Wall Street-Backed Crypto Exchange Launch Sparks Bitcoin Frenzy

EDX Markets, a new cryptocurrency exchange backed by Wall Street giants including Citadel Securities, Fidelity Investments, and Charles Schwab, has launched its digital asset market with a non-custodial model designed to minimize conflicts of interest and avoid entanglements with the SEC. The exchange supports trading of only four cryptocurrencies, none of which have been identified as securities by the SEC. EDX's approach differs from how most crypto exchanges operate, as it runs a marketplace where firms agree to execute trades of coins and dollars, using its platform to agree on prices. The news sparked modest buying across the crypto sector, with Bitcoin rising above $27,000 amid renewed investor optimism.