EDX Markets, a non-custodial cryptocurrency exchange, was launched on June 20th. The exchange is supported by Citadel Securities, Fidelity Investments, and Charles Schwab. EDX distinguishes itself by focusing on institutional traders rather than retail investors and provides an Application Programming Interface (API) for trading instead of a graphical user interface.
EDX relies on retail brokers to direct investor orders to the exchange. It aims to meet the demand for cryptocurrency exchanges that do not have conflicting interests in storing client funds. EDX is not registered with the U.S. Securities and Exchange Commission (SEC) and only supports four cryptocurrencies.
Under the leadership of Gary Gensler, the Joint SEC advises cryptocurrency firms to register and comply. Financial companies such as BlackRock and Fidelity show interest in cryptocurrencies and seek entry into this emerging industry despite legal reservations.