EDX Markets Raises $76M in SBI-Led Series C

EDX Markets, an institution-focused cryptocurrency trading platform, raised $76 million in a Series C funding round led by SBI Holdings, according to CoinDesk. The company said the capital will support new product development and international growth.

The raise matters because EDX is building around a market structure aimed at institutional participants: trading is separated from custody and settlement through a central clearinghouse. That approach is designed to reduce counterparty risk and resembles structures used in traditional financial markets.

SBI Holdings’ role also adds context. The Japanese financial group has been active in crypto through SBI VC Trade, which offers access to Ripple’s RLUSD stablecoin in Japan, and SBI Shinsei Trust Bank, which recently issued JPYSC, a yen-denominated stablecoin developed with Startale Group.

The investment follows other crypto moves by SBI. Last month, the group agreed to acquire crypto exchange Bitbank for 46.7 billion yen, or about $289 million, adding to its existing SBI VC Trade platform.

EDX is also expanding beyond spot trading. Earlier this year, the firm introduced FlowConnect, a crypto-as-a-service product that lets financial firms offer crypto trading to their customers. In April, EDX applied for a U.S. national trust bank charter through the Office of the Comptroller of the Currency; if approved, EDX Trust would provide regulated custody, clearing, settlement and risk management services for crypto clients.

EDX launched in 2023 with backing from Citadel Securities, Fidelity Digital Assets, Charles Schwab, Paradigm and Sequoia Capital. The latest round signals continued interest in infrastructure aimed at bringing institutional market conventions into digital asset trading.