New Jersey-based digital asset technology company EDX Markets has raised $76 million in a bid to become a national trust bank in the US. The Series C funding round was led by Japanese conglomerate and new strategic partner SBI Holdings, while other participants have not been disclosed.
A company statement confirms that the funds will be used to “support EDX’s continued growth, enabling the firm to expand its trading, clearing and settlement capabilities, accelerate product development and scale its global operations”.
EDX was created by Citadel Securities veteran Jamil Nazarali in 2022 to provide digital asset technology to institutional investors. Nazarali served as CEO until the end of 2024, when he was succeeded by CTO Tony Acuña-Rohter.
The company operates a flagship institutional spot trading venue, a central clearinghouse designed to settle trades without bilateral counterparty exposure, and a Singapore-based perpetual futures marketplace.
EDX expanded the suite to include a crypto-as-a-service product called EDX FlowConnect in January, offering packaged infrastructure that lets other businesses launch digital asset trading products for their own customers.
Trade publication MEXC reports that EDX’s Series C brings its total capital raise to over $100 million, while coverage by Nikkei Asia states that new strategic partner SBI picked up a 20% stake in EDX through this latest transaction.
It’s understood that SBI will use EDX infrastructure to expand access and liquidity for its own range of digital currency products, notably including JPYSC – which was launched as Japan’s first trust bank-backed yen stablecoin in June.
For EDX, the capitalisation will help fund the regulatory push to establish EDX Trust as a national trust bank in the US. The company submitted an application for a charter with the Office of the Comptroller of the Currency (OCC) in March.
“EDX Holding wishes to establish EDX Trust to provide custody and asset management services, and to facilitate riskless principal trading services for its customers, while order matching activities (that is, the conduct of trading) would continue to be conducted in EDX Markets,” the filing sent to the regulator reads.