Wall Street cryptocurrency exchange EDX Markets completes Series B funding, will expand to Singapore and promote futures trading

EDX Markets, a cryptocurrency exchange backed by a traditional financial giant, claims to have surpassed $1.4 billion in trading volume since December last year. The exchange has completed its Series B financing and is planning to launch in Singapore, offering spot and perpetual futures trading.

Big players from Wall Street, including Citadel, Fidelity, and Jane Street, support the exchange EDX, which officially goes live this week.

EDX Markets Completes Series B Funding

According to an official announcement, EDX Markets has completed its Series B funding round led by existing investors Sequoia Capital and new investor Pantera Capital.

CEO Jamil Nazarali stated that the funds will be used to build new technology, expand EDX's operations in international markets, including Singapore, but he declined to disclose the exact size of the Series B funding.

New investors also include existing investors Citadel Securities, Virtu Financial, Sequoia, and Fidelity Investments' digital assets division.

Other investors include Charles Schwab Corp., GSR Markets, GTS, Hudson River Trading, Miami International Holdings Inc., and Paradigm.

Sources claim that the per-share price of EDX Markets has doubled in value compared to early 2022.

Expanding in Singapore

EDX is currently planning to build its platform technology in-house and is abandoning the technology initially adopted in collaboration with the MEMX Members Exchange.

Jamil Nazarali stated:

"Singapore will allow us to expand our product offering, where we will be able to provide a more diverse range of tokens and sustainable futures trading. It's also a great place to recruit financial talent, and we aim to build a correct and trustworthy team."

Jamil Nazarali also emphasized in the press release that since December last year, EDX has had a nominal trading volume exceeding $1.4 billion, and the clearinghouse has cleared over $3.1 billion in trades since its launch in October.

Meeting Institutional Investor Demand

EDX's infrastructure construction simulates scenarios different from those of cryptocurrency exchanges, launching its own clearing center based on mechanisms from traditional markets, but this also has its drawbacks.

Previously, CEO of asset management company Lumida, Ram Ahluwalia, stated:

"While the idea of setting up a clearing center by EDX complies with current regulatory frameworks, in reality, there is no need for a clearing center to settle blockchain transactions, indicating that the current regulatory framework is outdated."

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