New US Crypto Exchange with Fidelity and Citadel Securities Support Begins Operations.

The cryptocurrency scene in America is changing dramatically, and it’s too early to tell if it’s for better or worse. According to a recent report from the Wall Street Journal, the crypto exchange EDX Markets is planning to launch operations in the United States. Interestingly, EDX Markets is backed by financial giants such as Fidelity Investments, Citadel Securities, and Charles Schwab. As the exchange enters the market, it’s taking note of the troubles at FTX and Binance, two other crypto exchanges that faced difficulties last year.

It’s still unclear what exactly EDX Markets will be doing, but the report notes that the exchange won’t serve individual customers or handle customers’ digital assets directly. Earlier this year, EDX Markets partnered with Paxos Standard to offer custodial solutions. Paxos is regulated by NYDFS and will put all EDXM customer assets in a bankruptcy-remote trust.

These recent developments show that despite regulatory action by the US Securities and Exchange Commission (SEC), big market players are still interested in entering the crypto space. BlackRock, for example, has filed for a spot Bitcoin ETF and chosen Coinbase as its custodial partner, despite the SEC lawsuit against Coinbase. Reports suggest that Fidelity Investments will be making a similar move, indicating that big players are still interested in crypto. As Dawn Fitzpatrick, CEO of Soros Fund Management, said, “Crypto is here to stay.”