suddenly taken a different perspective after the SEC charged Binance and Coinbase Global with listing unregistered securities and several institutional investors announced their venture into the industry.
Notably, the move by BlackRock, the largest investment management firm with nearly $10 trillion in AUM, to file for a Bitcoin ETF and expose its investors to the crypto market has helped Bitcoin price rally above $28k again. And now, the Bitcoin dominance is headed towards 51 percent with the total crypto market capitalization up more than 5 percent today.
EDX Launches To Compete With Coinbase and Binance
On June 20, EDX Markets (EDX) was described as the first-of-its-kind digital asset marketplace designed to enable safe and compliant trading of digital assets through trusted intermediaries launched. Backed by key investors, EDX Markets intends to compete with other top crypto exchanges including Binance, and Coinbase which controls the lion’s share.
EDX’s ability to attract new investors and partners in the face of sector headwinds demonstrates the strength of our platform and the demand for a safe and compliant cryptocurrency market.
said Jamil Nazarali, CEO of EDX and continued saying:
We are committed to bringing the best of traditional finance to cryptocurrency markets, with an infrastructure built by market experts to embed key institutional best practices. With the endorsement of our new and growing list of investors and customers, we’re proud to launch trading and look forward to further enhancements to our offering.
The company announced that it intends to launch EDX Clearing to settle trades matched on EDX Markets. By providing a single settlement process, the EDX Clearing platform intends to provide an unparalleled operational efficiency that is competitive to customers.
Notably, the EDX Markets exchange is backed by a consortium of major financial institutions thus assuring traders of deep liquidity on the crypto assets traded. According to the announcement, some of the digital assets traded on the EDX Markets include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
The announcement of the EDX Clearing platform comes after the company closed its funding round led by Miami International Holdings, DV Crypto, GTS, GSR Markets LTD, and HRT Technology. The investors joined a coalition of founding investors, including Charles Schwab, Citadel Securities, Fidelity Digital AssetsSM, Paradigm, Sequoia Capital, and Virtu Financial.
Market Outlook
The launch of EDX Markets is meant to give the crypto market a vote of confidence after the FTX collapse significantly tarnished its outlook. More institutional money is expected to proliferate the industry in the coming years with a regulatory framework in place. Less arguably, the total crypto market could overtake the precious metal industry in the coming years as the adoption of digital assets goes mainstream.
