TL;DR Breakdown
- EDX Markets chose Anchorage Digital as the custody provider for its new clearinghouse business, EDX Clearing.
- Anchorage Digital will offer a secure and regulated infrastructure, aligning with traditional finance to enhance crypto trading.
- The partnership reflects a growing trend to bridge traditional finance and crypto with backing from major financial firms.
Description
Institutional crypto exchange EDX Markets has chosen Anchorage Digital, a regulated crypto platform, to serve as the custody provider for its new clearinghouse business, EDX Clearing, set to launch later this year. However, the partnership aims to bring traditional finance market structures to the digital asset ecosystem, with Anchorage Digital providing a secure and regulated … Read more
Institutional crypto exchange EDX Markets has chosen Anchorage Digital, a regulated crypto platform, to serve as the custody provider for its new clearinghouse business, EDX Clearing, set to launch later this year. However, the partnership aims to bring traditional finance market structures to the digital asset ecosystem, with Anchorage Digital providing a secure and regulated infrastructure.
Jamil Nazarali, CEO of EDX, expressed confidence in the partnership, highlighting Anchorage Digital’s robust security, governance, risk, and compliance framework. As the only federally chartered crypto bank in the U.S., Anchorage Digital was deemed the ideal partner to support EDX’s goal of building a robust and compliant clearinghouse business.
“Drawing from the blueprint of traditional finance will be critical to unlocking the next phase of institutional crypto, Anchorage Digital has proven that separating custody and exchange functions for institutions isn’t just possible, it’s essential. We are proud to provide custody infrastructure for forward-looking players like EDX Clearing as part of our continued efforts to advance a safer crypto market structure.”
Diogo Mónica, Co-Founder and President of Anchorage Digital.
The road ahead for EDX Markets and Anchorage Digital
EDX Markets, backed by major financial institutions such as Citadel Securities, Fidelity Digital Assets, Charles Schwab, Sequoia, Paradigm, and Virtu Financial, launched trading in June 2023. The platform offers trading in four crypto assets, including Bitcoin, Ether, Litecoin, and Bitcoin Cash.
EDX Clearing will settle trades on EDX, providing a single settlement process to enhance capital and operational efficiency. By leveraging Anchorage Digital’s secure custody infrastructure, EDX Clearing aims to give institutions peace of mind when trading on EDX.
EDX recently partnered with Talos, a trading platform, to give their institutional clients wider access to more than 40 liquidity venues.
The partnership between EDX Markets and Anchorage Digital marks a significant step in bridging the gap between traditional finance and the crypto world. With a valuation of over $3 billion, Anchorage Digital brings an unparalleled combination of secure custody, regulatory compliance, and platform capabilities to the table.
The alliance also signals a continued effort to advance a more secure crypto market structure, reflecting a shared vision for the future of institutional crypto. The combined expertise and backing of major financial firms set the stage for a promising path forward, potentially unlocking new opportunities and innovations in the crypto sector.
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