Crypto: Financial giants are teaming up to launch an exchange!

The interest of traditional finance companies for cryptos is decidedly not weakening, despite the bear market which is shaking the industry. The next launch of the crypto exchange EDX Markets proves this quite well. The latter should soon see the light of day, following the pooling of the efforts of several financial giants.

An exchange that will operate as an independent entity

the wall street journal has just announced the launch of a new exchange called EDX Markets. Interestingly, the company was launched with the support of several heavyweights in the financial industry, among which are Charles Schwab, Fidelity Digital Assetsthe trading company Virtu Financial Inc.. and venture capitalists Sequoia Capital and Paradigm.

The participation of these big names reflects the marked and renewed interest of the giants of the financial sector for cryptos.

According to the press release from the chairman of the company’s board of directors, EDX Markets has set itself the goal of โ€œmeet the needs of retail traders and institutional investors with high compliance and security standards. ยป A spokesperson said thatEDX Markets will be separated from companies that helped launch it. It will therefore work as a independent entity in order to avoid possible conflicts of interest.

A management team made up of finance experts

The management team of the new crypto exchange is quite impressive. the board of directors is made up of representatives of the founding companies, which are:

  • Jamil Nazaralipreviously head of business development at Citadel Securities who becomes CEO of EDX;
  • Tony Acuna-Rohterformerly Chief Technology Officer at ErisX, who will serve in the same role at EDX;
  • David Forman, former Chief Legal Officer of Fidelity Brokerage Services and General Counsel of Fidelity Digital Assets, who will serve as General Counsel of EDX Markets

In addition, the technology infrastructure on which EDX Markets will operate will be provided by Members Exchange (MEMX). The latter was created in 2019 by some of the companies contributing to the upcoming EDX launch, namely Citadel Securities, Fidelity, Schwab, and Virtu.

The official launch date of EDX Markets has not yet been announced. However, it should be operational in early 2023 according to an exchange spokesperson.

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