EDX Markets Raises $76 Million in SBI-Led Round
The round is meant to help EDX expand with new products and international growth. At the same time, SBI is growing its position in institutional crypto, stablecoins, and Bitbank.
Key Takeaways
- EDX Markets raised $76 million in a Series C round led by SBI Holdings.
- The funding will support new products and international expansion, while EDX uses a clearinghouse model to separate trading, custody, and settlement.
- SBI Holdings is deepening its crypto push through stablecoins, the acquisition of Bitbank, and a larger role in institutional crypto infrastructure.
EDX Markets has secured $76 million in a Series C round led by SBI Holdings. The institutional crypto exchange says it will put the money toward new products and overseas growth, while continuing to build around a model that keeps trading, custody, and settlement separate through a central clearinghouse.
Institutional Setup
The idea behind that setup is to reduce counterparty risk by putting the clearinghouse in the middle of the transaction. If one side does not deliver, the trade can still be completed. In practice, EDX is borrowing from the structure of traditional financial markets, where that kind of separation has long been standard.
For institutional traders, that distinction matters. Crypto trading at the professional level is not just about getting exposure to tokens. It also depends on settlement reliability, risk controls, and operational oversight. EDX is clearly aiming to serve firms that want a more regulated market structure, not just a place to trade.
SBI Expands Its Crypto Position
The deal also fits neatly into SBI Holdings'' wider crypto strategy. The Japanese financial group is already active in stablecoins through SBI VC Trade, which offers access to Ripple''s RLUSD in Japan, and through SBI Shinsei Trust Bank, which recently launched the yen stablecoin JPYSC with Startale Group.
On top of that, SBI agreed last month to buy crypto exchange Bitbank for 46.7 billion yen, or about $289 million (€253 million). The acquisition would give SBI a larger presence in Japan''s crypto market and add another channel for distribution and product development.
More Than Just Spot Trading
EDX is also pushing beyond spot trading. Earlier this year, the company introduced FlowConnect, a crypto-as-a-service product that allows financial institutions to offer crypto trading to their own clients. That move lines up with a broader industry trend: infrastructure, clearing, and settlement are becoming more important for firms that want to launch crypto products without building every piece in-house.
Its expansion into the United States is another key part of the story. In April, EDX applied for a national trust bank charter with the Office of the Comptroller of the Currency. If approved, EDX Trust would be able to provide regulated custody, clearing, settlement, and risk management for crypto clients. For European readers, it is a sign that institutional crypto infrastructure is increasingly taking on bank-like features, even outside the spot market.
