EDX Markets, a cryptocurrency exchange backed by Citadel Securities, is considering Anchorage Digital as its new custody provider. This marks a significant shift for EDX, as it had previously relied on Paxos for custody services.
The potential partnership with Anchorage aligns with EDX’s focus on institutional investors. Anchorage is highly regarded in the institutional space and offers a custody solution that adheres to U.S. regulations. This would provide assurance to EDX’s institutional clients that their assets will be kept safe and secure.
Apart from custody, EDX intends to separate its trading and custody functions. This means that EDX will not hold customer assets on its own balance sheet. Instead, it will utilize a third-party custodian to safeguard customer assets. This additional step underscores EDX’s commitment to prioritizing the safety and security of its customers’ assets.
Overall, the decision to partner with Anchorage and the decision to separate trading and custody signify positive advancements for EDX. These actions demonstrate EDX’s dedication to delivering the utmost level of security and compliance for its institutional clientele.
Here are some of the benefits of EDX’s partnership with Anchorage:
- Anchorage is a well-respected custodian in the institutional space.
- Anchorage’s custody solution is fully compliant with U.S. regulations.
- The separation of trading and custody will further improve the security of EDX’s customers’ assets.
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