- Three financial market Giants declared to begin the cryptocurrency exchange EDX market.
Global financial Giants Charles Schwab(SCHW), Fidelity Assets and Citadel Securities announced to begin the cryptocurrency exchange EDX Market, the latest evidence Wall Street is forging ahead in digital assets despite the crypto winter.
Jamil Nazarali will head the exchange, previously serving as a senior executive at Citadel Securities, a massive trading operation of Ken Graffin. Some other noteworthy EDX backers include trading companies like Virtu Financial(VIRT) and venture-capital firms Sequoia Capital and Paradigm.
It is believed that the news is followed by the news shared by BlackRock(BLK), a renowned and globally largest assets manager, which announced that it would allow its institutional clients to invest in cryptocurrencies.
EDX Market board of directors highlighted in his statement that “Crypto is a $1 trillion global asset class with over 300 million participants and pent-up demand from millions more.” Futhure mentioned, “Unlocking this demand requires a platform that can meet the needs of both retail traders and institutional investors with high compliance and security standards.”
The firm’s trading platform will be facilitated by Members Exchange(MEMX), a United States stock market owned by a consortium of financial firms, including a few EDX developers.
Earlier this year, in June, the group of these three financial giants, Fidelity Investments, Citadel Securities and Charles Schwab Corp, all collaborated on a new crypto trading platform.
Fidelity has been quite active when it comes to digital assets. Earlier, Fidelity got into a controversy by facilitating the crowned cryptocurrency Bitcoin (BTC) into its 401(k) accounts.
According to reports of TheCoinRepublic, Charles Schwab is a significant American financier, banking, and monetary administration organization. As per data from the Schwab site, Schwab Asset Management currently has more than $655 billion in resources under administration. It is the third biggest supplier of record common assets, and the fifth biggest supplier of trade exchange reserves.
Source: https://www.thecoinrepublic.com/2022/09/14/schwab-citadel-securities-fidelity-and-several-other-wall-street-companies-began-crypto-exchange-edx-market/