Financial heavyweights Charles Schwab (SCHW), Citadel Securities, and Fidelity Investments (FNF), and others announced the start of crypto exchange EDX Markets, according to a press release on Tuesday.
The new exchange is part of a growing trend of traditional finance companies getting more and more involved with crypto.
The exchange also boast of other high profile backers, such as trading firm Virtu Financial 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. Unlocking this demand requires a platform that can meet the needs of both retail traders and institutional investors with high compliance and security standards,” EDXM’s board of directors said.
The exchange will be lead by CEO Jamil Nazarali, who was the global head of business development at Citadel. CTO Tony Acuña-Rohter, who served as CTO at ErisX, and others.
EDX Markets will receive technology infrastructure from crypto market maker MEXM.
UPDATE (Sept. 13, 13:45 UTC): Updates headline. Adds additional details in third and fourth paragraph.
