{"id":29082,"date":"2022-09-15T09:02:55","date_gmt":"2022-09-15T09:02:55","guid":{"rendered":"http:\/\/egrowonline.com\/?p=29082"},"modified":"2022-09-15T09:02:55","modified_gmt":"2022-09-15T09:02:55","slug":"a-crypto-exchange-is-coming-to-the-market","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=29082","title":{"rendered":"A crypto exchange is coming to the market"},"content":{"rendered":"


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The three largest multinational US financial services companies are<\/span> teaming up to create a new crypto exchange.<\/b><\/p>\n

Citadel, Fidelity and Charles Schwab to launch their own crypto exchange<\/span><\/h2>\n

The new consortium of companies, consisting of giants Fidelity, Citadel and Charles Schwab, has been created specifically to develop a <\/span>new centralized crypto exchange<\/b>.\u00a0<\/span><\/p>\n

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Fidelity, Citadel, and Charles Schwab announced the consortium of companies plans to launch a #cryptocurrency<\/a> exchange called EDX Markets. https:\/\/t.co\/rVIT4nJfQV<\/a><\/p>\n

\u2014 Bitcoin News (@BTCTN) September 13, 2022<\/a><\/p>\n<\/blockquote>\n

It will be named <\/span>EDX Markets<\/span><\/a> and the project will also be financed by some of the world\u2019s largest investment funds and other financial giants. These will include Paradigm, Sequoia Capital, and Virtu Financial.\u00a0<\/span><\/p>\n

Truth be told, the news had already been leaked during the first week of June, but the companies confirmed the plan last Tuesday.\u00a0<\/span><\/p>\n

Moreover, in the <\/span>press release<\/span><\/a>, the three financial heavyweights announced who will be the CEO of the new trading platform.\u00a0<\/span><\/p>\n

The CEO position will be held by <\/span>Jamil Nazarali<\/b>, current chairman of Citadel Securities.\u00a0<\/span><\/p>\n

The final launch date is still unknown. What is known, however, is that EDX has a plan to differentiate itself from other centralized exchanges on the market today:<\/span><\/p>\n

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\u201cEDX aims to remove significant conflicts of interest that affect existing cryptocurrency exchanges.\u201d<\/span><\/i><\/span><\/p>\n<\/blockquote>\n

In fact, it is not very clear what their plan might be specifically. What has been publicly reported so far in the press release is that<\/span> their service will be geared, both to retail and institutional investors.\u00a0<\/b><\/p>\n

Therefore, there is an expectation of a <\/span>large influx of capital into the crypto market<\/b> that will drive financial innovation toward <\/span>mass adoption<\/span><\/a>.\u00a0<\/span><\/p>\n

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The new cryptocurrency exchange by Fidelity, Citadel and Charles Schwab is coming<\/figcaption><\/figure>\n

Fidelity, Citadel and Charles Schwab in the cryptocurrency market<\/span><\/h2>\n

The relationship of the three financial giants with the crypto world has not always been the same.<\/span><\/p>\n

On the contrary, the only one to have believed and invested in cryptocurrencies from the earliest days was Fidelity, so much so that it created a division specifically dedicated to digital assets.\u00a0<\/span><\/p>\n

It <\/span>started<\/span><\/a> in 2015, with Bitcoin mining, and culminated a few days ago, with the announcement of the launch of a Bitcoin trading service for retail investors. So it is most likely the company with the most know-how about the industry.\u00a0<\/span><\/p>\n

Citadel, on the other hand, has always been skeptical about it and changed its perspective only in March this year.\u00a0<\/span><\/p>\n

A few months later, in June, Charles Schwab also joined. To confirm this, <\/span>Mayura Hooper<\/b>, a spokesperson for the company, said:<\/span><\/p>\n

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\u201cWe know there is significant interest in this cryptocurrency space and we will look to invest in firms and technologies working to offer access with a strong regulatory focus and in a secure environment.\u201d<\/span><\/i><\/span><\/p>\n<\/blockquote>\n

Not surprisingly, in late July, Charles Schwab launched its first cryptocurrency-based ETF on the market.\u00a0<\/span><\/p>\n<\/div>\n

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