EDX Markets Launch Sparks Crypto Frenzy Despite ‘Gambling’ Label From Backer Charles Schwab’s Daughter
By Benzinga
The launch of the EDX Exchange has generated excitement in the cryptocurrency world, as the new non-custodial platform gains backing from financial giants Charles Schwab (NYSE:SCHW), Fidelity Digital Assets, and Citadel Securities.
What Happened: The EDX Exchange now allows for trading in Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Litecoin (CRYPTO: LTC), and Bitcoin Cash (CRYPTO: BCH).
Meanwhile, Charles Schwab’s daughter, Carrie Schwab-Pomerantz, who is the President and Chair of the Charles Schwab Foundation, in an interview with Fortune in May 2023 said that the company did not have much of a relationship with crypto and that it would only offer it to investors and clients once it becomes approved by the Securities and Exchange Commission (SEC).
“But right now it’s seen as very risky, and a lot of young people, including my own boys, all want to invest in it—and they do. But they’ve learned from me over the years that that’s not really investing. That is gambling, and it’s fine, as long as you know that you could lose your money,” she was quoted as saying.
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Why It Matters: Carrie added, “The company will definitely create access to crypto when it becomes approved by the government.”
Earlier, this month SEC filed lawsuits against the world’s largest crypto exchanges Coinbase and Binance by the SEC over these “crypto asset securities.”
Price Action: At the time of writing, BTC was trading at $28,866, up 7.55% in the last 24 hours, according to Benzinga Pro.
