The EDX Markets and Anchorage Digital Partnership
EDX Markets, a crypto exchange backed by Wall Street firms, has announced a partnership with Anchorage Digital to provide custody for its clearinghouse business. Unlike other exchanges, EDX does not hold customers’ digital assets. Instead, users must go through financial intermediaries to buy and sell crypto assets. The clearinghouse will help settle trades matched on EDX, and Anchorage’s status as the only federally chartered crypto bank in the U.S. makes it the ideal partner for the exchange.
Key Points:
– EDX Markets is partnering with Anchorage Digital to provide custody for its clearinghouse business.
– The clearinghouse will settle trades matched on EDX.
– EDX differs from other exchanges as it does not hold customers’ assets.
– Users must go through financial intermediaries to buy and sell crypto assets on EDX.
– Anchorage Digital’s separation of custody and exchange functions is seen as essential for institutions.
EDX Markets, which launched earlier this year with backing from investors like Fidelity and Schwab, currently offers four tokens and plans to add more as regulations become clearer in the U.S.
Hot Take:
The partnership between EDX Markets and Anchorage Digital highlights the importance of custody solutions in the crypto industry. By separating custody and exchange functions, institutions can have greater confidence in the security of their digital assets. This collaboration also shows the growing interest from Wall Street firms in the crypto space, as they recognize the potential for institutional adoption. As the crypto market continues to evolve, partnerships like this will play a crucial role in driving its mainstream acceptance.
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