Digital Asset Exchange EDX Markets Launches with Support from Leading Global Brokers, Market Makers and Venture Capital Firms

NEW YORK–(BUSINESS WIRE)–A consortium of leading broker-dealers, global market makers and venture capital firms today announced the launch of EDX Markets (EDXM), a one-of-a-kind exchange that will meet the latent demand digital asset trading platform by enabling consistent and compliant trading of digital assets through trusted intermediaries. The new exchange will combine the proven technology provided by MEMX with the best practices of traditional financial markets and tighter spreads enabled by greater liquidity, to support secure, fast and efficient cryptocurrency trading for US retail and institutional investors. .

EDXM will enable a highly liquid cryptocurrency ecosystem that aggregates liquidity from multiple market makers to reduce spreads and improve transparency. This commitment to price discovery and efficiency should result in better prices for investors than those offered by existing cryptocurrency exchanges. EDXM operates as a fully independent entity backed by financial industry leaders including Charles Schwab, Citadel Securities, Fidelity Digital Assets℠, Paradigm, Sequoia Capital and Virtu Financial. Other market players are expected to partner with EDXM over time.

MEMX, an innovative and customer-centric market operator founded in 2019, will provide the technology infrastructure for EDXM. Using a scalable exchange architecture purpose-built by MEMX to span a range of markets, EDXM will meet the needs of the world’s largest and most sophisticated financial institutions as well as retail investors.

By leveraging a network of selected digital custodians to protect assets, transactions will be cleared and settled on the blockchain for greater speed and efficiency at lower cost, eliminating the need for costly bilateral settlement. Customer safety and regulatory compliance are also core fundamentals for EDXM. In particular, it will remove significant conflicts of interest that plague existing cryptocurrency exchanges by separating the responsibility for operating the exchange from the entities trading on it.

EDXM has hired a number of senior executives and will continue to expand its management team in the coming months. Jamil Nazarali, former global head of business development at Citadel Securities, is managing director of EDXM; Tony Acuña-Rohter, who previously served as chief technology officer at ErisX, through its acquisition by Cboe Global Markets, has joined as chief technical officer; and David Forman, former chief legal officer of Fidelity Brokerage Services and general counsel for Fidelity Digital Assets℠, serves as general counsel. They will be joined by additional hires in the cryptocurrency and traditional financial services sectors. Representatives of the founding member companies make up the EDXM Board of Directors.

Mr. Nazarali said: “It is a privilege to lead EDXM as we build this exciting new business ecosystem, and I am grateful for the participation, support and guidance of our consortium members. 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.

EDXM’s Board of Directors commented:Crypto is a $1 trillion global asset class with over 300 million participants and pent-up demand for millions more. Meeting this demand requires a platform that can meet the needs of retail traders and institutional investors with high compliance and security standards. With a MEMX-supported digital infrastructure that eliminates technological and organizational bottlenecks, EDXM will be a safe entry point for crypto and serve as the exchange of choice for trading digital assets on one platform. designed and used by major financial institutions.

Jonathan Kellner, CEO of MEMX said:We are delighted to partner with EDXM in this important and innovative endeavor. This marks a new chapter for MEMX as we bring our scalable market technology to other asset classes and market operators.

About EDX Markets

EDX Markets (EDXM) is a new trading platform for cryptocurrency and other digital assets that combines proven technology with the best of traditional financial markets. As a collaboration between the biggest names in finance, including brokers, global market makers and venture capitalists, EDXM ensures access, transparency, security and compliant trading of digital assets. For more information, please visit EDXMarkets.com.

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