EDX Markets raises $76M led by SBI for institutional services

EDX Markets announced on Monday it raised $76 million in a Series C funding round led by Japan’s SBI Holdings to scale institutional crypto services, including spot trading, clearing and settlement, and to develop new products and expand internationally.

The San Francisco-based exchange operates a US-focused institutional spot venue for domestic institutional customers and a Singapore-based perpetual futures market for eligible non-US institutional clients. The company said the funds will support growth of both venues and improvements to post-trade infrastructure.

Prior backers include Citadel Securities, Fidelity Digital Assets, Virtu Financial and Charles Schwab. EDX did not disclose the full list of new investors or an implied valuation for the round.

In May, Ripple Prime integrated its prime brokerage platform with EDX, enabling institutional clients to access the exchange’s spot and perpetual futures liquidity. The two firms planned to support RLUSD as a settlement and collateral asset.

EDX reported processing up to $685 million in daily trading volume. The firm has focused on building clearing and settlement capabilities alongside trading liquidity to meet institutional needs for custody, post-trade processing and collateral management.

Other firms building market and settlement infrastructure have raised capital this year: Framework Ventures raised $400 million; Fomo completed a $75 million round at a reported $550 million valuation; and Trace Finance raised $32 million to expand a stablecoin-based cross-border payments and settlement platform.

EDX stated it will apply the proceeds to broaden spot trading, enhance clearing and settlement systems, accelerate product development and expand operations internationally to support larger institutional books and cross-border clients.