New exchange EDX reportedly switching out Paxos' custody services for Anchorage's

Cointelegraph
Cointelegraph

27 Jun 2023 8:31 PM

EDX, a noncustodial cryptocurrency exchange launched earlier this month, has reportedly decided to switch partners to Anchorage Digital for custody services, in place of Paxos Trust. ...

  • EDX is a new cryptocurrency exchange backed by traditional finance heavyweights such as Citadel Securities, Fidelity Digital Assets, and Charles Schwab.
  • EDX is reportedly switching custody providers from Paxos Trust to Anchorage Digital.
  • EDX has a noncustodial business model designed to remove conflicts of interest.
  • EDX supports trading in four cryptocurrencies: Bitcoin, Ether, Litecoin, and Bitcoin Cash.
  • BCH has risen 70.43% in the week since EDX began operating, and 101.36% in the last month.
  • The United States Securities and Exchange Commission has proposed stricter custody rules for crypto firms.
  • Paxos was granted “preliminary conditional approval” for US bank charter from the United States Comptroller of the Currency (OCC) in 2021, but that approval reportedly expired at the end of March.
  • Anchorage Digital was the first crypto firm to receive a national trust bank charter from the OCC in January 2021.
  • EDX plans to introduce EDX Clearing, a clearinghouse to settle trades executed on the EDX Markets platform, later this year.

The article presents a neutral tone, providing information about EDX's operations, its custody provider switch, and the rise of Bitcoin Cash. It also mentions the SEC's proposed stricter custody rules for crypto firms and the regulatory issues faced by Paxos and Anchorage Digital.

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You May Ask

What is EDX and who are its backers?What is EDX's business model and which cryptocurrencies does it support?Why is EDX switching custody providers and who is the new provider?What regulatory issues have Paxos and Anchorage Digital faced?What is EDX Clearing and when is it expected to be introduced?

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