Wall Street Backs New ‘Low Fees’ Crypto Exchange – Is This the Future and Should You Be Worried?

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A consortium of leading Wall Street broker-dealers, global market makers and venture capital firms announced the launch of a first-of-its-kind cryptocurrency exchange called EDX Markets (EDXM), which will operate like a traditional stock exchange.

In a press statement, early backers of the exchange include Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial, with more partners expected as time More partners are expected to support the exchange over time.

EDXM’s leadership includes CEO Jamil Nazarali (formerly head of global business development at Citadel Securities), CTO Tony Acuña-Rohter (formerly CTO of ErisX) and General Counsel David Forman (formerly CTO of Fidelity Brokerage Services and General Counsel of Fidelity Digital Assets).

The cryptocurrency exchange will operate as a separate entity, allowing investors to trade cryptocurrencies that have been identified as non-securities through their existing broker-dealers.

EDXM said it will leverage technology provided by MEMX, an innovative consumer-focused marketplace operator founded in 2019, to enable a highly liquid cryptocurrency ecosystem that aggregates liquidity from multiple market makers to reduce spreads and improve transparency.

This technology is also expected to bring better prices for retail and institutional investors than the fees offered by existing cryptocurrency exchanges. At the same time, EDXM intends to secure investors’ cryptocurrency assets and eliminate costly bilateral settlements by leveraging a select network of digital custodians and netting transactions and settlements on the blockchain.

The platform is currently open to select users in a trial period that is expected to last until early 2023. However, the promises made by the exchange have already been questioned by observers.

According to 24/7 Wall Street, cryptocurrency market participants should be wary of the low-fee promises made, as brokers are known to tout their offers as “low-fee” while having hidden fees.

Regardless, this move still shows the mainstream adoption of cryptocurrencies globally, despite the prevalence of cryptocurrency winters. Prior to this, the indicator of this was the interest of financial institutions in offering cryptocurrency trading services to their customers.

Black Rock is one such company, which last month announced plans to partner with Coinbase to offer bitcoin trading services to institutional investors. Outside of the U.S., Deal Street Asia reports that the Indonesian government also has plans to launch a regulated cryptocurrency exchange by the end of 2022.

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