An institutional crypto exchange backed by Fidelity, Schwab, and Citadel Securities launches today An institutional crypto exchange backed by Fidelity, Schwab, and Citadel Securities launches today
EDX supports spot trading activities for only four cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.
2 min read
Updated: Jun. 28, 2023 at 1:13 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
EDX Markets, a non-custodial cryptocurrency exchange backed by Citadel Securities, Fidelity Investments, and Charles Schwab, is live as of today, June 20.
EDX differentiates itself from traditional crypto exchanges by not directly catering to retail investors as it focuses on institutional traders. Additionally, trading access is via API and does not offer a front-end or trading graphical user interface.
WSJ reported that it relies on retail brokerages to route investors’ transaction orders for cryptocurrencies to its marketplace.
EDX Chief Executive Jamil Nazarali reportedly said FTX’s failure had heightened demand for crypto exchanges that do not possess the inherent conflict of interest associated with storing customer funds.
EDX is not registered with the SEC, lists only four crypto assets
According to its website, EDX supports spot trading activities for only four cryptocurrencies— Bitcoin, Bitcoin Cash, Litecoin, and Ethereum—and is not registered with the U.S. Securities and Exchange Commission (SEC).
While none of EDX’s supported digital assets have been classified as securities by SEC, the new exchange could still run afoul of the regulatory authority with its lack of registration.
Under Chair Gary Gensler, the Commission has repeatedly advised crypto firms to “come in and register.” The regulator has also filed several enforcement charges against crypto firms for federal securities law violations and highlighted the noncompliance of crypto companies.
Gensler has maintained that existing securities laws adequately govern the digital assets space.
Wall Street firms remain interested in crypto
Meanwhile, the group of financial industry giants backing the exchange shows that Wall Street firms still have a massive appetite for the emerging industry despite the U.S. SEC’s approach.
Last week, BlackRock, one of the world’s largest asset managers, applied to create a spot Bitcoin ETF. Unconfirmed rumors later emerged that Fidelity was considering a buyout of Grayscale or an application for a Bitcoin spot ETF.
Mentioned in this article
Bitcoin 
Ethereum 
Litecoin 
Bitcoin Cash 
EDX Markets 
FTX 
Coinbase 
Citadel Securities 
Fidelity Investments 
Charles Schwab 
Gary Gensler Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,475.01
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Litecoin
$101.184
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
Bitcoin Cash
$451.278
Bitcoin Cash (BCH) is a cryptocurrency created via a fork of the Bitcoin network.
EDX Markets
EDX Markets is a non-custodial cryptocurrency exchange backed by Citadel Securities, Fidelity Digital Assets, Virtu Financial, Charles Schwab, Sequoia, Paradigm and others.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Citadel Securities
Citadel Securities is a global market-making firm and one of the leading participants in the financial markets.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
Charles Schwab
Charles Schwab is a leading financial services firm that provides a wide range of investment and wealth management solutions to individuals, businesses, and institutions.
Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S.