According to reports from The Block, EDX Markets, an institutional cryptocurrency trading platform, successfully raised $76 million in a Series C funding round led by SBI Holdings. The Chicago-based company announced the deal on July 7, 2026, with SBI Holdings acting as the sole investor in the equity round. This marks the first time the company has disclosed the size of one of its funding rounds, as previous rounds remained undisclosed. The funding represents a significant milestone for EDX, which has previously maintained confidentiality around its funding rounds despite backing from major institutional investors including Citadel Securities, Fidelity Digital Assets, Charles Schwab, Paradigm and Sequoia Capital. CEO Tony Acuña-Rohter expressed enthusiasm about the partnership, stating that "We're pleased to welcome SBI as a strategic partner as we continue to expand our suite of digital asset products and services."
As reported by The Block, EDX has demonstrated remarkable growth since its 2023 launch, with the platform reporting over $36 billion in cumulative notional volume by late 2024. The platform achieved daily trading volumes hitting record highs above $685 million, showcasing strong institutional adoption. This Series C follows a $65 million Series B completed in January 2024, which was co-led by Pantera Capital and Sequoia Capital. Combined with the latest funding, EDX has raised $141 million in combined later-stage funding over the span of roughly a year. The platform operates on technology from MEMX, the members exchange that counts some of the biggest names on Wall Street among its backers.
According to The Block, EDX has been expanding beyond spot trading with its FlowConnect product, a crypto-as-a-service offering that allows financial firms to provide crypto trading services to their customers. The platform expanded its asset offerings in November 2024 by adding Dogecoin and Shiba Inu to its original lineup of Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. EDX added a central clearinghouse in early 2024, giving the platform the ability to offer comprehensive trading and clearing services under one roof. The platform has also integrated with FlexTrade and Ripple Prime, aimed at broadening access to both spot and perpetual futures liquidity. FlexTrade brings execution management systems that hedge funds and asset managers already use daily, enhancing the platform's institutional capabilities. The Series C capital will help the company expand this service and support more institutional clients.
The funding follows recent strategic partnerships that demonstrate EDX's commitment to institutional access and settlement infrastructure. In May 2026, Ripple Prime integrated with EDX Markets and EDXM International to give institutional clients access to spot and perpetual futures liquidity through one prime brokerage framework. The Ripple Prime deal also placed RLUSD in a planned settlement and collateral role, showing how institutional crypto firms are connecting trading venues, margin, and stablecoin-based settlement in one system. EDX has also launched EDX FlowConnect, a crypto-as-a-service product that helps firms offer digital asset trading to customers. The company recently filed with the Office of the Comptroller of the Currency to form EDX Trust, National Association for custody, clearing, settlement, and risk management. The OCC listed the application as received on March 26, 2026.
As reported by SBI Holdings, CEO Tony Acuña-Rohter expressed enthusiasm about the partnership, stating that "We're pleased to welcome SBI as a strategic partner as we continue to expand our suite of digital asset products and services." He highlighted that SBI brings "deep expertise serving global financial institutions and has built one of the world's leading digital asset and financial services ecosystems." SBI Holdings Chairman Yoshitaka Kitao emphasized that EDX provides "a robust, regulatory-compliant platform that addresses the growing demand for institutional digital asset infrastructure." The partnership builds on SBI's broader commitment to advancing regulated digital asset infrastructure, including the recent launch of JPYSC, Japan's first trust bank-backed yen stablecoin. The funding will help EDX expand its trading, clearing and settlement capabilities, accelerate product development and scale its global operations, with the capital specifically targeted toward expanding trading infrastructure, developing new products, and fueling international growth.
