Wall Street-Backed Crypto Exchange Takes Aim at Asia FX Market Using Won Stablecoin

A crypto exchange backed by Citadel Securities is creating the first blockchain-based derivative of the Korean won versus the US dollar, one of Asia’s busiest currency pairs.

EDXM International, the global arm of US-based EDX Markets, plans to launch a perpetual futures contract tracking the won. The goal is to create a cheaper, digital alternative to traditional non-deliverable forwards, or NDFs, which are used to bet on restricted currencies.