EDX Markets, an institutional cryptocurrency trading platform, has secured $76 million in a Series C funding round led by SBI Holdings. The funds will support product development and international expansion.
EDX operates a platform designed exclusively for institutional clients. It separates trading from custody and settlement through a central clearinghouse to reduce counterparty risk, following the model of traditional financial markets.
The company introduced its FlowConnect product earlier this year to enable financial firms to offer crypto trading services. In April, EDX applied for a U.S. national trust bank charter through the Office of the Comptroller of the Currency to provide regulated custody and clearing services if approved.
EDX launched in 2023 with initial backing from Citadel Securities, Fidelity Digital Assets, Charles Schwab, Paradigm and Sequoia Capital. SBI Holdings has expanded its crypto activities recently, including an agreement last month to acquire Bitbank for 46.7 billion yen.
