On September 13, a group of Wall Street bigwigs announced the launch of a new cryptocurrency exchange named EDX Markets (EDXM). 

The ‘first-of-its-kind’ exchange will address latent demand for digital asset trading “by enabling safe and compliant trading of digital assets through trusted intermediaries.” 

In the press release, EDX Markets said it will combine the tech provided by independently owned, technology-driven stock exchange, Members Exchange (MEMX) "with best practices from traditional financial markets and tighter spreads enabled by greater liquidity." Leading broker-dealers, global market makers, and venture capital firms backing the exchange would aim to support secure, quick, and proficient crypto exchange for retail and institutional investors. 

A few big companies are their current partners such as Citadel Securities, Charles Schwab, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial, other companies will join probably soon. Moreover, the exchange will be highly liquid to offer better costs over the crypto exchanges that as of now lead the market. 

To protect the digital assets on the platform a network of select custodians and trading activities will be used and settled respectively. "Customer security and regulatory compliance" are its core foundational principles, the crypto exchange said. 

The former global head of business development at Citadel Securities, Jamil Nazarali will be the Chief Executive Officer (CEO) at the crypto exchange, and ErisX’s ex-Chief Technology Officer (CTO), Tony Acuña-Rohter will be the CTO of EDX Markets. 

"We look forward to welcoming additional participants to the exchange, which will drive ongoing trading in this important asset class while creating a virtuous cycle of continually enhanced liquidity and efficiency supported by MEMX's cutting-edge technology," said Nazarali said. 

While Fidelity is backing EDX Markets, the financial services firm is also intending to let its clients exchange Bitcoin (BTC) on its online brokerage platform.