EDX Markets Raises $76M in Series C Led by SBI Holdings to Expand Institutional Crypto Infrastructure

EDX Markets, the U.S.-based institutional cryptocurrency trading platform, has raised $76 million in a Series C funding round led by Japanese financial conglomerate SBI Holdings. The investment underscores growing institutional demand for regulated digital asset trading infrastructure in the United States and abroad.

Funding Details and Strategic Backing

The Series C round, announced on [date of announcement], was led by SBI Holdings, a major player in Japan’s financial services sector with a growing footprint in digital assets. Other participants in the round included existing investors, though the company did not disclose a full list of backers. This brings the total capital raised by EDX Markets to date to over $100 million, positioning it as one of the better-funded institutional crypto platforms in the U.S.

EDX Markets launched in 2022 with backing from a consortium of Wall Street firms, including Citadel Securities, Fidelity Digital Assets, and Charles Schwab. The platform was designed specifically to meet the needs of institutional investors, offering a non-custodial trading model that separates execution from custody to reduce counterparty risk.

Planned Use of Funds and Regulatory Ambitions

EDX Markets said it will use the fresh capital to expand its trading, clearing, and settlement capabilities. The company also plans to develop new products tailored for institutional clients and accelerate its global expansion. A key part of its strategy involves deepening its regulatory footprint.

Earlier this year, EDX Markets applied for a charter from the U.S. Office of the Comptroller of the Currency (OCC) to establish a trust bank, tentatively named EDX Trust. If approved, the charter would allow EDX to offer custody services directly, a critical capability for institutional investors who require regulated storage of digital assets. The OCC has historically granted trust charters to crypto firms, including Coinbase and Anchorage Digital, though the regulatory environment has tightened under the current administration.

Why This Matters for Institutional Crypto Adoption

The funding round comes at a time when institutional interest in digital assets is recovering after a prolonged bear market. However, many large investors remain cautious due to regulatory uncertainty, custody risks, and a lack of robust market infrastructure. EDX Markets’ model—which uses a central limit order book but keeps assets off its balance sheet—aims to address these concerns by providing a familiar, exchange-like experience with reduced risk.

SBI Holdings’ involvement is particularly significant. The Japanese firm has been an active investor in crypto and blockchain companies globally, including stakes in Ripple, Circle, and several Asian exchanges. Its backing of EDX Markets signals confidence in the U.S. institutional market and may pave the way for cross-border partnerships between American and Japanese financial institutions in the digital asset space.

Competitive Landscape and Market Context

EDX Markets operates in a competitive environment that includes established players like Coinbase Institutional, Kraken Institutional, and Gemini, as well as newer entrants like Talos and B2C2. However, EDX differentiates itself through its non-custodial model and its focus on clearing and settlement—areas where many competitors still rely on third-party providers.

The platform currently supports trading in Bitcoin, Ethereum, and select other cryptocurrencies, with plans to add more assets as liquidity and regulatory clarity improve. EDX also offers a clearing service that nets trades across multiple venues, reducing settlement costs for clients.

Conclusion

EDX Markets’ $76 million Series C round, led by a major international financial institution, represents a vote of confidence in the long-term viability of regulated institutional crypto trading. The funding will enable the company to expand its infrastructure and pursue a trust bank charter, both of which are critical steps toward mainstream adoption. As regulatory frameworks evolve, platforms like EDX Markets are positioning themselves as the backbone of a more secure and efficient digital asset market for institutional participants.

FAQs

Q1: What is EDX Markets?
EDX Markets is a U.S.-based institutional cryptocurrency trading platform that offers a non-custodial model, separating trade execution from asset custody to reduce counterparty risk. It was founded with backing from major Wall Street firms.

Q2: Who led the Series C funding round?
The $76 million Series C round was led by SBI Holdings, a Japanese financial services conglomerate with significant investments in digital assets and blockchain technology.

Q3: What is EDX Trust, and why is it important?
EDX Trust is a proposed trust bank for which EDX Markets has applied for a charter from the U.S. Office of the Comptroller of the Currency (OCC). If approved, it would allow EDX to offer regulated custody services directly to institutional clients, a key requirement for many large investors.