GSR and Virtu become the first to use EDXM for Crypto OTC trade settlement
“By mitigating counterparty risks, EDXM Global empowers our Members to navigate the complexities of trade settlement while reducing counterparty risks.”
EDXM Global has introduced a settlement platform that streamlines OTC transaction settlements with speed and reliability. GSR and Virtu Financial were the first firms to use the new platform for trade settlement.
The launch comes on the heels of a closed Series B funding round, where Pantera Capital co-led the round with founding consortium member Sequoia Capital. Other founding acquiring stakes in EDX Global’s parent company, EDX Markets Holdings LLC , in the Series B include Citadel Securities, Fidelity Digital AssetsSM, and Virtu Financial.
“First step in the international expansion of our digital asset business”
Jamil Nazarali, CEO of EDX, commented, “The launch of EDXM Global is the first step in the international expansion of our digital asset business. We are thrilled to introduce our settlement service, built on cutting-edge technology, rigorous compliance, and an unwavering commitment to customer service. By mitigating counterparty risks, EDXM Global empowers our Members to navigate the complexities of trade settlement while reducing counterparty risks.”
Rich Rosenblum, Co-founder and President of GSR, said, “We are pleased to support the launch of EDXM Global. Being able to mitigate settlement risks for OTC transactions represents a significant advantage for us and our clients, and we are proud to align with a partner that mirrors our dedication to excellence and innovation.”
Douglas Cifu, CEO of Virtu Financial, said, “Virtu is excited to support another strategic innovation by the talented team at EDX. EDX continues to lead the way with solutions to efficiently mitigate counterparty risk and streamline settlement processes, further reducing risk and operational barriers to enable greater adoption of digital assets around the globe.”
Based in Singapore, EDXM Global is a digital asset company for institutional customers leveraging best practices from traditional financial markets on a purpose-built crypto platform.
Its parent company was founded in 2022 by a consortium of major financial firms, including Citadel Securities, Fidelity Digital Assets, Virtu Financial, and Charles Schwab, and prominent crypto Venture Capital firms Sequoia, Pantera, and Paradigm. EDX Markets went live in 2023.
