Key Takeaways:
EDX Markets raised $76 million in a Series C round led by SBI Holdings, the Japanese financial conglomerate, to expand its institutional crypto trading infrastructure globally.
"SBI brings deep expertise serving global financial institutions and has built one of the world's leading digital asset ecosystems," Tony Acuña-Rohter, CEO of EDX Markets, said in a statement.
The funding deepens EDX's relationship with SBI, which last month agreed to acquire crypto exchange Bitbank for 46.7 billion yen ($289 million). SBI's broader digital asset push includes offering Ripple's RLUSD stablecoin through its SBI VC Trade unit and issuing JPYSC, a yen-denominated stablecoin, through SBI Shinsei Trust Bank.
EDX applied in April for a US national trust bank charter through the Office of the Comptroller of the Currency. If approved, EDX Trust would provide regulated custody, clearing and settlement services — positioning the firm to capture institutional demand for compliant digital asset infrastructure as regulatory frameworks solidify globally.
EDX operates an institution-only marketplace that separates trading from custody and settlement through a central clearinghouse, a model designed to minimize counterparty risk by mirroring the structure used in traditional financial markets. The platform launched in 2023 with backing from Citadel Securities, Fidelity Digital Assets, Charles Schwab, Paradigm and Sequoia Capital.
The firm earlier this year introduced FlowConnect, a crypto-as-a-service product that enables financial firms to offer digital asset trading to their customers without building the infrastructure themselves. The product represents EDX's expansion beyond spot trading into a broader suite of institutional services.
SBI Holdings Chairman and President Yoshitaka Kitao said trusted market infrastructure will serve as a critical foundation for institutional adoption as the group expands its stablecoin ecosystem and digital asset offerings. The investment gives SBI a strategic stake in a US-regulated trading venue at a time when Japanese financial groups are increasingly looking to diversify into digital assets amid a weak yen.
This article is for informational purposes only and does not constitute investment advice.
