EDX Markets, an institutional cryptocurrency trading platform, said it has raised $76 million in a Series C funding round led by SBI Holdings.
The company plans to use these funds to develop new products and expand internationally. EDX operates an institutions-only crypto market that separates trading from custody and settlement through a central clearinghouse. The model is designed to reduce counterparty risk and reflects the structure used in traditional financial markets.
SBI Holdings is one of the most active Japanese financial groups in the crypto space. Its SBI VC Trade unit provides 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), complementing its existing SBI VC Trade platform.
EDX has gone beyond spot trading. The company earlier this year introduced FlowConnect, a crypto-as-a-service product that allows financial firms to offer crypto trading to their clients.
