Institutional crypto infrastructure just got a major vote of confidence. EDX Markets, a Chicago-based crypto exchange built specifically for institutions, has closed a $76 million Series C funding round led by Japan’s SBI Holdings, according to crypto. news report.
The Deal
SBI was the sole investor in this equity round, with EDX CEO Tony Acuña-Rohter confirming that the company didn’t disclose its valuation or other deal terms. This is notably the first funding round whose size EDX has made public. The company’s earlier backers include heavyweight names — Charles Schwab, Citadel Securities, Fidelity Investments, Sequoia Capital, and Paradigm.
EDX will use the new capital to enhance its trading, clearing, and settlement infrastructure, accelerate product development, and expand internationally.
Behind the Investment
EDX operates an institutional-only crypto marketplace and a central clearinghouse, following a traditional finance model that separates trading, clearing, and custody to prevent conflicts of interest. The U.S. platform supports spot trading, while EDXM International offers perpetual futures to eligible non-U.S. institutions.
SBI’s chairman framed the investment as part of a broader strategic push, describing trusted market infrastructure as essential groundwork for institutional crypto adoption.
What EDX Has Been Building
This funding round isn’t happening in a vacuum — EDX had already been rolling out new products throughout the year. Back in early 2026, the company introduced EDX FlowConnect, a crypto-as-a-service tool that gives other firms a way to offer digital asset trading to their own customers without having to build an exchange from the ground up.
Separately, EDX has an application pending with the U.S. Office of the Comptroller of the Currency to launch a national trust bank called EDX Trust. If approved, it would take on custody, clearing, settlement, and risk management duties alongside the company’s existing trading platforms. The OCC logged the application on March 26, 2026.
There’s also a partnership angle worth noting: EDX linked up with Ripple Prime in May 2026, which gives institutional users one unified way to tap into both EDX’s spot markets and its overseas perpetual futures through a single prime brokerage setup. RLUSD is expected to play a role in settlement and collateral under this arrangement, although XRP hasn’t been positioned as a core settlement asset.
The Bigger Picture
EDX is not functioning in isolation; rather, it is part of a larger trend of institutional investment flowing into crypto infrastructure this year. Reports indicate that Binance is in discussions for a funding round via Mesh, potentially valuing the company at up to $2 billion. Meanwhile, Coinbase and Standard Chartered have independently enhanced their institutional crypto payment systems. SBI’s move into EDX fits this same pattern of traditional finance players backing regulated infrastructure rather than speculative token plays.
For scale, EDX has reportedly processed up to $685 million in daily trading volume — a sign that institutional demand for regulated crypto venues has remained active even as broader crypto trading volumes have cooled elsewhere. That volume, combined with backing from market-making giants like Citadel Securities and Virtu Financial (firms known for demanding serious infrastructure before committing capital), suggests EDX is being treated less like a crypto startup and more like emerging financial-market plumbing — closer in spirit to a clearinghouse than an exchange chasing retail volume.
The Investor Takeaway
What this deal really shows is that traditional finance is now putting serious money behind crypto’s infrastructure — not just the coins themselves. SBI’s decision to back EDX fits into a wider shift happening across the industry this year, where big financial players are chasing exposure to clearing, custody, and settlement rails rather than simply trading tokens.
Arguably, the most consequential piece of this story isn’t even the $76 million — it’s the pending trust bank charter. If EDX gets that approval, it would be able to offer fully regulated, bank-grade custody, which is often the missing piece that keeps the biggest institutional players from committing capital in the first place.
Editorial Note: This article was researched and drafted with AI assistance, then rigorously fact-checked, edited, and published by Miles. All content is strictly for informational and educational purposes only and does not constitute professional investment advice. Cryptocurrency and global financial markets experience severe volatility, sometimes swinging 50% or more in a single day. Invest only capital you can comfortably afford to lose, and always consult a certified financial advisor before committing funds. Read my full Disclaimer for more details.