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HomeBTCCharles Schwab joins top financial institution to launch crypto exchange EDXM

Charles Schwab joins top financial institution to launch crypto exchange EDXM

The groups of some of the biggest financial institutions, including Charles Schwab and Fidelity Digital Assets, are joining together to create the EDXM exchange, which plans to offer “safer, faster, and more efficient cryptocurrency trading.”

Citadel Securities, Paradigm, Sequoia Capital, and Virtu Financial are some of the other investors in this venture. According to the announcement, it is anticipated that more market players would collaborate with EDXM after the introduction of the platform.

Jamil Nazarali, a former senior executive of Citadel Securities, will serve as the next Chief Executive Officer of the exchange. The article in the Wall Street Journal from the day before indicated that the investing behemoth located in Boston is considering whether or not to provide Bitcoin to its retail clients.

Mike Novogratz, CEO of Galaxy Digital, recently dropped a hint that Fidelity would go into the retail bitcoin trading business. Ken Griffin, founder of Citadel Securities, has been an outspoken sceptic of cryptocurrencies, but in recent months he has shown a greater willingness to embrace digital assets.

In addition, the exchange guaranteed “a highly liquid cryptocurrency ecosystem that combines liquidity from numerous market makers to minimise spreads and increase transparency.” Paradigm recently formed a partnership with FTX in order to provide spread trading for eight different cryptocurrencies.

What is an EDXM exchange?

According to the announcement released on Tuesday, it will be the “first-of-its-kind exchange” that would provide investors with “safer, quicker, and more efficient cryptocurrency trading.” The technology that was developed by stock exchange The Members Exchange will be used by the exchange (MEMX). The EDXM trading platform will use a blockchain and a network of digital custodians to settle deals. It said in a statement that the exchange will “eliminate severe conflicts of interest that affect current cryptocurrency exchanges by isolating responsibility for administering the exchange from the businesses trading on it.”

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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