What happened in the crypto world in the last week? Let’s see some interesting news together!
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Wall Street Giants Back EDX Markets
EDX Markets, a new digital asset marketplace, has announced the successful initiation of its trading operations, backed by a consortium of major financial institutions. Among the mentioned companies are several Wall Street giants, including Charles Schwab, Fidelity Investments, and Citadel Securities.
The company recently unveiled the launch of its digital asset market on June 20, marking its official entry into the industry.
According to the announcement, the exchange hopes to attract “industry leaders” by incorporating best practices from traditional finance and offering unique advantages, including liquidity, competitive quotes and a noncustodial model designed to minimize conflicts of interest. Currently, EDX supports the trading of only four cryptocurrencies, namely Bitcoin, Ether, Litecoin and Bitcoin Cash.
In the coming months, EDX plans to introduce EDX Clearing, a clearinghouse aimed at settling trades executed on the EDX Markets platform. This system will enable trades to be conducted with a central counterparty, offering participants notable advantages such as improved price competition, minimized settlement risks and improved operational efficiencies.
Deutsche Bank Applies for Digital Asset Custody License in Germany
Deutsche Bank has applied for a digital asset custody platform license with the German finance regulator, the Federal Financial Supervisory Authority (BaFin), according to a Bloomberg report.
Speaking at a conference earlier this week, Deutsche Bank’s global head of corporate bank David Lynne said that the bank is “building out our digital assets and custody business,” and confirmed that it had put in an application to BaFin for a digital asset license.
The German bank has reportedly been working on a crypto asset custody platform since late 2020, with a view to establishing a “minimum viable product in 2021 while exploring global client interest for a pilot initiative.”
With assets worth $1.3 trillion, per S&P Global data of largest banks in 2023, Deutsche Bank is the largest bank in Germany in terms of total assets, and Europe’s ninth largest bank.
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