Today EDX Markets, the institutional digital asset trading venue backed by Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial, announced the closing of a $76 million Series C funding round led by SBI Holdings. The proceeds will support the expansion of EDX’s trading, clearing and settlement capabilities and its global operations.
For SBI the investment caps a fortnight of repositioning its crypto portfolio. Last week the Japanese financial group agreed to acquire crypto exchange Bitbank for ¥46.7 billion ($289 million). Combined with its existing SBI VC Trade exchange, the group will have the highest client assets on platform among Japanese venues, although bitFlyer remains the largest by trading volume. Days later, subsidiary SBI Crypto said it will shut its Bitcoin mining pool, which accounts for around 2% of the network’s global hashrate, at the end of July.
The direction of travel is consistent. SBI is concentrating on regulated trading and settlement infrastructure rather than producing the underlying asset. Chairman Yoshitaka Kitao pointed to the group’s launch of JPYSC, Japan’s first yen stablecoin issued via a trust structure, and its domestic handling of the dollar stablecoins RLUSD and USDC. He said trusted market infrastructure will be a critical foundation for institutional adoption.
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