coindesk.com
EDX Markets, an institutional cryptocurrency trading platform, said it raised $76 million in a Series C funding round led by SBI Holdings.
The company plans to use the funds to develop new products and grow internationally. EDX operates an institution-only crypto marketplace that separates trading from custody and settlement through a central clearinghouse. The model is designed to reduce counterparty risk and mirrors the structure used in traditional financial markets.
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, while SBI Shinsei Trust Bank recently issued JPYSC, a yen-denominated stablecoin developed with Startale Group.
Last month, SBI agreed to acquire crypto exchange Bitbank for 46.7 billion yen ($289 million), adding to its existing SBI VC Trade platform.
EDX has been moving beyond spot trading. The firm earlier this year introduced FlowConnect, a crypto-as-a-service product that allows financial firms to offer crypto trading to their customers.
The company applied in April for a U.S. national trust bank charter through the Office of the Comptroller of the Currency (OCC). If approved, EDX Trust would provide regulated custody, clearing, settlement and risk management services for crypto clients.
EDX launched in 2023 with backing from Citadel Securities, Fidelity Digital Assets, Charles Schwab, Paradigm and Sequoia Capital.