Citadel Securities and a financial consortium, including brokerage firms Fidelity Investments and Charles Schwab, announced that they will launch a cryptocurrency exchange.
These three big companies joined forces to create a new stock market under the name of EDX Markets.
Another Crypto Exchange Will Join the Ecosystem
These three big companies, including Citadel Securities and brokerage houses Fidelity Investments and Charles Schwab Corp., will come together to establish a new cryptocurrency exchange called EDX Markets.
Other backers of the new exchange include high-speed trading company Virtu Financial Inc. and venture capital firms Sequoia Capital and Paradigm.
EDX stated in a press release that it will aim to serve both individual and institutional investors. However, a timeline for the launch of the exchange has not been provided. He said the technology to power the exchange will be provided by Members Exchange, or MEMX, a start-up exchange founded in 2019 by some of the firms that support EDX, including Citadel Securities, Fidelity, Schwab and Virtu.
EDX said that exchange operations will be separated from firms trading in its market, and this will “remove significant conflicts of interest affecting existing cryptocurrency exchanges.”
The CEO of the exchange will be Jamil Nazarali, a longtime executive at Citadel Securities.
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