In Science and Space: A new cryptocurrency exchange founded by Wall Street heavyweights aims to bring traditional finance into the trade of digital assets by utilising intermediaries as more institutions get involved in supplying cryptocurrency to their large clients.
Some of the biggest names in finance, like Charles Schwab (SCHW), Fidelity Digital Assets, and Citadel Securities, where Nazarali formerly held the position of senior executive, support the exchange, which will cater to institutional clients.
The CEO of cryptocurrency exchange EDX Markets, Jamil Nazarali, claimed on Tuesday’s episode of CoinDesk TV’s “First Mover” that his exchange is bringing “the best practises from traditional finance” into the world of cryptocurrencies and that doing so will lower costs while making trading in digital assets “safer, faster [and] more efficient.”
Investors in the EDX Markets are long-term participants and industry leaders, therefore they aren’t in it to make a quick buck, according to Nazarali. They are making investments in order to develop the infrastructure for the future.
Nazarali continued, “We’re going to compare it against customers’ orders that come in and take the best price in the market from market makers.
In an effort to escape governmental supervision, Nazarali previously told CoinDesk that the company would only provide “a handful of tokens,” including bitcoin (BTC). Although Nazarali welcomes the competition, more traditional Wall Street players are entering the cryptocurrency space. According to Nazarali, the Nasdaq market’s most recent foray into cryptocurrencies won’t put his exchange in direct competition, but it does signal “a fantastic advancement in the business.”
He added it will “bring in more institutional players, and we welcome it.”