As a seasoned researcher with a keen eye for trends and a knack for deciphering market dynamics, I find myself intrigued by the meteoric rise of EDX Markets. Having closely followed the crypto landscape since its inception, it’s fascinating to witness the maturation of the industry, now attracting heavyweights like Charles Schwab and Citadel Securities.
2024 saw a significant increase in trading action on the EDX Markets platform, with more than $36 billion in transaction volumes recorded since January, primarily from institutional investors.
Based on reports, the daily trading volume for the platform increased by approximately 59% during the third quarter of this year. Additionally, it’s been reported that EDX’s exclusive matching system handled more than 2 million transactions and over 2.6 billion orders in October.
Established in 2022, this company boasts significant support from prominent financial institutions on Wall Street, such as Charles Schwab, Citadel Securities, Fidelity Digital Assets, and Sequoia Capital.
EDX mainly caters to institutional clients like brokers and market makers, offering a blend of traditional banking know-how with digital asset services. Its entry into the market occurred merely a few months after the fall of FTX, during a period when major retail exchanges like Binance and Coinbase were under close scrutiny from the US Securities and Exchange Commission due to regulatory concerns.
Based on a recent study by The Economist, funded by OKX, it’s predicted that institutional investors will boost the proportion of digital assets in their investment portfolios to approximately 7% over the next five years. At present, asset managers typically allocate between 1% and 5% of their total investments to digital assets.
Over time, cryptocurrency businesses have been expanding their offerings to cater to growing institutional interest, such as trading platforms, settlement, and safekeeping solutions. For example, Ripple launched digital asset custody services for banks and financial technology firms back in October. Not long ago, exchange Coinbase debuted a crypto lending service aimed at institutional investors within the U.S.
Although there have been some regulatory hurdles, the industry has simultaneously welcomed several established companies over the last two years. For instance, BNY Mellon, America’s oldest bank, unveiled a custody platform in October 2022 that enables institutional clients to securely store their Bitcoin (BTC) and Ether (ETH) assets. Similarly, DZ Bank, Germany’s third-largest financial institution, launched a comparable custodian service in November 2023.
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2024-11-15 00:39