EDX Markets launches digital asset market; closes new financing round

EDX Markets — which is backed by Charles Schwab ( SCHW ), Citadel Securities and Fidelity Digital Assets among others — launched its digital asset market on Tuesday and completed an investment round with new equity partners. EDX's marketplace incorporates best practices from traditional finance to provide its customers benefits of liquidity, competitive quotes, and a non-custodial model designed to mitigate conflicts of interest, the company said. The company also introduced a retail-only quote to the crypto markets, allowing participants better pricing for retail-originated orders, it said. Products traded on EDX include bitcoin ( BTC-USD ), ethereum ( ETH-USD ), litecoin ( LTC-USD ), and bitcoin cash ( BCH-USD ). Later this year, EDX will start EDX Clearing to settle trades matched on EDX Markets. The clearinghouse will facilitate trades against a central counterparty, which is intended to enhance price competition and reduce settlement risks as it increases operational efficiencies. In the new funding round, the company received investments from Miami International Holdings, DV Crypto, GSR Markets LTD, and HRT Technology. The new investors join a group of founding investors including Charles Schwab ( SCHW ), Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial ( VIRT ). The new funding will accelerate EDX's platform development and market expansion. Financial terms weren't disclosed. "EDX's ability to attract new investors and partners in the face of sector headwinds demonstrates the strength of our platform and the demand for a safe and compliant cryptocurrency market," said EDX CEO Jamil Nazarali. EDX Clearing will help resolve an unmet market need to enhance competition and create operational efficiency in a single settlement process, he said. The launch comes as some other platforms come under SEC scrutiny for allegedly trading unregistered securities. Earlier this month, the SEC sued Binance and its CEO and Coinbase ( COIN ), which said it's willing to take its case to the Supreme Court .