Citadel Securities and BlackRock back new Texas-based national stock exchange
The TXSE is reportedly going to focus on exchange-traded funds (ETFs), which may have been fueled by the ongoing developments in the ETF market
The new Texas Stock Exchange (TXSE) has raised nearly $120 million. The group behind the new TXSE has the support of market maker Citadel Securities and Wall Street's BlackRock. The TXSE plans to challenge the New York Stock Exchange and Nasdaq.
Reports show that BlackRock and Citadel Securities are behind the undisclosed firm. The firm plans to launch a new national stock exchange upon approval.
The TXSE is reportedly going to focus on exchange-traded funds (ETFs), which may have been fueled by the ongoing developments in the ETF market. The new exchange could provide an alternative solution in light of the approval of Bitcoin ETFs and the ongoing ETH ETF discussions.
The TXSE has been fronted as the national exchange that will place its focus on electronic-traded funds. The focus on ETFs comes as a relief for crypto-related ETFs currently being introduced to the market. The U.S. SEC approved Bitcoin ETFs this year, and they are already trading on the Nasdaq and the NYSE. The U.S. SEC approved all eight Ethereum ETF applications earlier this year.
