EDX Markets, an institutional crypto infrastructure firm backed by Wall Street heavyweights Charles Schwab, Citadel Securities and Fidelity, raised $76 million in a Series C round led by Japan's SBI Holdings.
The Chicago-based company said in a Tuesday press release, July 7, that the funding will support growth across trading, clearing and settlement, while also helping it scale product development and global operations.
- EDX Markets was built mainly for the institutional trust gap that followed the last crypto cycle.
- When EDX went live in 2023, it launched with trading in Bitcoin, Ether, Litecoin and Bitcoin Cash, and its backers included Charles Schwab, Fidelity and Ken Griffin's Citadel Securities.
In EDX Markets' announcement, SBI Holdings said trusted market infrastructure would be needed as the group expands through products such as JPYSC, a yen-denominated stablecoin, and domestic handling of dollar stablecoins, including RLUSD and USDC.
So technically, EDX Markets got to build a bridge into SBI's financial ecosystem, while SBI got a deeper link to U.S.-style institutional crypto infrastructure.