EDX Markets raises $76M from SBI, pushes institutional crypto infrastructure

EDX Markets raised $76 million in a Series C funding round led by SBI Holdings, the company said. The institutional crypto trading platform plans to use the money to build new products and expand overseas.

EDX runs an institution-only marketplace. It separates trading from custody. Settlement goes through a central clearinghouse. That structure lowers counterparty risk and mirrors how traditional financial markets handle trades.

SBI Holdings has been one of Japan's most active financial groups in crypto. Its SBI VC Trade unit offers access to Ripple's RLUSD stablecoin in Japan. SBI Shinsei Trust Bank recently issued JPYSC, a yen-denominated stablecoin developed with Startale Group. Last month, SBI agreed to buy crypto exchange Bitbank for 46.7 billion yen ($289 million), adding to its existing SBI VC Trade platform.

EDX launched in 2023. Backers include Citadel Securities, Fidelity Digital Assets, Charles Schwab (SCHW stock page), Paradigm and Sequoia Capital. The company applied in April for a U.S. national trust bank charter through the Office of the Comptroller of the Currency. If approved, EDX Trust would provide regulated custody, clearing, settlement and risk management for crypto clients.

Earlier this year, EDX introduced FlowConnect, a crypto-as-a-service product that lets financial firms offer crypto trading to their own customers. The product moves the platform beyond spot trading into infrastructure.

The stablecoin market cap fell to $312 billion in June, its largest monthly drop since the TerraUSD collapse. Tokenized equity volumes surged 145% to a record $3.86 billion over the same period.