In addition to Paradigm, Sequoia Capital, and Virtu Financial, other market players are anticipated to engage with EDXM over time, according to the organization.
According to a press release, EDX Markets “will satisfy latent demand for digital asset trading by facilitating safe and compliant trading of digital assets through trusted intermediaries.” “EDXM will provide a highly liquid cryptocurrency ecosystem that combines liquidity from different market makers in order to decrease spreads and enhance transparency. This dedication to price discovery and efficiency is anticipated to result in better pricing for investors than current cryptocurrency exchanges.”
The move coincides with a continuous drive by conventional financial institutions into digital assets, despite the price decline of cryptocurrencies over the previous year.
According to the board of directors of one cryptocurrency exchange, “Crypto is a $1 trillion global asset class with over 300 million members and pent-up demand from millions more.” For this requirement to be satisfied, a platform with robust compliance and security features is essential.
MEMX, a 2019-founded market operator, will supply the technological infrastructure for EDXM. Bank of America Merrill Lynch, Charles Schwab, and Citadel Securities, among others, formed MEMX.
Jamil Nazarali, formerly the global head of business development at Citadel Securities, will serve as CEO, while Tony Acua-Rohter, formerly the chief technical officer of ErisX until its purchase by Cboe Global Markets, will serve as CTO. Former Fidelity attorney David Forman assumes the role of general counsel.