EDX Markets Raises $76M Led by SBI Holdings to Expand Institutional Crypto Trading Infrastructure

EDX Markets has raised $76 million in a Series C funding round led by Japan-based financial services group SBI Holdings, providing fresh capital to expand its institutional cryptocurrency trading infrastructure and international operations. The investment comes as demand for regulated digital asset services continues to grow among banks, asset managers and other institutional investors.

The company said the funding will support the development of new products, strengthen its trading, clearing and settlement capabilities, and help scale its business beyond its current markets. The announcement follows a series of strategic moves by EDX this year aimed at broadening its services for institutional clients.

Unlike many cryptocurrency exchanges, EDX operates an institution-only marketplace that separates trade execution from asset custody through a central clearing model. The structure is intended to reduce counterparty risk and replicate operational standards commonly used in traditional financial markets, where trading, clearing and custody are handled independently.

Capital to Support Infrastructure Expansion

The latest funding will primarily be directed toward expanding EDX’s core market infrastructure rather than consumer-facing products. The company has increasingly focused on providing technology and services that financial institutions can use to access digital asset markets within a regulated framework.

Earlier this year, EDX introduced FlowConnect, a crypto-as-a-service platform that allows banks, brokerages and financial firms to integrate cryptocurrency trading into their existing offerings without building their own trading infrastructure.

The company is also working to expand beyond spot trading services by strengthening its post-trade operations, an area that institutional investors often view as critical when evaluating digital asset platforms.

Regulatory Strategy Remains a Priority

EDX is also pursuing regulatory approval in the United States through an application submitted to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter.

If approved, the proposed EDX Trust would allow the company to offer regulated custody, clearing, settlement and risk management services under a federal banking framework. Such approval could enable EDX to provide a more comprehensive suite of institutional services while reducing reliance on third-party custody providers.

The trust bank application reflects a broader trend across the digital asset industry, where infrastructure providers are seeking banking-style regulatory oversight to serve institutional clients.

SBI Expands Its Digital Asset Footprint

SBI Holdings has continued to increase its presence across multiple segments of the digital asset industry.

Recent initiatives by the Japanese financial group include:

• Supporting Ripple’s RLUSD stablecoin through SBI VC Trade.
• Participating in the launch of JPYSC, a yen-denominated stablecoin issued through SBI Shinsei Trust Bank and Startale Group.
• Agreeing to acquire Japanese cryptocurrency exchange Bitbank in a deal valued at approximately 46.7 billion yen ($289 million).

The investment in EDX further expands SBI’s exposure to institutional digital asset infrastructure outside Japan.

Built for Institutional Markets

EDX launched in 2023 with backing from several major financial institutions and investment firms, including Citadel Securities, Fidelity Digital Assets, Charles Schwab, Paradigm and Sequoia Capital.

Rather than targeting retail traders, the platform was designed for institutional participants by adopting a market structure that separates trading, clearing and custody. The approach aims to improve operational efficiency while minimizing risks associated with holding customer assets directly on an exchange. As institutional participation in digital assets continues to expand, infrastructure providers have increasingly focused on offering services that resemble those available in traditional capital markets.

Why the Funding Matters

The Series C financing highlights continued investor interest in companies building institutional-grade digital asset infrastructure, even as the broader crypto industry shifts its focus from retail growth to regulated financial services.

For EDX, the new capital provides resources to expand internationally, develop additional institutional products and advance its regulatory strategy in the United States. Success in securing a trust bank charter could strengthen its position in the growing market for institutional crypto trading and post-trade services, where demand for regulated infrastructure continues to increase.