EDX Markets, an institutional-only crypto trading venue with its own central clearinghouse, closed a $76 million Series C round led by SBI Holdings. The Tokyo-listed financial group becomes a strategic investor in the U.S. exchange, and the money goes toward EDX's trading, clearing and settlement capabilities. The round follows EDX's application to establish a national trust bank.
EDX Markets closed a $76 million Series C funding round led by SBI Holdings, the institutional-only crypto trading venue 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 its trading, clearing and settlement capabilities, along with product development and global operations. Chief executive Tony Acuña-Rohter said in the announcement that SBI's investment strengthens the exchange's ability to give financial institutions the capabilities and market access they need to engage with digital assets confidently and at scale.
SBI extends its digital asset ecosystem
SBI Holdings is not new to the sector. The Tokyo-based financial group, founded in 1999 and running SBI Shinsei Bank and SBI Securities among other units, has been building out crypto infrastructure of its own.
Recently the group launched JPYSC, described in the release as Japan's first trust bank-backed yen stablecoin. As SBI keeps expanding that ecosystem — including the JPYSC issuance and domestic handling of U.S. dollar-denominated stablecoins such as RLUSD and USDC — chairman and president Yoshitaka Kitao said the firm believes "trusted market infrastructure will serve as a critical foundation for institutional adoption".
EDX pushes for a national trust bank
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 the exchange also launched EDX FlowConnect, a crypto-as-a-service product letting firms build their own digital asset trading offerings. Both sit on top of the venue's core design: an institution-only spot market paired with a central clearinghouse designed to settle trades daily and limit bilateral counterparty exposure between members.
Source: EDX Markets
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