EDX Markets has closed a $76 million Series C funding round led by SBI Holdings, with the Tokyo-listed group joining as a strategic investor in the institutional crypto exchange. The raise lands as SBI expands its own digital asset business and as EDX pushes for U.S. regulatory approvals for a national trust bank.
EDX Markets, an institutional-only crypto trading venue with its own central clearinghouse, closed a $76 million Series C funding round led by SBI Holdings, the firm said in a press release. The Tokyo-listed financial group becomes a strategic investor in the U.S. exchange.
The capital will fund expansion of EDX's trading, clearing and settlement capabilities, along with product development and global operations, according to the release. EDX Markets CEO Tony Acuña-Rohter said the investment strengthens the firm's ability to serve financial institutions engaging with digital assets at scale.
SBI's digital asset push
SBI Holdings, founded in 1999, runs SBI Shinsei Bank and SBI Securities among other units and has been building out its own crypto infrastructure. The group recently launched JPYSC, described in the release as Japan's first trust bank-backed yen stablecoin.
Chairman and president Yoshitaka Kitao tied the investment to that stablecoin push and to SBI's domestic handling of the RLUSD and USDC stablecoins. According to the release, Kitao said "trusted market infrastructure will serve as a critical foundation for institutional adoption".
Regulatory buildout
The Series C follows other recent moves by EDX to court institutional clients. The firm filed an application with the Office of the Comptroller of the Currency to establish EDX Trust, a proposed national trust bank for regulated custody, clearing and settlement.
Earlier this year, EDX also launched EDX FlowConnect, a crypto-as-a-service product letting firms build their own digital asset trading offerings, per the release. The exchange combines an institution-only spot venue with a central clearinghouse designed to settle trades daily and limit bilateral counterparty exposure between members.
Source: EDX Markets
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