EDX Markets, a pioneering crypto alternate backed by a consortium of main Wall Road companies together with Citadel, Constancy, Schwab, Virtu, Sequoia, Paradigm, and others, introduced a partnership with Solidus Labs on August 10, 2023, to boost transaction monitoring throughout EDX’s platform. The collaboration goals to offer prospects with seamless end-to-end transactional danger administration capabilities, reflecting key institutional greatest practices and sustaining the very best compliance requirements within the cryptocurrency {industry}.
EDX Markets is designed to fulfill the wants of each crypto-native companies and the world’s largest monetary establishments, enabling safer, sooner, and extra environment friendly buying and selling and settlement of digital property. Merchandise listed for buying and selling on EDX embrace Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Money (BCH).
EDX has chosen Solidus Labs’ HALO platform, a number one crypto market integrity hub, as a central device to handle and assess danger, forestall monetary crime, and adjust to evolving regulatory necessities. Solidus Labs is called the category-definer for crypto-native market integrity options, together with commerce surveillance, transaction monitoring, and menace intelligence. Their mission is to allow protected crypto buying and selling throughout all centralized and DeFi markets.
HALO at present screens over 250 million occasions and $16 trillion in on- and off-chain buying and selling quantity per day throughout greater than 150 markets, defending over 25 million particular person and institutional traders. EDX will leverage Solidus Labs’ machine learning-powered detection fashions and Common Consumer Danger Profile functionality to establish uncommon or suspicious exercise on its platform and coordinate the suitable danger response.
Chris Tyrrell, Chief Compliance Officer of EDX, said, “Solidus’ transaction monitoring answer is a robust addition to EDX’s suite of compliance measures. We’re targeted on bringing one of the best of conventional finance to cryptocurrency markets and are dedicated to making sure protected and compliant buying and selling. As an industry-leading supplier of AML options for detection of cash laundering and monetary crime actions in crypto markets, Solidus will assist us shield the integrity of our platform whereas assembly regulatory expectations and Wall Road-grade greatest practices.”
Asaf Meir, Solidus Labs’ Founder and Chief Government, added, “We’re proud to assist EDX’s imaginative and prescient and meet the demand for a protected and compliant cryptocurrency market. Bridging conventional and digital finance via crypto-native danger mitigation instruments is core to our mission, and we look ahead to working along with EDX to repeatedly improve the requirements for protected and integrity-driven crypto buying and selling.”
By leveraging Solidus Labs’ experience in transaction monitoring, EDX goals to boost the security and integrity of its platform, aligning with the rising demand for compliance and danger administration within the cryptocurrency area.
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