Fidelity, Charles Schwab, and Citadel Launch Non-Custodial Centralized Crypto Exchange: EDX

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Fidelity, Charles Schwab, and Citadel have launched a non-custodial centralized exchange called EDX. EDX operates like traditional exchanges, with a separate custodian holding customer assets and API access for trading. Unlike exchanges like Coinbase or Kraken, EDX does not require customers to deposit assets into wallets controlled by the exchange. Instead, EDX uses third-party banks or custodians to hold customer assets. The purpose of this model is to separate exchange duties and custodian duties, which is common in traditional finance but not in the crypto world. EDX is primarily targeted at traditional custodians and not retail investors. The exchange is highly compliant and offers a limited number of tokens, including Bitcoin, Ether, Litecoin, and Bitcoin Cash. EDX aims to avoid trading assets without regulatory clarity. Paradigm is an investor in EDX.

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------ Timestamps & Resources

00:00 Intro

4:46 MARKETS https://blockworks.co/news/ethereum-staked-to-flip-eth https://www.theblock.co/data/on-chain-metrics/ethereum/cumulative-eth-deposited-to-beacon-chain-and-validators https://www.theblock.co/data/on-chain-metrics/ethereum/cumulative-eth-deposited-to-beacon-chain-and-validators https://twitter.com/eigen_intern/status/1671178301149265920?s=20

18:16 Blackrock Bitcoin ETF https://twitter.com/Delphi_Digital/status/1671221306413416461?s=20 https://www.coindesk.com/business/2023/06/15/blackrocks-ishares-files-paperwork-for-spot-bitcoin-etf/?utm_source=twitter&utm_term=organic&utm_medium=social&utm_campaign=coindesk_main&utm_content=editorial https://www.sec.gov/Archives/edgar/data/1980994/000143774923017574/bit20230608_s1.htm https://twitter.com/fintechfrank/status/1671135185545441280 https://twitter.com/jchervinsky/status/1669502687749054465?s=20 https://twitter.com/coinbureau/status/1671805994039492609?s=20

26:08 Fidelity, Charles Schwab and Citadel launch a CEX https://www.businesswire.com/news/home/20230620110605/en/Digital-Asset-Platform-EDX-Markets-Begins-Trading-and-Completes-New-Funding-Round https://www.linkedin.com/feed/update/urn:li:activity:7076934393608511488/ https://edxmarkets.com/join-edx/ https://twitter.com/ramahluwalia/status/1671218922589175810?s=20 https://www.coindesk.com/business/2023/06/20/new-crypto-exchange-backed-by-fidelity-schwab-and-citadel-launches/

33:42 Polygon 2.0 https://polygon.technology/blog/polygon-2-0-polygon-pos-zk-layer-2?utm_source=twitter&utm_medium=social

47:40 ZachXBT Lawsuit https://twitter.com/zachxbt/status/1669783717236342785?s=46&t=2ZINVXJQKx6xO_6Wiiu_2g https://twitter.com/machibigbrother/status/1670819142050652160?s=20 https://twitter.com/BanklessHQ/status/1669807545194803200?s=20

57:05 Goose Sells For $5.4M https://twitter.com/Sothebysverse/status/1669441570863566875?s=20

1:02:09 Fortnite x Nike .swish https://www.epicgames.com/help/en-US/fortnite-c5719335176219/epic-accounts-c5719365892123/earn-achievements-on-swoosh-a16225767406107

1:05:00 Metamask Integrates Conext Network https://twitter.com/ConnextNetwork/status/1669718823484764161

1:10:25 Questions From The Nation https://discord.com/channels/615592155481767941/1058053004705669211/1119374915565523164 https://discord.com/channels/615592155481767941/1058053004705669211/1121292294054760508

1:20:51 Takes of the Week https://twitter.com/ercwl/status/1670482207956168705?t=hInEHE4udRw9PEN_oe3KyA&s=19 https://twitter.com/nixorokish/status/1670484525472952320 https://twitter.com/cburniske/status/1671556663864619010

1:32:33 What Are We Bullish On

1:40:02 Risks And Disclaimers

---- Not financial or tax advice. This channel is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This video is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here: https://www.bankless.com/disclosures