From ledgerinsights

EDX Markets, the institutional crypto exchange, announced that it processed $36 billion in cumulative notional trades during 2024. Founding investors in EDX include Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial. While the exchange was unveiled in 2022, it launched last year.

The company said it processed record trading volumes this week of $685 million during a 24 hour period. Its average daily volumes grew 59% in Q3 compared to a decline of 14.8% for Bitcoin and Ether in the broader market.

By contrast, on Monday Binance achieved 24 hour volumes of almost $73 billion and Coinbase almost $13 billion. That was the day that Bitcoin first reached a price of $88,000. However, these other exchanges have been around for far longer and trade a wide range of tokens. During the last 24 hours, Bitcoin and Ether accounted for around a quarter of Binance trading volumes and 37% of Coinbase’s.

EDX Markets only trades Bitcoin, Ether and Litecoin as these tokens are considered commodities and spot commodities exchanges don’t require a license in the United States. It recently added Shiba Inu and DOGECoin. As an institutional trading venue it operates a central clearinghouse.

It also recently upgraded its matching engine, which was built in-house to achieve ultra low latencies.

“With the successful delivery and implementation of our new matching engine, EDX is well on its way to achieving the goals that we set for ourselves when we launched last year,” said Jamil Nazarali, CEO of EDX Markets. “We are continually improving our offerings based on member feedback to accomplish our mission to bring the most competitive, transparent, trusted, and efficient digital asset trading venue to the world.”