Paxos to provide leading custody services for EDXM, a new digital asset exchange backed by industry leading broker-dealers, global market makers and venture capital firms
Partnership further strengthens EDXM’s foundational commitment to security and compliance
NEW YORK–(BUSINESS WIRE)–EDX Markets (EDXM), a first-of-its-kind digital asset exchange backed by leading financial institutions, and Paxos, the premier regulated blockchain infrastructure platform, have announced a partnership that will enable institutional custody of traded assets for EDXM clients, and provide Paxos customers with direct access to this new state-of-the-art ecosystem. With Paxos’ support, EDXM will offer the most trusted, efficient and liquid cryptocurrency exchange on the market.
Paxos’ best-in-class enterprise platform will facilitate the custody and wallet infrastructure of digital assets for sophisticated financial institutions and investors seeking the most efficient and compliant trading venue in cryptocurrency markets. Leveraging Paxos’ unparalleled blockchain technology and regulatory expertise, trades on EDXM will be netted and settled with greater speed at low costs. The partnership also brings value to Paxos customers as EDXM will be a new source of institutional liquidity.
As a qualified custodian regulated by the New York Department of Financial Services, Paxos holds all customer assets in a bankruptcy-remote trust, in fully-segregated US accounts. Paxos is SOC II Type 2 certified and upholds the highest standards of custody security, risk management and compliance. Paxos has also secured a conditional bank trust charter from the Office of the Comptroller of the Currency and anticipates opening Paxos National Trust in the fourth quarter of 2022, making it the most comprehensively regulated digital asset custodian in the world.
Walter Hessert, Paxos Head of Strategy, stated, “Paxos is redefining financial markets by building regulated solutions that enable the movement of all assets at any time in a trustworthy way. Together with EDXM, we are creating an easy path for banks and other financial institutions to access crypto markets in the most regulated way available.”
Jamil Nazarali, CEO of EDXM, stated, “With compliance and security as key differentiators of EDXM’s offering, we are thrilled to partner with Paxos to deliver the gold standard in digital asset custody services to our investors. With Paxos’ best-in-class solutions along with MEMX’s technology powering the exchange, EDXM now has all the tools to make institutional-grade digital asset trading available to investors for the first time.”
About EDX Markets
EDX Markets (EDXM) is a new platform for trading cryptocurrencies that combines proven technology with the best of traditional financial markets. As a collaboration among leading names in finance—including the backing of broker-dealers, global market makers and venture capital firms—EDXM will be positioned to provide greater liquidity, transparency, and security to the digital assets marketplace. For more information, please visit EDXMarkets.com.
About Paxos
Paxos is the leading regulated blockchain infrastructure platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.
Paxos uses technology to tokenize, custody, trade and settle assets. It builds enterprise blockchain solutions for institutions like PayPal, Interactive Brokers, Mastercard, MercadoLibre, Nubank, Bank of America, Credit Suisse and Societe Generale. Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. With offices in New York, London and Singapore, Paxos takes a global approach to modernizing the financial system. To learn more about Paxos and its regulated infrastructure and products, visit www.paxos.com.
Contacts
For EDX Markets:
press@edxmarkets.com
For Paxos:
Rebecca McClain
press@paxos.com
