EDX Markets, a cryptocurrency exchange backed by Citadel Securities, Fidelity Investments, and Charles Schwab, is set to launch later today, providing trading in four cryptocurrencies: bitcoin, ether, litecoin, and bitcoin cash.
The exchange, which aims to cater to brokers and investors interested in digital assets, was first mentioned in September and will announce its official opening today, the Wall Street Journal said.
Unlike other cryptocurrency exchanges, EDX stated that it will operate as a “non-custodial” exchange and will not directly manage consumers’ digital assets. EDX will instead provide a platform for corporations to perform trades between cryptocurrencies and fiat currencies.
EDX will not service individual investors directly, but expects retail brokerages to route orders to purchase and sell cryptocurrencies on its platform, similar to how the stock market works.
EDX is backed by Paradigm, Sequoia Capital, and Virtu Financial, in addition to Citadel Securities, Fidelity Investments, and Charles Schwab.
According to the Wall Street Journal, the exchange will also announce the completion of a second investment round, with additional investors including Miami International Holdings and affiliates of proprietary trading firms DV Trading, GTS, GSR, and Hudson River Trading.