EDX Markets, a Chicago-based digital asset technology firm, has raised $76 million in Series C funding led by SBI Holdings. The company operates an institution-only spot trading venue combined with the world's only centrally cleared crypto marketplace, separating exchange, clearing, and custody functions to minimize counterparty risk. The capital will support product development and international growth.
Institutional Venues Attract Strategic Capital
The timing aligns with accelerating institutional adoption of crypto. Crossover Markets raised $31 million Series B in March 2026, while Rulematch secured $14 million in December 2023. EDX's integrated model with central clearing addresses a gap that pure execution venues leave open.
Counterparty Risk Persists in Crypto Trading
Institutions face bilateral exposure on most crypto venues, a vulnerability exposed by past exchange failures. EDX eliminates direct counterparty risk through daily net settlement and a central clearinghouse. Its non-custodial design further reduces asset holding risks for participants seeking TradFi-grade protections.
Central Clearing Differentiates the Platform
EDX built a proprietary low-latency matching engine alongside a clearinghouse that mutualizes default resources. This structure mirrors traditional exchanges while supporting 19 spot assets and 44 perpetual futures pairs through its Singapore subsidiary. The FlowConnect white-label platform extends this infrastructure to partners without forcing them to build their own venues.
As CEO Tony Acuña-Rohter noted in coverage of the round, SBI's investment strengthens EDX's ability to deliver the risk management and transparency standards expected by large financial institutions.
SBI Investment Signals Asia Expansion
SBI Holdings brings strategic reach in Japan and broader Asia, complementing EDX's existing backers including Citadel Securities, Fidelity Digital Assets, Charles Schwab, and Virtu Financial. Board Chair Peng Zhao, CEO of Citadel Securities, underscores the Wall Street consortium's ongoing involvement. The round validates EDX's regulatory-forward approach, including its April 2026 application for a national trust bank charter with the OCC.
Crypto Exchange Market Expands Rapidly
The global crypto exchange market stands at $103.3 billion in 2026 and is projected to reach $381.2 billion by 2033, growing at a 20.5% CAGR. The institutional segment alone is valued at $3.35 billion in 2026, expected to hit $6.33 billion by 2030. Drivers include Bitcoin ETF inflows, impending U.S. regulatory clarity, and demand for separated exchange, clearing, and custody functions after FTX.
Competitors such as Zodia Markets ($18.25 million Series A in July 2025) and Elwood Technologies ($70 million Series A in May 2022) pursue narrower slices of the infrastructure stack. EDX remains the only venue combining Wall Street consortium ownership, central clearing, and both spot and perpetuals venues.
Leadership Draws on Deep TradFi Expertise
CEO Tony Acuña-Rohter has steered the platform since its 2023 launch, with prior experience in traditional markets. The board includes Peng Zhao of Citadel Securities, providing direct insight into institutional requirements. Recent additions such as Chief Commercial Officer David Olsson signal commercial scaling.
OCC Charter and Global Growth Ahead
With the $76 million round closed, EDX is advancing its OCC trust bank application and expanding EDXM International perpetual futures offerings. The company has already integrated with partners including FlexTrade, Ripple Prime, Wyden, and sFOX to extend liquidity access.