(Rejected) EDX Markets backed by Wall Street Giants, has Teamed up with Blockchain Trust Paxos

EDX Markets (EDXM), a digital asset exchange backed by Wall Street giants, announced Wednesday that it has established a partnership with blockchain trust company Paxos whcih will become its custodian to carry out custody business.

Financial heavyweights, including Charles Schwab (SCHW), Citadel Securities, and Fidelity Investments, announced a launch of a new cryptocurrency exchange called EDX Markets (EDXM) in September.

The official product of the exchange will be launched by the end of this year.

The exchange aims to settle transactions through its blockchain network to eliminate expensive bilateral settlements. EDXM's trading platform will rely on technology established by the Member Exchange (MEMX). MEMX is an American stock market owned by a group of financial companies, including some of the creators of EDX. This will allow EDXM to scale its operations to serve retail and institutional investors in multiple markets.

At the same time, EDXM will focus on compliance and security, which is also the key difference between EDXM and other currency exchanges.

The company's CEO Jamil Nazarali said:

"Paxos' best-in-class solutions along with MEMX's technology powering the exchange, EDXM now has all the tools to make institutional-grade digital asset trading available to investors for the first time."

Paxos is a financial institution building infrastructure that offers services or products to focus on asset movement. Typical products are: Paxos Standard (PAX), a regulated US Dollar backed stablecoin; PAX Gold (PAXG), a digital token, backed by physical gold.

EDXM has previously been backed by venture capital firms including Citadel Securities, Paradigm, Sequoia Capital and Virtu Financial.