Fr. Sep 22nd, 2023

• Wall Street-backed cryptocurrency exchange EDX has gone live, initially offering Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC).
• The platform promises competitive quotes, liquidity, and a non-custodial model to alleviate conflict of interests.
• Later this year, EDX Markets will launch a clearinghouse business to settle trades matched on its platform.

Wall Street-Backed Cryptocurrency Exchange EDX Goes Live

EDX Markets – a cryptocurrency exchange that received support from finance giants such as Fidelity Digital Assets, Charles Schwab, and Citadel Securities – has officially gone live. Initially, the platform will be offering four leading digital assets: Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). This development could be one of the reasons behind the recent surge in the cryptocurrency market.

Trading Begins on Platform

EDX Markets is “designed to enable safe and compliant trading of digital assets through trusted intermediaries” and opened trading on June 20th. The platform promised to employ best practices to provide their clients with “distinctive benefits” including competitive quotes, liquidity, and a non-custodial model established to reduce conflicts of interest. In addition, they assured that they are planning on launching a clearinghouse business later this year in order to settle trades matched on EDX Markets – however they will not act as custodians for customer assets but instead rely on third-party banks for such services.

Cryptocurrencies Soaring in Price

The news of EDX’s launch was likely one factor contributing towards the recent massive surge in the cryptocurrency market – with Bitcoin registering an 8% increase for the past 24 hours hovering at nearly $29k which is a six week high while Bitcoin Cash performed even better increasing by 25%.

Non-Custodial Model Benefits Customers

The non-custodial model employed by EDX means that customers don’t have their assets held directly by the exchange but rather stored securely in third-party banks which helps reduce potential conflicts of interest between customers and traders as well as provides more security for customer funds.

EDX Brings Confidence To Crypto Space

The backing from major players within traditional finance should help boost trust within investors who may have been apprehensive about getting involved with cryptocurrencies due to lack of trust or understanding surrounding them. With reputable actors entering into the space it should bring more confidence both financially and legally that crypto investments can be reliable options for those looking at diversifying their portfolios.

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