A group of investment firm giants—including Charles Schwab and Fidelity Digital Assets—today announced the launch of a new cryptocurrency exchange.
Named EDX Markets, it will be a “first-of-its-kind exchange” giving investors “safer, faster and more efficient cryptocurrency trading,” Tuesday’s statement said. The exchange will use technology built by stock exchange The Members Exchange (MEMX).
Other backers include Citadel Securities, Paradigm, Sequoia Capital, and Virtu Financial. And other market participants are expected to partner with EDXM following the launch, according to the statement. Jamil Nazarali, a former senior executive at Citadel Securities, will lead the exchange as CEO.
“The intention of the industry consortium is to build market infrastructure that contributes to increased optionality for liquidity to facilitate a more efficient, secure and cost-effective process for trading digital assets,” a Fidelity representative told Decrypt via email. Today’s news comes after a Wall Street Journal report yesterday claimed that the Boston-based investment giant is evaluating whether to offer Bitcoin to its retail investors.
The world of digital assets has long been thought to be complicated, with things like private keys and other things related to storage and custody typically putting off the traditional investor.
But EDXM will serve both institutions and retail investors, giving them a “safe entry point” to crypto, today’s statement said.