EDX Markets, a cryptocurrency exchange supported by prominent Wall Street entities like Citadel Securities and Charles Schwab, has announced a collaboration with Anchorage Digital. This partnership aims to offer custody services for EDX Markets' forthcoming clearinghouse business, which is slated to debut later this year.

The Reserve Bank of Australia has recently concluded its pilot study on the feasibility and potential applications of a Central Bank Digital Currency (CBDC). This initiative, undertaken in partnership with the Digital Finance Cooperative Research Centre, aimed to discern the possible advantages of introducing a digital version of the Australian dollar.

Facing disruptions that have hindered American users of Binance.US from depositing or withdrawing dollars, the cryptocurrency exchange has announced a collaboration with MoonPay. This partnership, as revealed on Binance.US's website, aims to provide an alternative solution for its American clientele.

Top Stories in the Crypto Roundup today:

• EDX Market Partners with Anchorage for Custody Services
• The Reserve Bank of Australia Explores Central Bank Digital Currency (CBDC) Potential
• Binance.US Partners with MoonPay to Bypass Dollar Transaction Challenges

EDX Market Partners with Anchorage for Custody Services

EDX Markets, a cryptocurrency exchange supported by prominent Wall Street entities like Citadel Securities and Charles Schwab, has announced a collaboration with Anchorage Digital. This partnership aims to offer custody services for EDX Markets' forthcoming clearinghouse business, which is slated to debut later this year.

The primary role of this clearinghouse will be to facilitate the settlement of trades that are matched on the EDX platform. Anchorage Digital's unique position as the sole federally chartered crypto bank in the U.S. makes it a particularly suitable choice for this collaboration, as highlighted by EDX CEO, Jamil Nazarali, who emphasized Anchorage's suitability for the role, given its federal charter and expertise.

What distinguishes EDX Markets from many other cryptocurrency exchanges is its operational approach. Rather than directly holding the assets of its customers, EDX requires its users to engage with financial intermediaries when they wish to purchase or offload cryptocurrency assets. This operational model underscores the significance of the partnership with Anchorage Digital, ensuring secure and efficient custody services for the assets as they move through the transaction process.

Diogo Monica, the co-founder and president of Anchorage Digital, commented on the partnership's broader implications. He pointed out the importance of leveraging traditional finance models to usher in the next stage of institutional cryptocurrency adoption. Monica further stressed the proven viability and essential nature of separating custody and exchange functions for institutional entities.

The Reserve Bank of Australia Explores Central Bank Digital Currency (CBDC) Potential

The Reserve Bank of Australia has recently concluded its pilot study on the feasibility and potential applications of a Central Bank Digital Currency (CBDC). This initiative, undertaken in partnership with the Digital Finance Cooperative Research Centre, aimed to discern the possible advantages of introducing a digital version of the Australian dollar.

From the study, four key benefits of a CBDC emerged: Complex Payment Facilitation; Stimulating Financial Innovation; Enhancing Digital Economy Resilience; and Encouraging Advancements in Digital Currency.

Firms involved in the pilot also emphasized the potential of CBDCs in enabling atomic settlements, which are immediate and concurrent transactions. Another potential advantage is the CBDC's programmability, which might streamline and reduce risks in complex business operations.

However, the pilot's design, which was more of a legitimate claim on the Reserve Bank of Australia than a simple proof-of-concept, raised legal and regulatory questions. Participants were unsure about their roles, especially concerning regulatory implications.

While the report highlighted the CBDC's potential benefits, it also noted that many advantages might be achieved through alternatives, like tokenized bank deposits or asset-backed stablecoins. The conclusion emphasized the need for more research to fully understand the CBDC's potential advantages in the Australian context.

Binance.US Partners with MoonPay to Bypass Dollar Transaction Challenges

Facing disruptions that have hindered American users of Binance.US from depositing or withdrawing dollars, the cryptocurrency exchange has announced a collaboration with MoonPay. This partnership, as revealed on Binance.US's website, aims to provide an alternative solution for its American clientele.

Now, Binance.US users wishing to fund their accounts can first purchase Tether's USDT stablecoin using dollars. This USDT can subsequently be exchanged for various other cryptocurrencies available on Binance.US. The platform emphasized the convenience of this new feature, stating that users can swiftly buy and sell crypto via the Binance.US mobile app. Payment methods supported for USDT purchases include debit cards, credit cards, Google Pay, and Apple Pay.

A representative from MoonPay clarified their role, highlighting that they offer both on-and off-ramp services. For Binance.US users, MoonPay facilitates the conversion of crypto to fiat, allowing deposits into US bank accounts. They also emphasized their stringent KYC procedures for all customers.

This development comes after Binance.US users faced over a month's disruption in dollar transactions, attributed to severed ties with banking partners of Binance's American division. It's worth noting that Binance is the world's largest cryptocurrency exchange. Additionally, a proposal from the Securities and Exchange Commission on June 17, which is still awaiting federal approval, might further separate Binance from Binance.US.

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