Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the wp-plugin-hostgator domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114

Notice: Function _load_textdomain_just_in_time was called incorrectly. Translation loading for the ol-scrapes domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114

Warning: Cannot modify header information - headers already sent by (output started at /home4/scienrds/scienceandnerds/wp-includes/functions.php:6114) in /home4/scienrds/scienceandnerds/wp-includes/rest-api/class-wp-rest-server.php on line 1893

Warning: Cannot modify header information - headers already sent by (output started at /home4/scienrds/scienceandnerds/wp-includes/functions.php:6114) in /home4/scienrds/scienceandnerds/wp-includes/rest-api/class-wp-rest-server.php on line 1893

Warning: Cannot modify header information - headers already sent by (output started at /home4/scienrds/scienceandnerds/wp-includes/functions.php:6114) in /home4/scienrds/scienceandnerds/wp-includes/rest-api/class-wp-rest-server.php on line 1893

Warning: Cannot modify header information - headers already sent by (output started at /home4/scienrds/scienceandnerds/wp-includes/functions.php:6114) in /home4/scienrds/scienceandnerds/wp-includes/rest-api/class-wp-rest-server.php on line 1893

Warning: Cannot modify header information - headers already sent by (output started at /home4/scienrds/scienceandnerds/wp-includes/functions.php:6114) in /home4/scienrds/scienceandnerds/wp-includes/rest-api/class-wp-rest-server.php on line 1893

Warning: Cannot modify header information - headers already sent by (output started at /home4/scienrds/scienceandnerds/wp-includes/functions.php:6114) in /home4/scienrds/scienceandnerds/wp-includes/rest-api/class-wp-rest-server.php on line 1893

Warning: Cannot modify header information - headers already sent by (output started at /home4/scienrds/scienceandnerds/wp-includes/functions.php:6114) in /home4/scienrds/scienceandnerds/wp-includes/rest-api/class-wp-rest-server.php on line 1893

Warning: Cannot modify header information - headers already sent by (output started at /home4/scienrds/scienceandnerds/wp-includes/functions.php:6114) in /home4/scienrds/scienceandnerds/wp-includes/rest-api/class-wp-rest-server.php on line 1893
{"id":35618,"date":"2023-06-22T21:44:20","date_gmt":"2023-06-22T21:44:20","guid":{"rendered":"https:\/\/scienceandnerds.com\/2023\/06\/22\/fidelity-schwab-citadel-backing-new-crypto-exchange-edx-signals-tradfis-deeper-dive-into-digital-assets\/"},"modified":"2023-06-22T21:44:21","modified_gmt":"2023-06-22T21:44:21","slug":"fidelity-schwab-citadel-backing-new-crypto-exchange-edx-signals-tradfis-deeper-dive-into-digital-assets","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2023\/06\/22\/fidelity-schwab-citadel-backing-new-crypto-exchange-edx-signals-tradfis-deeper-dive-into-digital-assets\/","title":{"rendered":"Fidelity, Schwab, Citadel backing new crypto exchange EDX signals TradFi\u2019s deeper dive into digital assets"},"content":{"rendered":"

Source:https:\/\/techcrunch.com\/2023\/06\/22\/fidelity-schwab-citadel-backing-new-crypto-exchange-edx-signals-tradfis-deeper-dive-into-digital-assets\/<\/a><\/br>
\nFidelity, Schwab, Citadel backing new crypto exchange EDX signals TradFi\u2019s deeper dive into digital assets<\/br>
\n2023-06-22 21:44:20<\/br><\/p>\n

\n

Follow me on Twitter<\/i> @Jacqmelinek<\/i><\/a> for breaking crypto news, memes and more.<\/i><\/p>\n

Welcome back to Chain Reaction.<\/b><\/p>\n

Earlier this week, EDX Markets launched its digital asset platform, the firm shared<\/a> on Tuesday. But what has made this launch catch a lot of attention? Its founding investors, which include major traditional firms like Charles Schwab, Citadel Securities, Fidelity Digital Assets and Sequoia Capital, alongside Paradigm and Virtu Financial.<\/p>\n

The company also recently closed a fresh funding round that brought on additional strategic investors, including Miami International Holdings, DV Crypto, GTS, GSR Markets LTD and HRT Technology. The new capital will be used to help develop EDX\u2019s trading platform, among other elements.<\/p>\n

