Fidelity, Citadel, and Charles Schwab-Backed Crypto Exchange Partners with Anchorage Digital as Custodian

A novel crypto exchange, endorsed by major global financial institutions, has engaged the digital asset management services of Anchorage Digital, a prominent crypto platform.

EDX Markets (EDX), in an official statement, revealed that Anchorage Digital would act as the custodian for its forthcoming clearinghouse division, EDX Clearing, scheduled for launch later this year.

Jamil Nazarali, CEO of EDX, explained that the decision to collaborate with the San Francisco-based digital custodian was influenced by Anchorage Digital’s status as a crypto-native bank, possessing a banking charter issued by the US Office of the Comptroller of the Currency (OCC), which oversees national banks in the country.

“Anchorage Digital boasts a robust security, governance, risk, and compliance structure, making it the optimal solution to meet the requirements of our institutional clientele. Being the sole federally chartered crypto bank in the US, Anchorage Digital Bank is the perfect partner to aid EDX in establishing a resilient and compliant clearinghouse enterprise.”

EDX commenced trading in June, with support from esteemed financial giants such as Citadel Securities, Fidelity Digital Assets, Virtu Financial, Charles Schwab, Sequoia, and Paradigm.

The role of EDX Clearing will involve settling trades executed on its platform, which currently accommodates four cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Anchorage Digital Bank will assume custody responsibilities for the assets traded within the clearinghouse.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.