EDX Markets Expands Cryptocurrency Offerings

EDX Markets, backed by Fidelity Digital Assets, Charles Schwab, and Citadel Securities, is adding 17 new cryptocurrencies to its platform, enhancing its trading capabilities as it prepares for increasing institutional demand for crypto.

> “From the outset, we were designed and built for institutions for exactly what’s happening right now,” EDX Markets CEO Tony Acuña-Rohter told CoinDesk.

Acuña-Rohter was appointed CEO in December after founder and then-CEO Jamil Nazarali became executive chair of the EDX Board. He stated, “We were quite fortunate because FTX happened, crypto winter followed, which gave us two years to build out our technology. Now we have this company that’s ready to absorb all the new entrants from traditional finance.”

The newly listed tokens include:
– 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)
– ETC (Ethereum Classic)

Acuña-Rohter emphasized the firm’s regulatory conservatism, stating, “We also make sure that we have very clear processes, policies, and procedures.” He noted that the risk of adding new tokens decreased significantly under the new administration, which seeks to provide clarity rather than enforce actions against crypto companies.

Launching in June 2023, EDX Markets is available only to institutions and has attracted major investments from Wall Street firms including Fidelity, Schwab, Paradigm, Sequoia Capital, and Citadel, the latter being a former employer of Nazarali.

A key difference between EDX Markets and other crypto exchanges is that it doesn’t hold customers’ digital assets. Users trade through financial intermediaries, reminiscent of transactions on conventional stock exchanges. This structure appeals to regulators, as it enables a clear separation between exchange and broker-dealer functions.

Previously, EDX kept its asset offerings limited to bitcoin (BTC), ethereum (ETH), and litecoin (LTC). By integrating a variety of new assets, the exchange aims to expand its client base and serve as a comprehensive solution globally.

Additionally, the company plans to launch a perpetual futures exchange in the second quarter, based in Singapore but accessible to jurisdictions worldwide that permit perpetual futures trading, excluding the U.S.

In the U.S., EDX remains focused on enhancing its product offerings and onboarding clients from traditional finance, with Acuña-Rohter confirming that the company is already collaborating with various clients to establish their plans and integrations.

> “This is the moment we’ve been waiting for,” he concluded.