Fidelity, Charles Schwab, and Citadel Securities To Launch Crypto Exchange - Investopedia

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Financial behemoths Charles Schwab, Citadel Securities, and Fidelity Digital Assets have collaborated on launching a bitcoin and cryptocurrency exchange. According to a press release, the trio has merged to form a cryptocurrency exchange named EDX Markets (EDXM).

Key Takeaways

• Fidelity, Charles Schwab, and Citadel have teamed up to launch the first-of-its-kind cryptocurrency exchange. 
• The exchange will be named EDX Markets and led by Jamil Nazarali, a former senior executive at Citadel Securities.
• EDXM will be aided by ventures including Citadel Securities, Paradigm, Sequoia Capital, and Virtu Financial.

A First-Of-Its-Kind Exchange

The exchange is said to be a first-of-its-kind launched with a promise of being a “safer, faster and more efficient cryptocurrency trading.” 

To attain its objective, the EDXM will rely on the technology built by The Member Exchange (MEMX), an equity exchange, for scaling its operation to serve retail and institutional investors in several markets. The exchange will also be aided by ventures including Citadel Securities, Paradigm, Sequoia Capital, and Virtu Financial.

“We look forward to welcoming additional participants to the exchange, which will drive ongoing trading in this important asset class while creating a virtuous cycle of continually enhanced liquidity and efficiency supported by MEMX’s cutting-edge technology,” said Jamil Nazarali, CEO of EDX Markets and former global head of business development at Citadel Securities.

Market Objectives of EDXM

The exchange plans to eliminate expensive bilateral settlements by netting and settling trades through its blockchain network. Further, down the line, EDXM’s Board of Directors discussed the crypto market capitalization unlocking the demand for the millions of market participants, saying “Unlocking this demand requires a platform that can meet the needs of both retail traders and institutional investors with high compliance and security standards.”

Prior to this launch, Galaxy Digital CEO Mike Novogratz had hinted about Fidelity launching a crypto firm. Earlier this year, Fidelity pioneered offering bitcoin as a 401(k) investment option, leading the way for gradual crypto adoption.

The Bottom Line 

Despite the adverse market conditions and regulatory pressures, the traditional finance sector is shifting towards integrating crypto as part of its operations. It shows that the slump in the market has not deterred them from adopting crypto. 

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Fidelity, Charles Schwab, and Citadel Securities To Launch Crypto Exchange - Investopedia
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