EDX Markets, a Wall Street cryptocurrency exchange, successfully completes Series B funding, plans expansion into Singapore and contract trading.
Cryptocurrency exchange EDX Markets, supported by a consortium of traditional financial giants, claims to have surpassed $1.4 billion in trading volume since December last year. The exchange has also completed its Series B funding round and is planning to launch in Singapore, offering spot and perpetual futures trading.
EDX Markets Completes Series B Funding
Expanding into Singapore
Meeting Institutional Investor Demands
According to an official announcement, EDX Markets has completed its Series B funding round led by existing investor Sequoia Capital and new investor Pantera Capital.
According to CEO Jamil Nazarali, this funding will be used to build new technology and expand EDX’s business in the international market, specifically Singapore. However, he refused 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.
Insiders claim that the per share price of EDX Markets has doubled in value compared to the beginning of 2022.
Expanding into Singapore
EDX is currently planning to build its own platform technology and abandon the technology initially used in partnership with the Members Exchange (MEMX).
Jamil Nazarali stated:
“Singapore will allow us to expand our product line, where we will be able to offer a more diverse range of tokens and perpetual futures trading. It is also a good place to recruit financial talent, and we aim to build a team that is correct and trustworthy.”
Jamil Nazarali also emphasized in the press release that EDX has had a nominal trading volume of over $1.4 billion since December, and the clearinghouse has cleared over $3.1 billion in transactions since its launch in October.
Meeting Institutional Investor Demands
EDX’s infrastructure simulates scenarios different from traditional cryptocurrency exchanges by introducing its own clearinghouse, referencing mechanisms from traditional markets. However, this also presents some inconsistencies.
Previously, CEO of asset management company Lumida, Ram Ahluwalia, stated:
“The idea of EDX establishing a clearinghouse may comply with the current regulatory framework, but in reality, there is no need for a clearinghouse for blockchain settlements. This shows that the current regulatory framework is outdated.”
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EDX
Pantera Capital
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Sequoia Capital
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