A consortium of financial heavyweights including electronic trading giant Citadel Securities and brokerages Fidelity Investments and Charles Schwab Corp. on Tuesday announced plans to launch a new cryptocurrency exchange.
The launch of the exchange, to be called EDX Markets, is a sign that Wall Street continues to see opportunity in digital assets despite this year’s slump.
Other backers of the new exchange include high-speed trading firm Virtu Financial Inc. and venture-capital firms Sequoia Capital and Paradigm.
EDX said in a press release that it would aim to serve both individual and institutional investors. It didn’t provide a timeline for its launch. It said the technology to run its exchange would be provided by Members Exchange, or MEMX, an upstart stock exchange founded in 2019 by some of the same firms backing EDX, including Citadel Securities, Fidelity, Schwab and Virtu.
EDX said the operations of the exchange would be separated from the firms that trade on its marketplace, which “will remove significant conflicts of interest that affect existing cryptocurrency exchanges.”
The exchange’s CEO is to be Jamil Nazarali, a longtime executive with Citadel Securities. Miami-based Citadel Securities is among the world’s biggest trading operations, active in stocks, options, futures and other asset classes. Until recently its billionaire founder, Ken Griffin, had been an outspoken skeptic of cryptocurrencies.
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