- EDX Markets (EDX) announced the successful launch of its digital asset clearinghouse, EDX Clearing, and the completion of its Series B funding round.
- EDX also introduced a retail-focused offering to the crypto markets, providing participants with better pricing advantages for retail-originated orders.
- Since October 2023, the clearinghouse has processed over $3.1 billion in transactions, demonstrating substantial value to its members.
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EDX Markets announced the completion of its Series B funding round: Institutional growth accelerates post Spot Bitcoin
EDX Announces Completion of Funding Round
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EDX Markets (EDX) announced the successful launch of its digital asset clearinghouse, EDX Clearing, and the completion of its Series B funding round, led jointly by Pantera Capital and Sequoia Capital. The funding round emphasizes EDX’s successful business model and its ability to attract high-quality investors.
The Series B funding round aims to support EDX’s technological development and accelerate its global expansion. Key consortium members such as Citadel Securities, Fidelity Digital AssetsSM, Virtu Financial, and Sequoia Capital, as well as new investors like Pantera Capital, participated in the funding round.
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Other investors include Charles Schwab, DV Crypto, GSR Markets LTD, GTS, HRT Technology, Miami International Holdings, and Paradigm. In June 2023, EDX opened for trading as a preferred crypto marketplace for industry leaders, adopting best practices from traditional finance such as liquidity, competitive bids, and a client-centric custody model designed to reduce conflicts of interest.
EDX also introduced a retail-focused offering to the crypto markets, providing participants with better pricing advantages for retail-originated orders. The products traded on EDX include Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). EDX Markets is owned by major industry names such as Charles Schwab, Citadel Securities, Fidelity Digital AssetsSM, Paradigm, Sequoia Capital, and Virtu Financial.
EDX Clearing reduces capital required for trading
EDX Clearing enhances operational efficiency and significantly reduces credit risk for members by reducing the capital required for trading, using a structure where transactions are settled through a single net settlement process via EDX Clearing or EDXC. Since October 2023, the clearinghouse has processed over $3.1 billion in transactions, demonstrating substantial value to its members. The new clearinghouse aligns with EDX’s strategic vision of being a transparent, reliable, and efficient digital asset marketplace.
Jamil Nazarali, CEO of EDX, stated, ‘EDX Clearing makes a significant difference for EDX by accelerating settlement and reducing counterparty risk and capital requirements for our members. Clearing has already provided significant value to our members, who have executed over $3.1 billion in nominal transactions since its launch. We expect its impact to grow forward, preparing us to benefit from a new wave of institutional growth accelerated by the recent approval of spot BTC ETFs in the U.S.’
Paul Veradittakit, Managing Partner at Pantera Capital, commented, ‘Institutional crypto investors are placing a greater emphasis on counterparty risk management than ever before. Globally, we see institutions turning to non-custodial markets. With a capital-efficient product, best-in-class risk management, and globally finance-weighted support, EDX is ready to usher in a new era of institutional crypto trading. We know EDX has a future in its hands because there is no better team to serve institutional clients.’