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Schwab, Citadel Securities, Fidelity, Other Wall Street Firms Start Crypto Exchange EDX Markets
The exchange will be led by Jamil Nazarali, a former senior executive at trading giant Citadel Securities.
Updated May 11, 2023, 4:18 p.m. Published Sep 13, 2022, 1:26 p.m.
Financial heavyweights including Charles Schwab (SCHW), Citadel Securities and Fidelity Digital Assets 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. Other high-profile EDX backers include trading firm Virtu Financial (VIRT) and venture-capital firms Sequoia Capital and Paradigm.
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Read more: Wall Street Titans' New Crypto Exchange Aims to Seriously Cut Costs for Investors
The news follows an announcement last month from BlackRock (BLK), the world's largest asset manager, that it will give its institutional clients a way to invest into cryptocurrencies.
"Crypto is a $1 trillion global asset class with over 300 million participants and pent-up demand from millions more," EDX Markets' 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 Exchange (MEMX), a U.S. stock market owned by a consortium of financial firms including some of EDX's creators.
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