EDX announces Anchorage Digital as crypto custodian for upcoming EDX Clearing
“As the only federally chartered crypto bank in the US, Anchorage Digital Bank is the ideal partner to support EDX’s build of a robust and compliant clearinghouse business.”
EDX Markets, an institutional cryptocurrency exchange, has unveiled Anchorage Digital as the chosen custody provider for its upcoming clearinghouse venture, known as EDX Clearing. This initiative is slated for launch later this year.
Anchorage Digital stands out with its unique combination of credentials, including being the sole federally chartered crypto bank in the United States, as well as its counterpart, Anchorage Digital Singapore, which maintains comparable security and service benchmarks. This comprehensive approach incorporates secure custody, adherence to regulatory requirements, and robust platform capabilities.
Established in 2017, Anchorage Digital is headquartered in San Francisco, California, and maintains operational bases in New York, New York; Porto, Portugal; Singapore; and Sioux Falls, South Dakota.
The collaboration with Anchorage Digital ensures that EDX will benefit from a reliable, secure, and compliant framework. This partnership paves the way for EDX to pioneer the implementation of market structure norms from traditional finance into the digital asset landscape.
Anchorage is the only federally chartered crypto bank in the US
Jamil Nazarali, CEO of EDX, stated: “EDX is committed to bringing the best traditional finance market structures to the digital asset ecosystem, and this is the latest step in our journey to promote a safer crypto marketplace. Anchorage Digital has a robust security, governance, risk and compliance framework, which will provide a best-in-class solution to meet the needs of our institutional client base. As the only federally chartered crypto bank in the US, Anchorage Digital Bank is the ideal partner to support EDX’s build of a robust and compliant clearinghouse business.”
Diogo Mónica, Co-Founder and President of Anchorage Digital, commented: “Drawing from the blueprint of traditional finance will be critical to unlocking the next phase of institutional crypto. Anchorage Digital has proven that separating custody and exchange functions for institutions isn’t just possible, it’s essential. We are proud to provide custody infrastructure for forward-looking players like EDX Clearing as part of our continued efforts to advance a safer crypto market structure.”
EDX Markets launched trading in June 2023 and is backed by a consortium of major financial institutions, including Citadel Securities, Fidelity Digital Assets, Virtu Financial, Charles Schwab, Sequoia, Paradigm, and others.
EDX Clearing will settle trades matched on EDX, providing a single settlement process to increase capital and operational efficiency. EDX Clearing will provide clearing services to EDX exchange members using Anchorage Digital Bank for custody of traded assets. By leveraging secure-by-design custody infrastructure from Anchorage Digital, EDX Clearing will give institutions peace-of-mind when trading on EDX.
The crypto exchange has also recently partnered with Talos and Solidus Labs as it builds up its network and capabilities.