SINGAPORE: EDXM Global (EDXMG), a pioneering digital asset company catering to institutional clients, has officially announced the debut of its state-of-the-art settlement platform. This groundbreaking development introduces a new era in the digital asset domain, offering unparalleled efficiency and reliability in over-the-counter (OTC) transaction settlements.
In a landmark event, industry powerhouses GSR and Virtu Financial became the inaugural firms to utilize this platform for their trade settlements, setting a precedent for future transactions.
The inception of EDXM Global follows the successful closure of a Series B funding round by its parent company, EDX Markets Holdings LLC (EDX), which took place late last year. The funding round saw significant contributions from leading entities such as Pantera Capital and Sequoia Capital, the latter being a founding consortium member. Other notable participants included Citadel Securities, Fidelity Digital AssetsSM, and Virtu Financial.
Jamil Nazarali, CEO of EDX, expressed his enthusiasm about the launch, stating, “The introduction of EDXM Global marks a pivotal step in our journey towards global expansion. Our settlement service is the embodiment of innovation, stringent compliance, and a deep-rooted commitment to customer satisfaction. By addressing and reducing counterparty risks, we are equipping our Members with the tools to master the intricacies of trade settlement.”
Echoing this sentiment, Rich Rosenblum, Co-founder and President of GSR, remarked, “Our support for EDXM Global stems from its ability to significantly diminish settlement risks associated with OTC transactions. This capability provides a substantial benefit to both our firm and our clientele, and we take pride in partnering with an organization that shares our passion for excellence and innovation.”
Douglas Cifu, CEO of Virtu Financial, also commented on the collaboration, “Virtu is thrilled to back yet another strategic advancement from the adept team at EDX. Their continued leadership in devising solutions that effectively mitigate counterparty risk and enhance settlement procedures is instrumental in fostering wider acceptance of digital assets globally.”
EDXM Global Markets distinguishes itself as a rapidly expanding digital asset firm for institutional customers, integrating best practices from conventional financial markets into a bespoke cryptocurrency platform. The company’s operations are tailored to meet the demands of both crypto-native firms and the world’s foremost financial institutions.
Rooted in Singapore, EDXM Global is a subsidiary of EDX Markets, which was established in 2022 by a consortium of major financial firms, including Citadel Securities, Fidelity Digital Assets, Virtu Financial, and Charles Schwab, alongside prominent crypto venture capital firms such as Sequoia, Pantera, and Paradigm. The launch of EDXM Global is a testament to the company’s forward-thinking approach and its dedication to shaping the future of digital asset transactions.
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