Cryptocurrency trading platform EDX Markets, backed by heavyweights such as Citadel Securities and Fidelity Digital Assets, is expanding its horizon with strategic extension in Singapore. The move marks a significant step in EDX Markets’ growth trajectory, following a successful second round of funding co-led by Pantera Capital and Sequoia Capital. While the exact amount of the funding remains undisclosed, investment enthusiasm is evident as shares were purchased at double their original value in 2022.
EDX Markets’ foray into Singapore is not just a geographic expansion; it is a strategic diversification of its product offerings. The company plans to introduce spot and permanent futures trading, serving a wide range of investors and traders in the dynamic Asian financial center. Singapore’s robust financial ecosystem and its open approach to fintech innovation make it an ideal location for EDX Markets to diversify its product portfolio and tap into a rich pool of financial talent.
This expansion is supported by the launch of EDX Clearing, a cutting-edge non-custodial clearing solution for digital asset trading. This feature significantly elevates the EDX market, offering a competitive advantage by enabling a single net settlement process through EDXC. This innovation not only reduces credit risk but also streamlines the trading process, thereby attracting more institutional investors.
The company’s approach to custody is another aspect worth noting. In a market where custodial services are a hot topic, EDX Markets has chosen to partner with Anchorage Digital for custodial services, ensuring that users can trade without the need for upfront funding in fiat or cryptocurrency. This non-custodial model is a strategic move to mitigate the risks associated with commingling funds, making the platform more attractive to cautious institutional investors.
EDX Markets’ expansion into Singapore and its innovative product offerings comes amid a recovering cryptocurrency market. The platform is poised to offer institutional investors a stable place to trade major tokens like Bitcoin, Ether and Litecoin, without the typical custody concerns.
Image source: Shutterstock