Citadel, Fidelity, and Schwab announce plans to launch crypto exchange

The platform will serve retail and institutional investors

14.09.2022 - 06:45

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What’s new? A consortium of financial corporations including Fidelity Investments, Citadel Securities, and Charles Schwab Corp. has announced plans to launch a cryptocurrency exchange. The platform, called EDX Markets, will serve both institutional and retail investors. This is reported by The Wall Street Journal.

News on the WSJ website

What else is known about the new exchange? The companies have not yet shared an exact launch date for the EDX Markets platform. It is known that the project has already been supported by trading company Virtu Financial Inc., as well as venture capital funds Sequoia Capital and Paradigm. The exchange technology will be provided by the Members Exchange platform, founded in 2019 by the same companies that support EDX: Citadel, Fidelity, Schwab, and Virtu. Jamil Nazarali, a longtime executive at Citadel Securities, will be the CEO of the new exchange.

EDX stressed that the operations of the exchange will be separate from the companies involved in the launch, eliminating “significant conflicts of interest that affect existing cryptocurrency exchanges.”

On September 12, the WSJ reported that Fidelity would allow bitcoin trading for individual investors on its brokerage platform. The information was indirectly confirmed by Mike Novogratz, the CEO of investment firm Galaxy Digital.

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