EDX Markets, an institutional-only crypto trading venue with its own central clearinghouse, has closed a $76 million Series C funding round. The round was led by SBI Holdings, a Tokyo-listed financial group, which becomes a strategic investor in the U.S. exchange. Details on how the capital will be used were not immediately available.
SBI Holdings takes a stake
SBI Holdings is a major Japanese financial group listed on the Tokyo Stock Exchange. The investment marks its entry as a strategic investor in EDX Markets. Other participants in the round were not disclosed. The deal gives SBI a direct foothold in the U.S. institutional crypto market, a segment that has seen growing interest from traditional finance players.
A clearinghouse built for institutions
EDX Markets operates its own central clearinghouse, a structure designed to reduce counterparty risk for large trades. The exchange focuses exclusively on institutional clients, setting it apart from retail-heavy platforms. The clearinghouse model allows for net settlement and other features that mirror traditional financial market infrastructure. This setup is intended to attract asset managers, hedge funds, and other professional traders who require robust settlement processes.
Funding round details
The $76 million Series C is one of the larger funding rounds for a crypto exchange this year. The round was led by SBI Holdings, which joins the company's cap table as a strategic investor. EDX Markets has not disclosed its valuation or the full list of investors. The company was founded in 2022 and has raised capital from a range of institutional backers in previous rounds, though those details were not part of this announcement.
The exchange continues to operate as an institutional-only venue, competing with other platforms like Coinbase Prime and Binance Institutional. With the new capital, EDX Markets is expected to expand its offerings, though specific plans have not been outlined.
