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Crypto: These Wall Street giants launched a new crypto exchange. Here’s what they are trying to achieve

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This article has been updated to correct the identification of Fidelity Digital Assets

A consortium led by some Wall Street giants, including Charles Schwab
SCHW,
-2.63%
,
Citadel Securities , Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial, on Tuesday announced the launch of crypto exchange EDX Markets. 

It marks Wall Street’s latest push into digital assets, despite crypto’s price mayhem, with bitcoin
BTCUSD,
-0.03%

losing more than half of its value year-to-date.  

EDX Markets will target both retail and institutional investors, according to a statement Tuesday. It will also aggregate liquidity from multiple market makers to reduce spreads and improve transparency, according to the statement.

The exchange aims to lower the cost of trades by settling them on blockchains, according to the statement. It also intends to separate the operation of the exchange from entities trading on it, a practice some argue is common for existing crypto exchanges and presents conflicts of interest. 

Jamil Nazarali, former global head of business development at Citadel Securities, will serve as chief executive at the company, the statement said. 

The news follows the noticeable change of attitudes towards crypto by Ken Griffin, the billionaire founder of Citadel Securities and hedge fund Citadel. Griffin once described the chase for crypto as a “jihadist call” against the U.S. dollar, but in March, he said that “crypto has been one of the great stories in finance over the course of the last 15 years.”

Hear from Mike Novogratz at the Best New Ideas in Money Festival on Sept. 21 and Sept. 22 in New York. The Galaxy Digital CEO has ideas about navigating the crypto winter.

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