Crypto exchange EDX Markets revealed a partnership with the Talos platform to generate more access points. Although unveiled in June, EDX Markets admitted the fierce competition witnessed in the industry.
EDX Markets is partnering with the Talos trading platform to pursue more liquidity for newly acquired clients. Doing so is necessary to deliver accessibility as large institutions step into the ring.
Talos Developing EDX Front-End System
The deal allows Talos platform to develop a front-end system to enable EDX Markets to connect with the clients to liquidity. Also, it will allow EDX to facilitate clients’ access to crypto custodians. The development will enable EDX to leverage the trading tools availed by the broad network of providers from the Talos network.
The Talos integration will strengthen EDX’s position beside the support it draws from the Wall Street firms. Ultimately, the deal is winning the crypto exchange market competitiveness despite its infant life of barely six weeks old.
EDX chief executive Jamil Nazarali lauded the deal as empowering and shielding the digital asset exchange platform from predatory prices. He added that connecting with Talos will enable it to connect with more individuals who would then drive volumes.
Nazarali observed that digital assets markets often portray less concentration than traditional financial markets. A revisit of TradFi shows the preference by traders to seek pricing data from a few centralized exchange platforms, such as Nasdaq, given that they execute bulk trading volume. Crypto space differs from TradFi, given the disparate prices that vary with myriad exchanges.
Also read:Talos Extensive Network Invaluable for EDX Markets Footing
Talos boasts an extensive network of established crypto exchanges, including Binance, Kraken, and Coinbase. The access to the network will enable EDX to learn from the platform’s data upon which the clients can execute trades.
The existence of a single platform will enable EDX to overcome the barriers confronted by newcomers into the digital asset space. The unified platform creates familiar tools that make crypto asset trading smoother.
The EDX establishment, backed by the Wall Street firms, portrayed increased interest in cryptos among institutional investors. It portrays the corporate nod for digital asset space in 2023 despite the partial slide in participation following the FTX collapse.
Institutional investors’ interest in crypto assets portrays in BlackRock’s filing for a spot market for the exchange-traded fund (ETF). The move triggered a rally that raised Bitcoin’s value above $30000 before the recent slip. Other leading TradFi firms filed their applications led by Fidelity, VanEck, and Valkyrie, seeking approval for ETFs.
TradFi and Crypto Convergence Set to Accelerate Digital Tokens Uptake
Procrypto executives and politicians have repeatedly indicated that continuing crypto and TradFi convergence is critical to realizing the mainstream uptake of digital tokens. The unresolved regulatory framework witnessed in the United States holds the interest of institutional investors.
EDX Markets is gaining momentum following the conclusion of a funding round that saw the addition of new strategic investors. In particular, the funding round included the participation of Sequoia Capital, Fidelity Digital Assets, and Citadel Securities alongside Charles Schwab.
The activity to create a strategic front for EDX Markets portrays preparedness, given the competitive nature of the crypto exchange segment.
As a newcomer, EDX would leverage Talos expertise offered by the chief executive Anton Katz acquired when also working for AQR Capital Management. Similarly, the firm’s chief technical executive Ethan Feldman brings immense expertise given his stint at the fintech Broadway Technology.
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