EDX Markets, a cryptocurrency exchange supported by Citadel Securities, Charles Schwab, and Fidelity, has unveiled a new partnership with digital asset infrastructure company BitGo to enhance the institutional integration of cryptocurrency.
This collaboration will see the venture capital-supported EDX Markets adopt BitGo’s settlement layer, Go Network, enabling immediate settlement of both digital assets and fiat currencies. EDX will leverage BitGo’s qualified custody platform, allowing clients to facilitate trades and settlements while minimizing their exposure to the exchange.
Additionally, BitGo’s Prime will join EDX Markets as a member, granting access to EDX’s substantial liquidity pool.
The firms emphasized that infrastructure and regulatory compliance play a crucial role in this partnership. They aim to bring digital assets into traditional financial institutions using mechanisms that eliminate barriers hindering such initiatives.
Tony Acuña-Rohter, CEO of EDX Markets, stated:
“By integrating BitGo’s qualified custody infrastructure into our clearing and settlement framework, we are addressing the need for robust mitigation structures, which will further advance our mission of creating a secure and efficient trading environment that attracts more institutional participants.”
Mike Belshe, co-founder and CEO of BitGo, remarked:
“As the digital asset industry continues to evolve, partnerships like ours help connect traditional finance and crypto, fostering greater engagement and long-term growth in the field.”
BitGo has recently formed several partnerships and broadened its offerings through new product launches, including a global over-the-counter trading desk and off-exchange settlement services for the derivatives exchange Deribit, in collaboration with custody provider Copper.
In addition to custody services, BitGo’s digital asset solutions encompass staking, trading, wallet services, digital asset financing, and crypto settlement.
Recently, BitGo announced a significant partnership with New York-based investment platform Republic, aimed at making alternative investments more accessible to individuals, traditionally targeting institutional investors.