EDX Markets
This exchange launched on the 20th of June and is being pointed as one of the reasons why there had been a surge in crypto prices lately. But what is it?
Let's have a quick overview on this #threadstorm
1🧵 #outreach
This exchange launched on the 20th of June and is being pointed as one of the reasons why there had been a surge in crypto prices lately. But what is it?
Let's have a quick overview on this #threadstorm
1🧵 #outreach
It doesn't cater to individual investors. It only serves institutional traders or brokerage firms who will have to apply and complete certain steps to become a member of EDX and trade on its marketplace.
4🧵
It is non-custodial so it won't be holding or touching any of its customers assets but it involves participation of bank intermediaries and a crypto custodian. It operates similarly to how trades are done on Wall Street and NasDaq.
3🧵
EDX Markets is a marketplace, the first of its kind to facilitate crypto trading between institutional investors through it's platform. It is backed by Wall Street TradFi giants like Fidelity, Citadel, Schwab among others.
2🧵
It only allows four crypto assets to be traded on its marketplace - Bitcoin, Ether, Litecoin, Bitcoin Cash - all that has been identified by SEC as non-securities.
5🧵
Unlike existing crypto exchanges where each have their own UIs, EDX marketplace operates through API-based trading access so it has no traditional frontend or graphical user interface.
6🧵
Retail or individual investors have to go through brokerage firms or intermediaries if they want to buy or sell crypto assets through the EDX market.
7🧵
More about EDX Market on today's post:
https://leofinance.io/posts/ifarmgirl/an-overview-of-edx-markets-edxm-the-crypto-marketplace-for-institutional-traders
8🧵
#gosh #edxmarkets