EDX Markets, the institutional-only digital asset trading venue backed by Citadel Securities, Fidelity Digital Assets and Charles Schwab, has closed a $76 million Series C funding round led by SBI Holdings, according to a press release published by the company on July 7.
The round gives the Tokyo-listed financial group, which has spent the past several years building out its own digital asset ecosystem, a direct stake in one of the largest U.S.-based crypto trading and clearing venues.
EDX combines an institutional trading platform with a central clearinghouse, positioning itself as infrastructure that mimics the risk management and settlement standards of traditional exchanges rather than a retail-facing venue. The company said the new capital will fund expansion of its trading, clearing and settlement capabilities, accelerate product development and scale its global operations.
"SBI brings deep expertise serving global financial institutions and has built one of the world's leading digital asset and financial services ecosystems," said Tony Acuña-Rohter, chief executive of EDX Markets, in the release. "Their investment strengthens our ability to deliver the capabilities and market access that financial institutions need to engage with digital assets confidently and at scale."
SBI Holdings, chaired by Yoshitaka Kitao, has built out a broad regulated digital asset business in Japan, including JPYSC, described in the release as Japan's first trust bank-backed yen stablecoin, alongside domestic handling of dollar-denominated stablecoins RLUSD and USDC. Kitao said the firm sees "trusted market infrastructure" as a foundation for institutional adoption and expects to work with EDX "to accelerate innovation, expand market access and help drive the broader use of digital assets globally."
The Series C follows a $65 million Series B that EDX closed in January 2024, co-led by Pantera Capital and Sequoia Capital, bringing the company's later-stage funding to roughly $141 million over eighteen months. EDX launched in 2023 with backing from Citadel Securities, Fidelity Digital Assets, Charles Schwab, Paradigm and Sequoia.
The raise lands alongside two other moves EDX has made this year to expand beyond spot trading. The company launched EDX FlowConnect, a crypto-as-a-service product that lets firms build their own digital asset trading offerings on EDX's infrastructure, and filed an application with the Office of the Comptroller of the Currency to establish EDX Trust, a proposed national trust bank that would provide regulated custody, clearing and settlement services. If approved, the charter would let EDX offer custody directly to institutional clients rather than relying on third-party custodians, a step that would deepen its position in the institutional digital asset stack rather than simply widen its investor base.