Financial heavyweights including Charles Schwab (SCHW), Citadel Securities and Fidelity Investments announced the start of cryptocurrency exchange EDX Markets, the latest evidence Wall Street is forging ahead in digital assets despite the crypto winter.
The exchange will be led by CEO Jamil Nazarali, formerly a senior executive at Citadel Securities, billionaire Ken Griffin's massive trading operation that's among the largest firms in the U.S. stock market. Other high-profile EDX backers include trading firm Virtu Financial (VIRT) and venture capital giants Sequoia Capital and Paradigm.
"Crypto is a $1 trillion global asset class with over 300 million participants and pent-up demand from millions more," the company's board of directors said in a statement. "Unlocking this demand requires a platform that can meet the needs of both retail traders and institutional investors with high compliance and security standards."
The firm's trading platform will be provided by the Members...
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