EDX Markets, a pioneering crypto change backed by a consortium of main Wall Road corporations 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 supply clients with seamless end-to-end transactional danger administration capabilities, reflecting key institutional finest practices and sustaining the best compliance requirements within the cryptocurrency {industry}.
EDX Markets is designed to fulfill the wants of each crypto-native corporations and the world’s largest monetary establishments, enabling safer, sooner, and extra environment friendly buying and selling and settlement of digital belongings. 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 software 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 secure 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 determine 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 strong addition to EDX’s suite of compliance measures. We’re centered on bringing the perfect of conventional finance to cryptocurrency markets and are dedicated to making sure secure 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 finest practices.”
Asaf Meir, Solidus Labs’ Founder and Chief Govt, added, “We’re proud to assist EDX’s imaginative and prescient and meet the demand for a secure and compliant cryptocurrency market. Bridging conventional and digital finance by way of crypto-native danger mitigation instruments is core to our mission, and we sit up for working along with EDX to repeatedly improve the requirements for secure and integrity-driven crypto buying and selling.”
By leveraging Solidus Labs’ experience in transaction monitoring, EDX goals to boost the protection and integrity of its platform, aligning with the rising demand for compliance and danger administration within the cryptocurrency area.
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