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EDX Markets Partners with Anchorage for Cryptocurrency Custody Services

Aug 22, 2023 at 09:22 pm

EDX Markets, a cryptocurrency exchange backed by notable Wall Street entities such as Citadel Securities and Charles Schwab, has partnered with Anchorage Digital to serve as the custody provider for an upcoming clearinghouse venture. The primary aim of this clearinghouse is to streamline and enhance trade settlement processes for transactions executed on the EDX platform. What distinguishes EDX from other crypto exchanges is its unique approach of not directly holding customers' digital assets. Instead, users are required to collaborate with financial intermediaries when participating in cryptocurrency trading activities. The collaboration with Anchorage holds significant importance for EDX, aligning seamlessly with its distinctive operational framework.

Jamil Nazarali, the CEO of EDX, underscored the significance of Anchorage Digital's status as the sole federally chartered crypto bank in the U.S., making it a highly suitable partner for the clearinghouse initiative. This collaboration reflects the growing trend of bridging the gap between traditional financial systems and the dynamic cryptocurrency landscape. Diogo Monica, Co-founder and President of Anchorage Digital, echoed this sentiment by highlighting the company's proven track record in demonstrating the practical and essential separation of custody and exchange functions for institutional players.

EDX Markets, established earlier this year, garnered support from influential investors such as Fidelity, Schwab, Paradigm, Sequoia Capital, and Citadel. While EDX currently facilitates trading for bitcoin (BTC), Ethereum (ETH), Litecoin (LITE), and Bitcoin Cash (BCH), the platform has aspirations to expand its range of supported tokens as regulatory clarity in the U.S. continues to evolve.

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