EDX Markets Crypto Exchange: Wall Street Backing Amid SEC's Crackdown

In the midst of regulatory crackdowns by the Securities and Exchange Commission (SEC), the launch of the EDX Markets crypto exchange brings a glimmer of hope to the cryptocurrency industry. Backed by Wall Street heavyweights such as Charles Schwab, Fidelity Investments, and Citadel Securities, EDX Markets offers trading services for Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. The move reflects continued institutional interest in cryptocurrencies, despite the SEC's enforcement actions. Unlike traditional centralized platforms, EDX adopts a non-custodial model to mitigate conflicts of interest and plans to introduce a clearinghouse later this year. The involvement of established financial players like BlackRock and EDX's funding round from major investors signify a potential mainstream shift for crypto. The article also highlights the current state of the NFT market, with the Forkast 500 NFT Index showing signs of recovery and optimism among traders. Additionally, the appointment of Joseph Tsai as Alibaba's new chairman raises speculation about China's stance on Web3 technologies and its potential impact on the crypto industry. While Tsai is known for his investments in the crypto space and Alibaba's exploration of Web3, China's strict regulations on cryptocurrencies remain unchanged. However, the move may indicate Alibaba's strategic focus on Web3 development, aligned with the Chinese government's goals. The article concludes by highlighting the evolving landscape of Web3, where traditional financial institutions and established companies are increasingly embracing digital assets and blockchain technology, albeit within their own set of parameters.