EDX Markets, which operates an institutional-only crypto trading venue alongside a proprietary central clearinghouse, has raised $76 million in a Series C round led by Tokyo-listed SBI Holdings, a major Japanese financial group with significant crypto and securities infrastructure globally. The capital is earmarked to expand EDX's clearing and trading capabilities for institutional participants.
For Armada's crypto repo desk, EDX's central clearinghouse model is directly analogous to FICC's role in traditional repo, offering multilateral netting and counterparty anonymity for institutional crypto trades. SBI's involvement brings cross-border institutional credibility. Armada should assess whether EDX's clearing infrastructure could serve as a settlement or novation venue for crypto repo transactions, particularly for hedge fund and market maker counterparties already active on the platform.