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Amidst Regulatory Scrutiny, Institutional-backed EDX Markets Launches Non-Custodial Exchange
CNBC | Tanaya Macheel | Jun 20, 2023
Image: Freepik/pikisuperstar
EDX Markets, a new crypto exchange backed by industry heavyweights like Charles Schwab and Fidelity Digital Assets, has officially launched, offering trading in Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
- Launch of EDX Crypto Exchange:
- Backed by financial giants like Charles Schwab, Fidelity Digital Assets, and Citadel Securities, EDX Markets has officially launched its crypto exchange.
- Offering trading in Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, this institution-only exchange aims to reshape the digital asset landscape amid the heightened scrutiny of the sector in the U.S. The introduction of this exchange comes at a crucial time, following the collapse of FTX and the increasing regulatory pressure on other crypto firms like Binance and Coinbase.
See: From Collapse to Reinvention: The Emergence of a Decentralized Crypto Banking Ecosystem
- Non-custodial Model:
- Differentiating itself from the pack with a non-custodial model, EDX works with a third-party custodian, enhancing security and trust for institutional investors amid the heightened scrutiny of the crypto sector in the U.S.
- Despite the crypto market's tumultuous journey in 2022, the launch of EDX, along with BlackRock's application to introduce the first spot Bitcoin ETF, underscores the enduring institutional interest in cryptocurrencies."
- This model intends to address concerns around misuse of funds and provide a layer of security to institutions that remain curious yet skeptical about centralized crypto services providers.
- Institutional Interest in Crypto:
- Despite the regulatory uncertainties and the crypto industry's challenges in 2022, the launch of EDX signifies that institutional interest in the crypto market remains robust. This is further corroborated by BlackRock's recent application to launch the first spot Bitcoin exchange-traded fund in the U.S., signaling long-term institutional interest in the crypto industry.
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