Wall Street mainstays setting up digital assets exchange with on-chain settlement

Wall Street mainstays setting up digital assets exchange with on-chain settlement

Some of the biggest names in finance are joining together to create the EDXM exchange, citing a pent-up demand for crypto assets and the need for compliance and security.

Major financial firms have teamed up to create EDX Markets (EDXM), a new exchange that will trade digital assets through trusted intermediaries. The exchange will provide services to institutional and retail investors. 

The new exchange will be backed by Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial, according to an announcement released on Tuesday. Jamil Nazarali has moved from Citadel Securities, where he was global head of business development, to the exchange as its CEO.

The EDXM board of directors, made up of representatives of the founding members, commented:

The exchange will operate on technology developed by the Members Exchange (MEMX), a stock exchange set up by many of the same founding firms in 2019.

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