EDX Markets Raises $76 Million From SBI to Expand Institutional Crypto Services
Updated
Updated · CoinDesk · Jul 7
EDX Markets Raises $76 Million From SBI to Expand Institutional Crypto Services
3 articles · Updated · CoinDesk · Jul 7
Summary
$76 million in Series C funding will help EDX Markets build new products and expand internationally, with Japan's SBI Holdings leading the round.
EDX targets institutional clients with a market structure that separates trading from custody and settlement through a central clearinghouse, aiming to reduce counterparty risk.
FlowConnect, launched earlier this year, extends EDX beyond spot trading by letting financial firms offer crypto trading to their own customers.
An April application for a U.S. national trust bank charter would, if approved, let EDX Trust provide regulated custody, clearing, settlement and risk management services.
EDX launched in 2023 with backing from Citadel Securities, Fidelity Digital Assets, Charles Schwab, Paradigm and Sequoia, while SBI has been deepening its crypto push through stablecoins and a 46.7 billion yen Bitbank deal.