Yesterday institutional crypto trading venue EDX Markets announced it launched its clearinghouse, EDX Clearing. Plus, it raised a Series B funding round and shared data about its performance so far. Additionally, Bloomberg reported that it plans to open a derivatives exchange in Singapore with the fresh funding.
EDX didn’t share the Series B round amount, but Bloomberg said the valuation was double that of the Series A. EDX confirmed that a new investor, Pantera Capital, co-led the funding alongside existing investor Sequoia Capital. Other founders participating in the round included Citadel Securities, Fidelity Digital Assets and Virtu Financial. Existing investors include Charles Schwab, DV Crypto, GSR Markets, GTS, HRT Technology, Miami International Holdings and Paradigm.
Cumulative notional value traded since launch is $3.1 billion, with $1.4 billion in December. So far the exchange only supports the spot trading of Bitcoin, Ether and Litecoin, the coins most likely considered commodities by the SEC. Although EDX Markets is backed by several TradFi entities and takes a TradFi approach to trading, it is not a regulated exchange. Hence, there’s no CFTC or SEC oversight. EDX Clearing has a money services license in Illinois.
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