Key facts
- SBI Holdings acquired a 20% stake in US crypto exchange EDX Markets.
- EDX Markets raised $76 million in a Series C funding round led by SBI Holdings.
- The capital will be used for product development and international expansion.
- EDX Markets separates trading from custody via a central clearinghouse to minimize counterparty risk.
- EDX Markets has launched FlowConnect, a crypto-as-a-service product, and applied for a U.S. national trust bank charter.
Japanese financial group SBI Holdings has acquired a 20% stake in U.S. cryptocurrency exchange EDX Markets, as part of a $76 million Series C funding round. The investment aims to support product development and international growth for the institutional crypto trading platform.
EDX Markets operates a model that separates trading from custody through a central clearinghouse to minimize counterparty risk. The company has launched FlowConnect, a crypto-as-a-service product, and applied for a U.S. national trust bank charter with the Office of the Comptroller of the Currency.
The exchange has processed as much as $685 million in daily trading volume. Previous backers include Citadel Securities, Fidelity Digital Assets, and Charles Schwab. SBI Holdings has been active in the digital asset space, with its SBI VC Trade unit offering stablecoin access and its recent acquisition of crypto exchange Bitbank for approximately $289 million.