Crypto Quill

EDX Markets, a leading institutional crypto trading platform, has achieved record volumes in its U.S. spot crypto market and is poised to expand with the upcoming launch of a perpetual futures venue in Singapore.

Strong Growth in Spot Crypto Volume

EDX Markets has experienced impressive growth in its spot market since the third quarter of 2024, surpassing market volume increases seen in the broader industry. The firm reported that, since the end of Q3 and the U.S. election, it has seen an uptick in market sentiment, particularly regarding the future regulatory landscape for cryptocurrencies. As of November, EDX traded and cleared $39.8 billion in member volume for the year, with a record $685 million traded in a 24-hour period. Monthly volumes have reached $5.8 billion, signaling strong demand in the crypto space.

Notably, EDX’s average daily volume surged 59% in Q3, while industry volume for spot Bitcoin and Ether declined by 14.8%. This demonstrates EDX’s growing market share, particularly with the addition of SHIB and DOGE to its list of traded assets.

Enhanced Technology and Capital Efficiency

Jamil Nazarali, CEO of EDX Markets, credits the firm’s growth to its proprietary matching engine, which has significantly sped up product lifecycles and customer onboarding. The new engine, which replaced outsourced technology, has played a key role in driving efficiency.

One of EDX’s standout features is its clearing model, where it acts as a central counterparty between buyers and sellers. This eliminates the need for credit lines or bilateral agreements, simplifying the trading process. All trades are settled on a blockchain through EDX Clearing, enhancing operational efficiency and reducing upfront capital requirements. This model also allows clients to move assets off the platform before noon if necessary, improving collateral mobility.

Preparing for Perpetual Futures Launch in Singapore

As EDX Markets continues to grow, it is preparing to launch EDXM Global, a perpetual futures trading venue based in Singapore, slated for early 2025. This new platform follows the debut of EDX’s Singapore-based settlement service, designed to streamline over-the-counter transaction settlements and mitigate counterparty risk.

The new venue will be led by Kai Kono, the new CEO of EDXM Global, who previously held leadership roles at digital asset firms, including Zodia Custody. The Singapore-based platform will focus on perpetual futures contracts for Bitcoin and Ether, with plans to add Solana and XRP futures in the future.

Nazarali emphasized that while both the U.S. spot and Singapore-based perpetual futures venues will share a similar institutional client base, they will remain distinct entities with separate liquidity pools. The main focus for 2025 will be expanding both markets simultaneously.

With its innovative trading model and strong growth in the spot market, EDX Markets is positioning itself as a significant player in the institutional crypto space. As the launch of its perpetual futures venue in Singapore nears, the firm looks set to continue its momentum, offering new tools for institutional investors and enhancing its global presence in the cryptocurrency market.