EDX Markets Closes $76M Series C Led by SBI Holdings
VC & Fundraising ·
The institutional crypto exchange will use the funding to build out clearing, settlement, and regulated custody services.
EDX Markets, a digital asset trading platform aimed at institutional participants, has closed a $76M Series C funding round led by SBI Holdings, according to EDX Markets. The company says the capital will go toward expanding its clearing and settlement infrastructure and launching regulated custody services for institutional clients.
Three distinct sources are tracking the raise, and reporting from WuBlockchain corroborates the round's size and SBI's lead role. The deal adds EDX Markets to a growing list of crypto infrastructure bets SBI has made as it pushes deeper into digital-asset rails.
SBI's involvement fits a pattern the group has followed across Japan and beyond: rather than simply trading crypto, SBI has been building or backing the plumbing that institutions need to hold and move it. According to SBI's Atlas entry, the conglomerate has co-founded a Ripple joint venture, pushed XRP and stablecoin rails, and moved to consolidate exchanges as Japan's Financial Instruments and Exchange Act reclassifies more than 100 tokens, including XRP, as financial instruments. That same profile notes SBI's $289M acquisition of Bitbank, a planned yen-denominated stablecoin called JPYSC limited to SBI VC Trade, and a ¥46.7B deal that would lift SBI's crypto custody assets to ¥1.1T.
The EDX investment sits alongside other SBI-backed infrastructure plays, including a $51M Series B for Fasset to scale stablecoin rails in emerging markets, and plans with Rakuten to launch crypto investment trusts as Japanese brokers prepare for changes expected in 2028. Together these moves point to a broader strategy of embedding SBI across custody, clearing, settlement, and stablecoin issuance rather than concentrating on any single product line.
Not yet detailed is how EDX Markets' custody and settlement build-out will be structured, what other investors participated in the round, or how the SBI relationship might extend into the joint clearing infrastructure that institutional crypto trading increasingly depends on. It also remains unclear how EDX's expansion plans intersect with SBI's own exchange consolidation efforts in Japan, including the pending Bitbank acquisition, and whether the two efforts will be run separately or folded into a shared infrastructure push.