- Firm to open Singapore exchange after getting fresh financing
- Bitcoin ETF approval draws new institutional-investor interest
EDX Markets, the crypto-trading venue backed by Citadel Securities and Fidelity Digital Assets, is building an exchange in Singapore and expanding to offer spot and perpetual futures after securing additional financing from investors.
The company completed a second funding round co-led by new investor Pantera Capital and existing backer Sequoia Capital, according to Chief Executive Officer Jamil Nazarali. The capital will be used to build new technology and expand EDX’s presence in new markets abroad, he said, declining to disclose the exact size of the Series B funding.
“Singapore will allow us to expand our products, where we will be able to trade more tokens and perpetual futures,” Nazarali said in an interview. “It’s also a great place to hire financial talent, and we want to build a proper, trusted team.”
The plans come just as the cryptocurrency market is heating up again, with increased enthusiasm from traditional finance titans thanks to the recent approval of exchange-traded funds investing directly in Bitcoin. While EDX isn’t providing crypto custody, the firm gives institutional investors a platform to buy and sell tokens including Bitcoin, Ether, and Litecoin directly, hedging their exposure to ETF products.
