EDX Markets will offer “safer and faster” cryptocurrency trading. Today, a group of giant investment firms including Charles Schwab and Fidelity Digital Assets announced the launch a new cryptocurrency exchange.
Known as EDX Markets it will offer investors “faster, more efficient and safer cryptocurrency trading,” according to Tuesday’s statement . The technology used by the exchange is from stock exchange The Members Exchange (MEMX).
A more efficient and cost-effective way to trade digital assets
Citadel Securities, Paradigm and Sequoia Capital are also backers. According to the statement, other market participants will likely partner with EDXM after the launch. Jamil Nazarali (a former Citadel Securities senior executive) will be the exchange’s CEO.
The industry consortium’s intention is to create market infrastructure that allows for increased liquidity to facilitate a more efficient and cost-effective way to trade digital assets,” a Fidelity representative stated to Decrypt by email.
This news comes following a Wall Street Journal article yesterday that claimed the Boston-based investment firm is considering whether to offer Bitcoin for its retail investors.
It has been long believed that the world of digital assets is complex. Things like private keys and storage and custody are often a hindrance to traditional investors.
EDXM will be available to both institutional and retail investors, allowing them to “safely enter” into crypto, according today’s statement.
