Crypto Exchange Backed by Wall Street Giants Goes Live
EDX, the new non-custodial cryptocurrency exchange, backed by major Wall Street players like Citadel Securities ($7.5 billion), Fidelity Investments ($4.3 billion), and Charles Schwab Corporation ($7.5 billion), has officially gone live and is already executing orders for its clients.
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What sets EDX Markets apart from other crypto exchanges like Coinbase is its strategic approach. It offers popular options like Bitcoin, Ether, Litecoin, and Bitcoin Cash, carefully avoiding the vast array of tokens that the Securities and Exchange Commission (SEC) considers to be financial securities.
EDX operates as a non-custodial company, distinguishing itself further from traditional exchanges. As a marketplace, it enables users to directly buy and sell cryptocurrencies amongst themselves. Additionally, the company plans to launch a clearinghouse later this year, enhancing its services.
Launching amidst a challenging crypto market environment, EDX aims to mitigate risks associated with holding customer funds. By adopting a non-custodial approach, EDX avoids the pitfalls of commingling customer funds, which has been a concern for other exchanges such as FTX and Binance. The SEC has previously raised allegations of commingling customer funds against Binance and has taken legal action against companies like Coinbase.
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