Crypto exchange EDX Markets announced that it has selected Anchorage Digital to serve as the custody provider for EDX’s clearinghouse business (EDX Clearing), which will be launched later this year.
EDX will have access to safe, secure, and regulated infrastructure from Anchorage Digital, which will lead the market structure standards to adopt a digital asset ecosystem from traditional finance.
CEO of EDX, Jamil Nazarali, said, “Anchorage Digital has a robust security, governance, risk and compliance framework, which will provide a best-in-class solution to meet the needs of our institutional client base. As the only federally chartered crypto bank in the US, Anchorage Digital Bank is the ideal partner to support EDX’s build of a robust and compliant clearinghouse business.
EDX launched trading in June 2023 and is backed by a consortium of major financial institutions, including Citadel Securities, Fidelity Digital Assets, Virtu Financial, Charles Schwab, Sequoia, Paradigm and others
“Drawing from the blueprint of traditional finance will be critical to unlocking the next phase of institutional crypto,” mentioned Anchorage Digital co-founder and president Diogo Mónica. “Anchorage Digital has proven that separating custody and exchange functions for institutions isn’t just possible, it’s essential.”
By offering a single settlement procedure, EDX Clearing will settle trades matched on EDX, which will boost capital and operational effectiveness. EDX Clearing will offer a clearing service to assist EDX exchange members who use Anchorage Digital Bank for custody of traded assets.
Also Read: EDX Exchange Ditches Paxos for Anchorage as Custodian
