EDX Markets, the institutional-only crypto trading venue, has closed a $69 million Series C funding round. The investment was led by SBI Holdings, a Tokyo-listed financial group that becomes a strategic investor. The company said the capital will fund further development, though it didn't provide specifics.
A venue built for institutions
EDX Markets isn't your typical crypto exchange. It's designed exclusively for institutional traders — no retail clients. What sets it apart is its own central clearinghouse, a structure more common in traditional finance than in crypto. That means trades settle through EDX's own system, reducing counterparty risk for big players. The model has attracted firms that need the reliability of a clearinghouse but want to trade digital assets.
SBI Holdings steps in
SBI Holdings is a major Japanese financial group listed on the Tokyo Stock Exchange. Its investment in EDX Markets isn't just about the money — it's a strategic bet. SBI becomes a strategic investor, which could open doors for EDX in Asia. SBI has been active in crypto and blockchain for years, so the move fits its broader push into digital finance. The exact terms of the partnership weren't disclosed.
The $69 million round
The Series C round totals $69 million. SBI Holdings led it, but no other investors were named. EDX Markets has now raised a significant amount of capital across multiple rounds, though the company hasn't released a total. The timing is notable: crypto fundraising has been tough this year, with many firms struggling to close rounds. EDX managed to pull in a sizable check from a blue-chip financial group.
What the capital will fund
EDX Markets plans to use the money for further development of its platform. The company didn't elaborate on specific products or features. Given its institutional focus, the next steps could include expanding its asset offerings, adding more clearing services, or deepening liquidity. The institutional crypto space is crowded — Coinbase Prime, FalconX, and others are all chasing the same clients. EDX's clearinghouse model is its main differentiator.
EDX Markets hasn't said when it will launch new features or whether it plans to expand beyond its current institutional focus. For now, the company is focused on building out its platform with the fresh capital.
