EDX, the cryptocurrency exchange that received support from major players such as Citadel Securities, Fidelity Digital Assets, and Charles Schwab, has made a significant decision to change its custody services provider.
Previously relying on Paxos as its custodian, EDX has now entered into a partnership with Anchorage Digital, as reported by Bloomberg. The change was observed on EDX’s website, where Anchorage was listed as one of the vendors while Paxos was notably absent. This strategic move highlights EDX’s commitment to reinforcing security measures and bolstering investor confidence.
The decision to switch custodians comes at a time when regulatory bodies, including the U.S. Securities and Exchange Commission (SEC) and the Office of the Comptroller of the Currency (OCC), are intensifying their scrutiny of the cryptocurrency industry.
EDX’s decision aligns with the evolving regulatory landscape, as market participants strive to meet the highest compliance standards and ensure the protection of investor assets.
Anchorage, a well-known digital asset custodian, offers a robust security infrastructure and innovative solutions tailored to the needs of institutional investors. By partnering with Anchorage, EDX aims to enhance its custody offerings and create a secure environment for traders and investors.
The collaboration between EDX and Anchorage not only strengthens EDX’s market position but also underscores the growing importance of trusted custody services in the cryptocurrency industry. As more institutional players enter the market, ensuring the safety of digital assets becomes paramount.
Backed by prominent firms and with the adoption of Anchorage as its custodian, EDX is well-positioned to provide a reliable and secure trading platform for both cryptocurrency enthusiasts and institutional investors.
This strategic move sets a positive precedent for the industry and highlights the ongoing evolution of the cryptocurrency exchange infrastructure.
Compiled by Coinbold