EDX Markets Launches Clearinghouse for Crypto Trading and Announces Completion of Series B Funding Round

24.01.2024 - 06:56:43

Business Wire India

EDX closed series B funding round co-led by Pantera Capital and Sequoia Capital to fuel international expansion.
Launched new clearinghouse to provide members with the most competitive and capital efficient market through a streamlined settlement process.
Members traded more than $1.4 billion in notional volume in December ‘23 and Clearinghouse has cleared more than $3.1 billion of transactions since launch in October.

(EDX), a leading digital asset marketplace designed to meet the needs of both crypto-native firms and the world's largest financial institutions, today announced the successful launch of its digital asset clearinghouse, EDX Clearing, and the completion of its Series B investment round, with new investor Pantera Capital co-leading with founding investor Sequoia Capital.

EDX Clearing (EDXC) revolutionizes EDX’s marketplace and is the newest advancement in the markets for digital assets. With the launch of EDXC, members benefit from a competitive non-custodial market without the need for bilateral trading agreements. All trades matched on EDX’s market settle through EDXC in a single net settlement process, increasing operational efficiency and reducing the upfront capital required to trade. EDXC significantly reduces credit risk for its members by functioning as a central counterparty.

The launch of EDX Clearing comes as the company closed its Series B funding round that welcomed Pantera Capital as an equity investor, and included original founding consortium members Citadel Securities, Fidelity Digital Assets^SM, Virtu Financial, and Sequoia Capital. Other investors in EDX include Charles Schwab, DV Crypto, GSR Markets LTD, GTS, HRT Technology, Miami International Holdings and Paradigm. The new funding will support EDX as it continues to develop its technology and will fund EDX’s global expansion.

“EDX Clearing is a major differentiator for EDX as it streamlines settlement while reducing counterparty risk and capital requirements for our members. Clearing has already delivered significant value to our members who have traded $3.1 billion in notional since its launch. We expect the impact to increase moving forward, positioning us to capitalize on this new wave of institutional growth accelerated by the recent approval of spot BTC ETFs in the U.S,” said Jamil Nazarali, CEO of EDX. “Further, Pantera’s investment in EDX demonstrates the success of our model and ability to attract quality investors to EDX. We are thrilled to have Pantera back EDX on our mission to be the most competitive, transparent, trusted, and efficient digital asset market.”

"Institutional crypto investors care more than ever about counterparty risk management," said Paul Veradittakit, managing partner at Pantera Capital. "Globally we're seeing institutions gravitate towards non-custodial marketplaces. With its capitally efficient product, best in class risk management, and backing from global financial heavyweights, EDX is primed to usher in a new era of institutional crypto trading. There is no better team to serve institutional clients, so we know the future of institutional crypto trading is in great hands with Jamil and his team at EDX.”

About EDX

EDX Markets is a new digital asset marketplace designed to meet the needs of both crypto native firms and the world’s largest financial institutions. EDX enables safer, faster, and more efficient trading of digital assets, leveraging best practices from traditional financial markets on a purpose-built crypto platform. EDX launched trading in June 2023 and is backed by a consortium of major financial institutions, including Citadel Securities, Fidelity Digital Assets^SM, Virtu Financial and Charles Schwab, as well as Sequoia, Pantera, Paradigm, and others. For more information, please visit EDXMarkets.com.