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Financial giants set up a digital asset exchange

A new cryptocurrency exchange called EDX Markets was launched in the United States yesterday. The exchange's founders are established titans of the traditional financial industry, such as Citadel Securities, Fidelity, and Charles Schwab.

To start with, EDX Markets offers trading in 4 cryptocurrencies:

  • Bitcoin 
  • Ethereum
  • Litecoin
  • Bitcoin Cash 

The market value of these cryptocurrencies is over 70% of the total market value of all cryptocurrencies, with Bitcoin and Ethereum being the largest. See the image below.

EDX Markets will not hold its customers' assets, unlike traditional cryptocurrency exchanges. Instead, the exchange works with third parties who manage the custody of these assets.

The exchange intends to provide a secure platform for cryptocurrency trading that meets all legal requirements in the United States. The exchange is expected to benefit from the credibility and expertise of its backers, who have a strong track record in traditional financial markets. There has been much activity in the cryptocurrency industry over the past year, and the entry of EDX Markets can be seen as a positive step towards increasing the participation of institutional investors.

Bloomberg reported on the news: https://www.bloomberg.com/news/articles/2023-06-20/crypto-exchange-backed-by-citadel-securities-fidelity-goes-live

EDX Markets Website: https://edxmarkets.com/

Daði KristjánssonManaging Director - Founding Partner