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New Crypto Exchange EDX Launched with Major Companies Support & Unique Features

Key Takeaways
  • EDX Crypto Exchange launches with support from major companies, offering popular cryptocurrency trading
  • EDX's unique non-custodial model and retail-only quote system set it apart
  • SEC scrutiny and lawsuits impact the industry, but positive developments like Blackrock's Bitcoin trust application show optimism for the future
21-Jun-2023 By: Simran Mishra
New Crypto Exchange

A new cryptocurrency exchange called EDX Crypto Exchange has been launched with support from well-known companies.

A brand-new cryptocurrency exchange has just been launched with support of well-known companies like Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial. This exchange, called EDX Crypto Exchange, offers trading of four popular cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).                             

EDX Crypto Exchange is different from others because it is unique non-custodial model, which aims to reduce conflicts of interest. Additionally, the platform has introduced a retail-only quote system that ensures better pricing for individual traders. To further enhance its services, EDX plans to launch EDX Clearing later this year, enabling the settlement of trades made on its platform.

EDX just finished a funding round and got money from important investors like Miami International Holdings, DV Crypto, GTS, GSR Markets Ltd., and HRT Technology. These investors are now part of the group of original supporters which includes Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial.

EDX is launching during a period when the U.S. Securities and Exchange Commission (SEC) is paying more attention to unregistered cryptocurrency trading platforms and securities tokens. The SEC has accused well-known crypto exchange Coinbase of breaking securities laws on multiple occasions. Importantly, the chairman of the SEC, Gary Gensler, believes that most crypto tokens, except for Bitcoin, should be considered securities.

Even though there is still some uncertainty about regulations, many people who support the cryptocurrency industry in the United States are feeling positive. Blackrock, which is the biggest company that manages assets in the world, has taken a step forward by submitting a request to the SEC (Securities and Exchange Commission) to create a trust for Bitcoin. If this trust is approved, it could open the door for a Bitcoin exchange-traded fund (ETF), which would make it easier for people to invest in Bitcoin.

With the current lawsuits filed by the SEC against cryptocurrency exchanges, it's crucial to think about how these legal actions might affect the crypto industry. The SEC's regulatory actions could bring more clarity and guidelines for people involved in the market. This may result in exchanges making more efforts to follow the rules and be transparent, and there could be a stronger focus on protecting the interests of investors.

As for the EDX Crypto Exchange, its entry into the digital asset market brings new opportunities and competition. The platform's focus on non-custodial services and retail-friendly pricing may attract individual traders seeking a more secure and affordable trading experience. It remains to be seen how EDX and other exchanges will adapt to evolving regulations and shape the future of the crypto market.

In conclusion, the SEC lawsuits against cryptocurrency exchanges, including the recent launch of EDX Crypto Exchange, indicate a pivotal moment for the crypto industry. The outcome of these lawsuits could shape the future regulatory landscape and influence the growth and acceptance of cryptocurrencies. Balancing regulation and innovation will be key to ensuring a thriving and secure crypto market for all stakeholders. 

Also read - Google Bard AI Forecasts Ripple's Legal Victory: Analyzing the Impacts

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