EDX Markets closed a $76M Series C led by SBI Holdings and filed for a national trust bank. The exchange's rapid growth and the OCC decision shape the risk profile for traders.
Alpha Score of 69 reflects moderate overall profile with strong momentum, weak value, moderate quality, strong sentiment.
EDX Markets, the institutional digital asset exchange backed by Citadel Securities, Fidelity, Virtu Financial, and Charles Schwab, closed a $76 million Series C round led by SBI Holdings. The capital will go toward trading infrastructure, new products, and international expansion, the company said.
The exchange that launched trading in mid-2023 has racked up over $36 billion in cumulative notional volume and hit daily records above $685 million. This Series C follows a $65 million Series B from Pantera Capital and Sequoia Capital in January 2024 – $141 million in later-stage funding in roughly a year.
SBI Holdings, a Tokyo financial conglomerate with a wide digital-asset portfolio, leading the round signals deepening ties between traditional finance in Asia and the US institutional exchange ecosystem. EDX runs on technology from MEMX, the members exchange whose backers include the same Wall Street names.
In April 2026, EDX filed an application with the Office of the Comptroller of the Currency to establish EDX Trust, a national trust bank. If approved, the trust would provide regulated custody, clearing, and settlement under federal oversight. That would reduce the counterparty risk that has historically dogged crypto exchanges – no mingled client assets, no bankruptcy-court battles over who owns what.
The OCC has not set a decision timeline. A denial would leave EDX reliant on state-level trust charters or third-party custodians, potentially slowing the institutional onboarding that has driven its volume growth. An approval would make EDX the first crypto-native exchange with a federal trust bank, a structural advantage over rivals still operating under state money-transmitter licenses.
Charles Schwab was a founding consortium member and remains a backer. The SCHW stock page shows an Alpha Score of 69, classified Moderate in the Financials sector. Schw's involvement gives EDX distribution – Schw's 35 million brokerage accounts – but also creates a linkage: any operational issue at EDX would reflect on Schw's custody reputation, a risk the OCC filing is partly designed to mitigate.
For traders routing orders through EDX, the Series C means deeper liquidity and more product types – the exchange added Dogecoin and Shiba Inu in November 2024 and integrated with FlexTrade and Ripple Prime for spot and perpetual futures access. The OCC decision is the real swing factor. Approval would bring settlement finality that matches traditional clearinghouses. Rejection would leave the current state-level patchwork in place, which institutional allocators still view as a gap.
EDX said it will use the new capital to file for additional licenses outside the US, starting with Asia-Pacific markets where SBI Holdings already operates regulated exchanges in Japan and Singapore. The next concrete marker is the OCC's response, which could come in the second half of 2026.
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