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Institutional crypto exchange EDX Markets has selected Anchorage Digital to provide a custody solution for its upcoming clearinghouse business.
Anchorage Digital will provide arranged custody of EDX Clearing when it launches later this year, according to a statement. EDX Markets previously announced that it will partner with Paxos as a custodian in October.
“Anchorage Digital has a strong security, governance, risk and compliance framework in place, which will provide best-in-class solutions to meet the needs of our institutional client base,” said EDX CEO Jamil Nazarali. “As the only federally chartered crypto bank in the US, Anchorage Digital Bank is the ideal partner to support EDX’s building of a strong, compliant clearinghouse business.”
EDX Clearing will settle trades on EDX with a single settlement process designed to improve capital and operational efficiency, providing clearing services to EDX clients using Anchorage Digital Bank for safekeeping of traded assets.
“Leveraging traditional financial blueprints will be critical to unlocking the next phase of institutional crypto,” said Anchorage Digital co-founder and president, Diogo Mónica. “Anchorage Digital has proven that separating custody and exchange functions for institutions is not only possible, it’s important.”
Main supporter
Backed by major financial firms, including Citadel Securities, Fidelity Digital Assets, and Charles Schwab, EDX Markets was first announced in September. It also has support from Paradigm, Sequoia Capital and Virtu Financial.
Nazarali said in an interview with The Block at the time that the platform would learn from the mistakes of others trying to lure Wall Street into digital assets. “It looks like there is a void in the market for an actual exchange,” he said.
EDX Markets started operations in June, offering trading of four crypto assets including bitcoin, ether, litecoin and bitcoin cash.
Last month, EDX integrated with the Talos trading platform, expanding its institutional clients’ access to a network of more than 40 liquidity venues.
© 2023 Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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