Major finance firms launch new crypto exchange.

EDX Markets, a crypto exchange aimed at institutional investors, has launched with backing from finance giants including Citadel Securities, Fidelity Digital Assets, Virtu Financial, Charles Schwab, Sequoia and Paradigm. The exchange is taking a cautious approach with US securities regulators, offering only four cryptocurrencies that the SEC has not deemed securities: bitcoin, ether, litecoin and bitcoin cash. EDX's crypto operations have been modeled after the stock market, and it is a non-custodial exchange that will funnel trades through retail brokerages. EDX is set to announce the conclusion of a second funding round on Tuesday.