EDX Markets, the institutional crypto exchange, announced that it processed $36 billion in cumulative notional trades during 2024. Founding investors in EDX include Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial. While the exchange was unveiled in 2022, it launched last year.

The company said it processed record trading volumes this week of $685 million during a 24 hour period. Its average daily volumes grew 59% in Q3 compared to a decline of 14.8% for Bitcoin and Ether in the broader market.

By contrast, on Monday Binance achieved 24 hour volumes of almost $73 billion and Coinbase almost $13 billion. That was the day that Bitcoin first reached a price of $88,000. However, these other exchanges have been around for far longer and trade a wide range of tokens. During the last 24 hours, Bitcoin and Ether accounted for around a quarter of Binance trading volumes and 37% of Coinbase’s.

EDX Markets only trades Bitcoin, Ether and Litecoin as these tokens are considered commodities and spot commodities exchanges don’t require a license in the United States. It recently added Shiba Inu and DOGECoin. As an institutional trading venue it operates a central clearinghouse.

It also recently upgraded its matching engine, which was built in-house to achieve ultra low latencies.

“With the successful delivery and implementation of our new matching engine, EDX is well on its way to achieving the goals that we set for ourselves when we launched last year,” said Jamil Nazarali, CEO of EDX Markets. “We are continually improving our offerings based on member feedback to accomplish our mission to bring the most competitive, transparent, trusted, and efficient digital asset trading venue to the world.”

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Amazon introduced a new store for products priced at $20 or less.

“Amazon Haul” offers U.S. customers a chance to find more affordable products in a range of categories, according to a Wednesday (Nov. 13) press release. It is available on the company’s mobile website and shopping app.

The new offering is being rolled out in beta and will become available to Amazon customers in the U.S. the next time they update the company’s shopping app.

“Finding great products at very low prices is important to customers, and we continue to explore ways that we can work with our selling partners so they can offer products at ultra-low prices,” Dharmesh Mehta, vice president of Worldwide Selling Partner Services at Amazon, said in the release. “Amazon Haul aims to help make shopping for fashion, home, lifestyle, electronics and other products even more fun, easy and affordable, all backed by Amazon’s A-to-Z product guarantee so customers can shop with confidence that the products they’re purchasing are safe, authentic and in the condition expected.”

While all items are priced at $20 or less, the majority cost no more than $10, with some products selling for as low as $1, per the release.

The news follows a report from over the summer that Amazon was planning to add a section to its site to compete with the likes of Temu and Shein, featuring lower-priced items shipped from China to overseas consumers.

Meanwhile, Amazon launched a partnership this month with Mexican grocery delivery startup Jüsto that “signals its push to expand its food and essentials offerings.”

The collaboration lets Amazon customers in Mexico order fresh produce, meat and other groceries directly from Jüsto’s platform, a move that will help Amazon bolster its delivery speed in grocery, a category that has historically trailed behind its rival Walmart.

“Amazon Prime struggles to replicate Walmart’s grocery success, despite using its vast eCommerce infrastructure and Prime membership,” PYMNTS wrote Nov. 8. “While Amazon offers grocery delivery through its Whole Foods partnership, it still charges delivery fees in many areas, and the service is limited to select locations. For many Prime members, groceries remain a secondary offering, with the service primarily used for fast shipping on non-grocery items. However, the convenience of bundling groceries with other Amazon benefits is gradually attracting more shoppers.”

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Paris, November 14th, 2024

In accordance with its strategy of deployment on several blockchains, after Ethereum and Solana, Societe Generale-FORGE (SG-FORGE) announces intention to deploy its MiCA-compliant stablecoin EURCV on the XRP Ledger (XRPL) to increase adoption. EURCV will benefit from the scalability, speed, and low cost of the XRPL, a secure and decentralized Layer 1 blockchain.

Over the past decade, the XRPL has been the home of over 1,750 unique applications and exchanges, processing over 2.8 billion secured transactions since 2012, and supporting over 5 million active wallets.

Key advantages of XRPL deployment:

• Natively designed to tokenize and transfer any type of asset: Tokenizing real-world assets on the XRPL can leverage its proven speed, low transaction fees, and scalability to ensure seamless settlement and liquidity.
• Near instant settlement and speed: The XRPL processes transactions in 3-5 seconds. For a stablecoin, this provides a competitive advantage by enabling fast and frictionless cross-border payments, remittances, and real-time banking services.
• Scalability and high throughput: The XRPL can handle up to 1,500 transactions per second (TPS), ensuring scalability for large-scale operations.
• Optimized for global payments: The XRPL’s design is tailored for cross-border payments, enabling fast, low-cost, and efficient transactions across different currencies and regions.

The EURCV stablecoin will benefit from the XRPL’s thriving community. This multi-chain approach is set to launch in 2025, pending final technical integrations. EURCV will be issued on XRPL using Ripple Custody solutions (ex-Metaco, already used as technical service provider).

“The XRP Ledger is the ideal platform to complement our existing deployments due to the combination of speed and cost-efficiency. Our decision to launch this stablecoin on this blockchain was driven by our desire to offer next-generation, compliant digital assets that promote transparency, security, and scalability.” said Guillaume Chatain, Chief Revenue Officer at Societe Generale-FORGE. “This is just the beginning. We look forward to further innovation and expanding the reach of our portfolio of digital solutions.”

 

“Bringing trusted, banking-grade stablecoins like EURCV onto the XRPL is critical to enabling institutional use cases, like payments, which is a core focus for Ripple. Our payment solutions leverage stablecoins, XRP, and other digital assets to enable faster, more reliable, and cost-effective cross-border payments,” said Markus Infanger, SVP at RippleX. “Additionally, more credible assets on the XRPL drive greater trading volume, benefiting users, developers, and applications that want to tap into the power of blockchain technology.”

Press contacts:

SG-FORGE – PR Agency Ballou
Caroline de Frias, Astrid Amegnran, Thomas Duporge, +33 1 42 22 24 10,

[email protected]

Societe Generale

Sarah Cohen Lippe, +33 1 58 98 51 91, [email protected]

About Societe Generale-FORGE

Societe Generale-FORGE, an integrated and regulated subsidiary of the Societe Generale Group, is authorised as an investment firm and authorised to provide MiFID II investment services under the supervision of the Autorité de Contrôle Prudentiel et de Résolution (ACPR) and the supervision of the Autorité des marchés financiers (AMF), authorised as an electronic money institution by the ACPR, and registered and authorised as a digital asset service provider (DASP) by the AMF.

Societe Generale-FORGE has built an open, secure and institutional-grade platform for digital asset trading, backed by bankgrade security and regulatory compliance. The digital solutions and assets developed by SG-FORGE are in line with the CAST open-source interoperability and security marketplace model.

For more information: www.sgforge.com and www.cast-framework.com.

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