Finance giants Fidelity, Citadel Securities and Charles Schwab launch crypto exchange

Crypto Update
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Finance giants Fidelity

Finance giants Fidelity: a group of banking Top Fidelity Digital Assets giants including Charles Schwab and Citadel Securities and other traditional finance companies have today announced the launch of a bitcoin (B T c) And cryptocurrency Exchange.

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this major crypto news The story is about EDX Markets (EDXM), a new crypto platform that the companies involved in its development say will be a one-of-a-kind exchange whose backers include a group of broker-dealers, venture capital firms and market makers.

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In addition to Fidelity Digital Assets, Charles Schwab and Citadel Securities, EDXM is also backed by Paradigm, Sequoia Capital and Virtu Financial, according to details shared in a statement. Press release,

The group expects more financial companies to join EDXM in the future.

A ‘$1 trillion global asset class’

Per the announcement, the EDX Markets exchange will offer tighter spreads and benefit from greater liquidity backed by the aforementioned traditional finance players. The platform aims to bring a best-in-class crypto offering to the market, with interest in the asset class not lost on legacy firms.

EDXM’s board of directors, which includes representatives from key founding members, commented via a statement:

“Crypto is a $1 trillion global asset class with over 300 million participants and increasing demand from millions more. To meet this demand there is a need for a platform that supports retail traders with high compliance and security standards. and to meet the needs of both institutional investors.”

EDXM CEO Jameel Nazrali (formerly as Global Head of Business Development at Citadel Securities) said the exchange will help advance crypto – which he sees as an “important asset class”.

According to the news release, EDX Markets will offer bitcoin and crypto trading to US retail and institutional investors.

Major traditional players warm up to crypto

The exchange begins as a number of traditional banking and investment providers combine crypto services and products to meet growing institutional and retail demand.

in August, and as informed of By Invezz, Charles Schwab launches his first crypto exchange-traded funds (ETF). In the same month leading global asset manager BlackRock made a move with a partnership with Coinbase (read about Here,

Meanwhile, Fidelity, which launched digital asset unit In 2018, it recently allowed its customers to add bitcoin to their 401(k) accounts. company is also Allegedly It is eyeing bitcoin trading for its brokerage account clients (the firm has about 34.4 million such accounts).

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