EDX Markets

EDX Markets, established in 2022, operates a digital asset marketplace exclusively for institutional clients, such as crypto-native firms, prime brokers, retail intermediaries, and global market makers. The company was founded by a consortium of major financial firms, including Citadel Securities, Fidelity Digital Assets, Charles Schwab, and Sequoia Capital, to bridge traditional finance practices with the digital asset space. Trading operations commenced in June 2023.

Jamil Nazarali, the founding CEO and now Executive Chairman, brought extensive experience from traditional finance, having served as the Global Head of Business Development at Citadel Securities and holding senior roles at Knight Capital Group. His background, which includes management consulting at Bain & Company and Ernst & Young, has been central to embedding institutional best practices into EDX's infrastructure. In December 2024, Tony Acuña-Rohter, the former CTO with experience at CME Group and ErisX, was appointed CEO to lead the next phase of growth.

The business model centers on a non-custodial marketplace, meaning EDX does not hold its clients' digital assets, thereby mitigating counterparty risk and conflicts of interest. Instead, it provides a venue for participants to agree on pricing and execution, with assets held by third-party custodians chosen by the members, such as Anchorage Digital Bank. The platform generates revenue through trading fees. The core of its offering is the EDX Clearinghouse (EDXC), which launched in October 2023. EDXC functions as a central counterparty, netting all trades to a single daily settlement, which significantly reduces the upfront capital required and enhances operational efficiency for its members.

EDX's platform initially supported spot trading for Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), and has since expanded its offerings. A key feature is the introduction of a retail-only quote, which provides better pricing for retail-originated orders. The company has undergone two major funding rounds, a Series A in September 2022 and a Series B in January 2024, co-led by Pantera Capital and Sequoia Capital, to fuel technological development and international expansion. This expansion includes the launch of EDXM Global in Singapore, with plans to offer perpetual futures trading.

Keywords: institutional crypto trading, digital asset marketplace, central clearinghouse, non-custodial exchange, crypto clearing, EDX Clearing, Jamil Nazarali, Citadel Securities, Fidelity Digital Assets, Charles Schwab, Sequoia Capital, institutional digital assets, crypto market structure, spot crypto trading, perpetual futures, Anchorage Digital, crypto risk management, capital efficiency, net settlement, retail-only quote