Japan’s SBI Holdings is the sole backer of EDX Markets’ latest fundraising round — a $76 million Series C for the institutional crypto platform.
EDX Markets, which operates a non-custodial exchange aimed at big institutional players, announced the close of the round on Tuesday. No other investors participated. Just SBI, writing the whole check.
The move signals deepening ties between US-style institutional crypto infrastructure and Japanese financial giants. SBI has been one of the most active traditional finance players in crypto, backing everything from exchanges to custody providers. This is its biggest single bet on an American trading platform.
EDX launched in 2022 with backing from Citadel Securities, Fidelity, and Charles Schwab. It’s built around a model where the exchange doesn’t hold customer funds — trades settle through a separate clearing house. That structure is designed to appeal to institutions that don’t want exchange counterparty risk after the FTX collapse.
With SBI’s cash and connections in Japan, EDX gets a direct line to Asian institutional capital. The bet is that regulated, non-custodial trading infrastructure will win the day as more traditional money flows into crypto.
