EDX Markets Expands Cryptocurrency Offerings Amid Institutional Demand
EDX Markets, a cryptocurrency exchange supported by major players such as Fidelity Digital Assets, Charles Schwab, and Citadel Securities, is set to enhance its platform by adding an impressive 17 new cryptocurrencies. This strategic move aims to transform its previously limited selection into a more comprehensive trading platform, catering to the increasing interest from institutional investors in the crypto space.
According to EDX Markets CEO Tony Acuña-Rohter, “From the outset, we were designed and built for institutions, precisely for what’s unfolding in the market right now.” Acuña-Rohter stepped into the role of CEO in December, following the transition of founder Jamil Nazarali to the position of executive chair of the EDX Board. He remarked, “We were quite fortunate because FTX happened, and then a crypto winter followed, giving us two years to refine our technology.” He added, “Now we have a company that is poised to welcome all the new entrants from traditional finance.”
The newly introduced tokens include a diverse array of cryptocurrencies such as AAVE (Aave), BCH (Bitcoin Cash), COMP (Compound), LINK (Chainlink), PEPE (Pepecoin), SOL (Solana), UNI (Uniswap), USDC (USD Coin), WIF (Dogwifhat), XRP (Ripple), AVAX (Avalanche), ADA (Cardano), BONK (Bonk Coin), Stellar Lumens (XLM), TRUMP (Trump Coin), XTZ (Tezos), and ETC (Ethereum Classic).
Acuña-Rohter emphasized the exchange’s commitment to maintaining a conservative approach from a regulatory standpoint. “Given our focus on institutional clients, we ensure that we have well-defined processes, policies, and procedures in place,” he stated. He noted that the risk associated with adding new tokens has significantly diminished under the current administration, which prioritizes clarity over punitive measures against cryptocurrency firms.
Launched in the U.S. in June 2023, EDX Markets has garnered attention due to its backing from prominent Wall Street firms, including Fidelity, Schwab, Paradigm, Sequoia Capital, and Citadel, the latter being a former workplace for Nazarali. One of the distinguishing features of EDX Markets is its operational model: unlike many other crypto exchanges, it does not hold customers’ digital assets. Instead, users engage in trading through financial intermediaries, similar to the mechanisms employed by traditional stock exchanges like the New York Stock Exchange or Nasdaq. This structure is particularly appealing to regulators, as it delineates the exchange’s functions from those of broker-dealers, as explained by former CEO Jamil Nazarali.
Initially, EDX Markets had limited its asset offerings to just three cryptocurrencies: bitcoin (BTC), ethereum (ETH), and litecoin (LTC). However, with the integration of a broader range of assets, the exchange aims to expand its client base and establish itself as a comprehensive trading solution for clients worldwide.
Looking to the future, the company plans to launch a perpetual futures exchange in the second quarter of this year, based out of Singapore but accessible to jurisdictions globally that permit such trading (excluding the U.S.). In the U.S., EDX is concentrating on broadening its product offerings and onboarding clients from the traditional financial sector. Acuña-Rohter highlighted that the company is actively collaborating with various clients to solidify their strategies and map out integrations within the crypto space. “This is the moment we’ve been waiting for,” he concluded.
