SBI Holdings is sole investor in crypto platform EDX Markets' $76 million Series C

Institutional crypto platform EDX Markets has closed a $76 million Series C funding round, with Japan's SBI Holdings as the sole investor, CEO Tony Acuña-Rohter told The Block.

This was an equity round, Acuña-Rohter said, but he declined to disclose its terms or EDX's valuation. Notably, this is the first time EDX has disclosed the size of one of its funding rounds. Its previous two rounds were undisclosed but included backers such as Charles Schwab, Citadel Securities, Fidelity Investments, Sequoia Capital and Paradigm. Acuña-Rohter also declined to comment on those earlier rounds, saying the details are confidential.

Founded in 2022, EDX operates an institutional-only crypto trading venue with a central clearinghouse, aiming to bring traditional market structure to digital asset trading.

The new funding will help EDX expand its trading, clearing and settlement capabilities, accelerate product development and scale its global operations, Acuña-Rohter said. The firm is focused on serving the next wave of institutions entering crypto, particularly large banks, he added.

"The funding gives us flexibility to invest in the areas that matter most to our institutional clients," Acuña-Rohter said. "We're focused on building the kind of market infrastructure institutions expect. That means bringing together the efficiency and innovation of digital assets with the transparency and risk management standards of TradFi [traditional finance]."

SBI invests $76 million in EDX Markets

Acuña-Rohter said SBI is a strong strategic partner because of its global reach and experience in digital assets and financial services. He added that the investment will allow EDX to "redouble" its efforts in the Asia-Pacific region while continuing to expand elsewhere globally.

SBI has been increasing its focus on regulated digital asset infrastructure. The Tokyo-based financial group recently launched JPYSC, Japan's first trust bank-backed yen stablecoin. SBI Group is also involved in the domestic handling of U.S. dollar-denominated stablecoins, including RLUSD and USDC, according to a statement.

"EDX has built and provides a robust, regulatory-compliant platform that addresses the growing demand for institutional digital asset infrastructure," SBI Holdings Representative Director, Chairman and President Yoshitaka Kitao said in the statement.

Kitao said trusted market infrastructure will be a critical foundation for institutional adoption as SBI expands its digital asset ecosystem through initiatives such as JPYSC and dollar-denominated stablecoins.

"We look forward to working closely with EDX to accelerate innovation, expand market access and help drive the broader use of digital assets globally," Kitao added.

EDX has also been expanding its own product suite. Earlier this year, the firm launched EDX FlowConnect, a crypto-as-a-service offering that enables firms to launch digital asset trading products for their customers. EDX also recently filed an application with the Office of the Comptroller of the Currency to establish EDX Trust, a proposed national trust bank designed to provide regulated digital asset custody, clearing, settlement and risk management services.

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