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Fidelity, Citadel-Backed EDX Markets Eyes Singapore for Crypto Exchange Expansion

The digital asset marketplace, launched in June 2023, has completed a Series B funding round and Singapore is central to its global expansion plans.

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EDX Markets, a crypto-trading platform supported by industry giants like Citadel Securities and Fidelity Digital Assets, is gearing up to establish a new exchange in Singapore, according to an announcement on Tuesday. This strategic move is coupled with the introduction of spot and perpetual futures trading, following a successful additional funding round.

The recent funding, co-led by new investor Pantera Capital and existing supporter Sequoia Capital, has empowered EDX Markets to further develop its technology and extend its global footprint. In comments to Bloomberg, CEO Jamil Nazarali emphasized Singapore's strategic importance, noting its conducive environment for trading a wider range of tokens and perpetual futures, as well as its pool of financial talent.

This development comes at a pivotal time in the cryptocurrency market, reinvigorated by the traditional finance sector's heightened interest, particularly following the approval of spot Bitcoin exchange-traded funds (ETFs). Unlike traditional crypto exchanges, EDX Markets offers a unique platform that allows institutional investors to trade major cryptocurrencies like Bitcoin, Ether, and Litecoin directly, facilitating hedging strategies against ETF products.

EDX Markets operates its own clearinghouse, together with a non-custodial model in partnership with Anchorage Digital.

The platform has garnered support from a roster of traditional finance heavyweights, including original backers such as Citadel Securities, Virtu Financial, and Fidelity Investments' digital-asset arm. While the exact size of the funding round was not disclosed, unidentified Bloomberg sources said investors bought in at double the initial share prices made in 2022.

EDX Markets has already demonstrated significant trading volumes, with more than $1.4 billion in notional volume traded in December alone, while EDX Clearing has cleared more than $3.1 billion of transactions since its launch in October. The approval of Bitcoin ETFs has further boosted trading activity, with significant volumes being traded following their launch, Nazarali said.