During the first half of September, 2022, a consortium of financial market giants—Fidelity, Charles Schwab and Citadel Securities—announced the launch of EDX Markets (EDXM). It was said to be the first of its kind crypto exchange with several unique specifications making it standing apart from the rest of the entities.
One of the most prominent reasons for EDX Markets to become popular is due to its founding entities. Rarely financial giants like Fidelity, Schwab and Citadel come together and bring something revolutionary like this time. EDXM needed to prove its utility to stay relevant within the crypto space though.
No Significant Role of Fidelity, Schwab or Citadel
According to the press release, EDX Markets is created while focusing on crucial requirements of regular crypto space. This includes enhancing security issues related to customers and their assets. Additionally, maintaining conformity with the regulations also acts as priority for the crypto exchange. Although the giants like Fidelity and Schwab are behind it, the firm is said to work independently on its own, ensuring multiple partnerships in future.
Independent nature of EDXM would also restrain the firm from the possibility of conflicts of interest. The firm will ensure to eliminate this by keeping the responsibilities of operating the platform and entities trading over it separate, it added.
Despite being a new player within the space, EDXM has both direct and indirect advantages. The crypto exchange ensures relatively better prices and services than any other crypto exchange in the space. EDXM would ensure this by creating high liquidity crypto ecosystems which depend upon different market makers to maintain high liquidity.
Meanwhile, comparatively cheap and safest means of crypto investment makes EDMX a considerable contender in the exchange space. The trust of giant players like Fidelity and Schwab are already backing the firm, which eliminates any other inferiority and skepticism.
Source: https://www.thecoinrepublic.com/2022/09/27/fidelity-schwab-backed-crypto-exchange-edx-markets/