Crypto exchange EDX reportedly ditches Paxos for Anchorage

According to Bloombergplatform EDX Markets plans to turn to theAnchorage crypto depository. The Schwab, Citadel and Fidelity had previously formed an alliance with Paxos.

Autumn 2022, EDX Markets announced that the New York trust company Paxos would retain its customers’ assets.

While the crypto exchange has just opened its doors, Bloomberg reported yesterday that EDX was currently discussing with the Californian Anchorage Digital on a partnership for the guard.

According to sources quoted by the news agency, the agreement with Paxos is no longer valid. On the partner page of its website, EDX mentions Anchorage but Paxos does not appear.

“EDX has moved to focus on a non-depository offer at launch. We are very excited about what EDX is building and look forward to supporting EDX customers with our regulated custody when banks and brokers come on board,” commented a Paxos representative, without further elaboration.

Unlike most crypto exchanges, EDX does not store its customers’ tokens directly. Instead, the company offers a marketplace where traders agree on the execution of transactions.

Earlier this year, Paxos had a run-in with US regulators, who ordered the shutdown of its BUSD stablecoin issued in partnership with Binance.

Supported by a16z and Goldman Sachs, Anchorage obtained a valuation of $3 billion in its latest financing round. The American cryptocurrency custodian recently cut its workforce.

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