The platform aims to be the \u201ccrypto marketplace of choice for industry leaders,\u201d with plans to build on traditional finance practices to provide liquidity, competitive quotes and a non-custodial model to mitigate conflicts of interest, it said. The platform also introduced a \u201cretail-only quote to the crypto markets,\u201d which allows users to get better pricing for retail orders.<\/p>\n

The platform will have limited offerings for the foreseeable future, until there is more regulatory clarity, EDX Markets CEO Jamil Nazarali said in April. Current cryptocurrencies that are tradable on EDX are on the lighter side, with only four options: bitcoin, ether, litecoin and bitcoin cash.<\/p>\n

The crypto exchange initially made headlines after it was announced in September, two months prior to the FTX collapse, and initially planned on launching in November, Bloomberg reported<\/a>.<\/p>\n

The launch comes at a time when a lot of heat is ramping up for the crypto industry as regulators like the U.S. Securities and Exchange Commission crack down on major crypto exchanges like Binance<\/a> and Coinbase<\/a> for allegedly violating securities laws, among other reasons.<\/p>\n

The support for EDX also points to a growing interest in digital assets among traditional players \u2014 even if the crypto markets are down from all-time highs.<\/p>\n

Separately, last week, BlackRock, which has about $9 trillion<\/a> in assets under management, filed<\/a> with the SEC to form a spot bitcoin ETF that would be custodied on Coinbase. The filing was through iShares, a fund management unit under BlackRock\u2019s wing.<\/p>\n

Although a handful of futures-based <\/i><\/b>bitcoin ETFs exist, the SEC has shot down other firms\u2019 attempts to create spot-based <\/i><\/b>bitcoin ETFs in the past. Given that the filing arrived at a pivotal moment for the U.S.-based crypto ecosystem, there may be some conversations behind closed doors that could be ongoing between BlackRock and the SEC. But whether or not BlackRock has a fighting chance for approval is TBD, but my (not always accurate) crystal ball thinks it\u2019s still unlikely for the asset management giant to get its spot bitcoin ETF approved, given recent regulatory actions that have transpired.<\/p>\n

This week in web3<\/h3>\n

SEC director says \u2018nothing has changed\u2019 for enforcement even as the crypto industry rumbles<\/a> (TC+)<\/b><\/p>\n

As the U.S. Securities and Exchange Commission continues to scrutinize the crypto industry, the agency\u2019s director of enforcement, Gurbir Grewal, says the regulator is more concerned with securities being sold in a format that adheres to existing laws rather than with labels or technology.<\/p>\n

The UK hasn\u2019t lost its appeal for venture capital<\/a> (TC+)<\/b><\/p>\n

Having spent part of the week interacting with the U.K\u2019s tech scene, TechCrunch can confirm that reports of its death are greatly exaggerated. VCs keep flocking to London for dealmaking, and many are happy to call it home. The latest move is a16z\u2019s: The firm picked London for a16z crypto\u2019s first international office, set to be led by general partner Sriram Krishnan. And it makes it clear that its conversations with British policymakers and regulators played a role in the decision.<\/p>\n

The latest pod<\/h3>\n

For last week\u2019s episode<\/a>, I interviewed Patrick Kaminski, the director of digital innovation for web3 and metaverse at L\u2019Or\u00e9al, and Manon Cardiel, head of strategic planning and partnerships within web3 and metaverse at L\u2019Or\u00e9al.<\/p>\n

Patrick is the leader behind NYX Professional Makeup\u2019s GORJS DAO<\/a>, which launched in mid-January with hopes of combining the NFT world and the beauty industry in the metaverse. While Manon worked on the GORJS project, she also helped launch NFT collections for companies like Mugler<\/a> and Yves Saint Laurent<\/a>.<\/p>\n

L\u2019Or\u00e9al is best known for its beauty products, but the more than 100-year-old company is also home to a plethora of brands that many of us use and own like Maybelline, Yves Saint Laurent, Armani, Kiehl\u2019s, Valentino, Prada, CeraVe and more.<\/p>\n

We discussed why L\u2019Or\u00e9al wanted to get into the web3 ecosystem, what it\u2019s like incorporating a DAO into a traditional brand and how other brands and companies are \u2014 or aren\u2019t \u2014 getting into the cryptosphere.<\/p>\n

We also dove into:<\/p>\n