EDX Markets LLC

Established in 2022 and based in New Jersey, US, EDX Markets LLC operates as a financial platform for digital asset marketplace to meet the needs of crypto and financial institutions. In July 2026, EDX Markets LLC raised USD 76 million in series C funding led by SBI Holdings. EDX Markets LLC is an operator of a digital asset marketplace designed to meet the needs of both crypto-native firms and financial institutions. The company is focused on bringing liquidity to the crypto markets aggregated on a single technology platform, with competitive pricing and transparent markets, thereby providing users with a technologically advanced and highly liquid exchange platform for a hassle-free trading experience.

EDX monetises activity primarily through transaction and clearing fees assessed as a fraction of the notional value of each executed trade, charged to member firms rather than end investors. Spot transaction fees are tiered on the prior calendar month's volume, with maker orders charged at zero and taker fees scaling down across institutional tiers, separate Retail Member Organization tiers, and a Maker Program that reduces taker fees further for members supplying meaningful liquidity; a Kickstarter arrangement lets new members qualify into volume tiers using external exchange statements. Clearing fees are levied separately on taker trades through EDX Clearing. Membership, market data and connectivity fees are waived, while cross-connect charges for colocated members, blockchain network withdrawal fees and financing charges for late deliveries or liquidations are passed through at cost.

Transaction and clearing fees are assessed at the time of trade and collected in the daily settlement cycle, with members invoiced monthly. Additional revenue lines include perpetual futures trading on EDXM Global, stablecoin on- and off-ramp services, third-party clearing, and the EDX FlowConnect crypto-as-a-service platform. EDX will apply the July 2026 Series C proceeds to expanding its trading, clearing and settlement capabilities, accelerating product development and scaling global operations, with management identifying the next wave of institutional entrants, particularly large banks, as its principal target market. The partnership with SBI Holdings is intended to widen market access across SBI's global financial-institution network as the group builds out its regulated digital asset ecosystem.

Alongside this, EDX is pursuing a national trust bank charter through its pending OCC application for EDX Trust, National Association, which would supply regulated custody, clearing, settlement and risk management alongside the existing EDX Markets and EDXM International venues, and is scaling its EDX FlowConnect crypto-as-a-service offering while broadening its geographic footprint from its Singapore base.