Leading Wall Street Financial Institutions Unite To Implement On-Chain Settlement Digital Asset Exchange

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Trade titans and brokerage firms in the United States are building a crypto exchange. The new exchange will bring investing in digital assets into the realm of traditional finance. It will mimic the structure of how other asset classes trade. Major financial institutions will support the new exchange. Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial are among them.

The new exchange will be known as EDX Markets (EDXM). It will operate as a completely autonomous entity. Jamil Nazarali, the CEO, will be in charge. He previously worked as a senior executive at Citadel Securities. Representatives of the founding members sit on the EDXM Board of Directors. The board includes Tony Acuña-Rohter and David Forman, other than Nazarali. In an official statement, they said,

“Crypto is a $1 trillion global asset class with over 300 million participants and pent up demand from millions more. Unleashing this demand requires a platform that can meet the needs of retail traders and institutional investors with high compliance and security standards.”

To reduce spreads and improve transparency, EDXM will enable a highly liquid crypto ecosystem. It will achieve the goal by aggregating liquidity from multiple market makers. EDXM’s focus on price discovery and platform efficiency should result in better prices for investors than current crypto exchanges. The initiative will be a “one-of-a-kind exchange.” It will provide “safer, faster and more efficient cryptocurrency trading” for investors.

It is important to note that the Member Exchange (MEMX) will provide the EDXM technology infrastructure. MEMX is an innovative and customer-oriented 2019 market operator. EDXM is expected to meet the needs of the world’s largest and most sophisticated financial institutions using a scalable exchange architecture purpose-built by MEMX to span a range of markets. It will also meet the requirements of retail investors. Speaking about the partnership, Jonathan Kellner, CEO of MEMX, said that this new venture “marks a new chapter for MEMX as we bring our scalable market technology to other asset classes and market operators”.

Through a network of digital custodians, EDXM hopes to settle transactions on a blockchain. According to Jamil,

“We look forward to welcoming additional participants to the exchange, which will drive continued trading in this important asset class while creating a virtuous cycle of continuously improved liquidity and efficiency underpinned by MEMX’s cutting-edge technology. .”

He went on to say that crypto has caught the interest of many investors. However, he thinks they are “worried about a potential hack or other unknowns with existing crypto exchanges.” EDXM’s systems will be housed in a data center in Secaucus, New Jersey. It will use software to ensure that transactions are processed in the order in which they are received. This method of order processing and management differs from that used by the majority of crypto exchanges. Simply put, EDXM seeks to separate the “responsibility for the operation of the exchange from the entities that trade on it”.

Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash


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Leading Wall Street Financial Institutions Unite To Implement On-Chain Settlement Digital Asset Exchange


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