NEW YORK — EDX Markets, an institutional-only crypto trading venue, closed a $76 million Series C funding round led by SBI Holdings, the firm said.
SBI Holdings, a Tokyo-listed financial group, becomes a strategic investor in the U.S. exchange, expanding its presence in the American institutional digital asset market.
EDX operates a non-custodial model that separates trading and custody functions — a design that addresses a core concern for traditional financial institutions entering crypto. Its central clearinghouse reduces counterparty risk and minimizes bilateral settlement among trading firms.
EDX launched in November 2023 with backing from Fidelity Digital Assets, Charles Schwab, Citadel Securities and Virtu Financial. A September 2023 Series B added Miami International Holdings, DV Trading and GTS.
The $76 million will fund new product offerings and further market penetration, according to the press release.
Demand for regulated venues reflects a push for deeper liquidity and tighter spreads in the institutional crypto market. That demand has grown alongside the approval of spot Bitcoin ETFs in Jan. 2024 and spot Ethereum ETFs in May 2024.
SBI Holdings operates the SBI VC Trade exchange in Japan and has been a long-standing partner of Ripple.
EDX competes with institutional platforms including Coinbase Prime and traditional exchanges offering crypto derivatives.
The raise comes as U.S. policymakers continue to define digital asset regulation. The GENIUS Act established a federal framework for payment stablecoins in 2025, while the CLARITY Act addresses asset classification.
