Institutional crypto trading platform EDX Markets said it raised US$76 million in a series C round led by Japan’s SBI Holdings, a Tokyo-based financial services group, to fund new products and international expansion.

EDX began trading in June 2023 and is backed by Citadel Securities, Virtu Financial, Fidelity Digital Assets, Charles Schwab, Sequoia Capital, HRT Technology, and Miami International Holdings.

It also completed an undisclosed series B round in January 2024 led by Pantera Capital and Sequoia Capital.

Earlier this year, EDX launched FlowConnect, a white-label crypto-as-a-service platform for financial firms covering spot trading, perpetual futures trading, clearing, and stablecoin on- and off-ramp workflows.

In April, EDX applied for a US national trust bank charter through the Office of the Comptroller of the Currency.

If approved, EDX Trust would provide regulated custody, clearing, settlement, and risk management services for crypto clients.

SBI’s investment comes after it agreed in June to buy Japanese crypto exchange Bitbank for 46.7 billion yen (US$288 million) in a move that fits its strategy of growing its crypto business through acquisitions.

🔗 Source: CoinDesk