The official launch of the first trading sessions on the site of the new digital asset exchange EDX Markets took place on Tuesday, June 20. The opening of EDX was backed by a consortium of major financial institutions consisting of Citadel Securities, Fidelity, Charles Schwab, Paradigm, Sequoia Capital and Virtu Financial.
Unlike the practices of existing cryptoplatforms such as Coinbase and Binance, EDX Markets is to be organized around a “non-custodial model”. This means that the exchange will not hold customers’ digital assets on its balance sheet while they trade, but will outsource that function to third-party custodians.
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“For the digital asset class to evolve, market players must apply rules and investor protections similar to those in traditional finance,” explains EDX Markets CEO Jamil Nazarali.
According to Nazarali, such a model is most in line with the expectations of regulators: cryptocurrency exchanges should be separated from broker-dealer functions.
Support for the crypto market from large institutional companies, coupled with BlackRock and WisdomTree filings to launch bitcoin spot exchange-traded funds in the U.S., has led to an upward rally of the first-capitalization cryptocurrency.
As of 14:00 Wednesday, June 21, bitcoin had broken through resistance at the $28 000 level and was trading at the $28 960 to $28 982 border. Thus, the value of VTS reached a six-week high. On the weekly observation period, the growth of the asset was about 12%.
Earlier, MicroStrategy co-founder Michael Saylor said that the recent US Security and Exchange Commission (SEC) actions against crypto exchanges made it clear to the industry: it is doomed to be bitcoin-centric.