EDX Markets

EDX Markets is an institutional cryptocurrency exchange that applies the market structure conventions of regulated traditional finance — central clearing, daily net settlement, and member-controlled custody — to digital assets including Solana's SOL.

The Problem EDX Set Out to Solve

Before EDX launched, institutional investors faced a structural gap: crypto exchanges largely operated as vertically integrated brokers that held client assets, matched orders, and provided custody through a single entity. That model concentrates risk and conflicts of interest in ways that banks, hedge funds, and asset managers are unaccustomed to tolerating. EDX was designed to separate these functions in the way that stock exchanges, clearing firms, and custodian banks operate independently in traditional markets.

Founding and Backing

EDX Markets was founded in 2022 and began processing trades in June 2023, initially supporting only Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. The company is headquartered in Chicago and is privately held, with financial backing from some of the most recognized names in institutional trading and asset management: Citadel Securities, Virtu Financial, Fidelity Digital Assets, Charles Schwab Corporation, Sequoia Capital, HRT Technology (Hudson River Trading), and Miami International Holdings.

In January 2024 the company closed a Series B round led by Pantera Capital and Sequoia Capital to fund international expansion. In July 2026 it raised a $76 million Series C led by SBI Holdings, Japan's largest online brokerage group.

CEO Tony Acuña-Rohter, who previously served as the company's Chief Technology Officer, took the helm in December 2024.

Core Model: Non-Custodial Central Clearing

The defining feature of EDX Markets is its non-custodial, centrally-cleared structure. The exchange does not hold client assets. Members retain the right to select their own custodians independently — Anchorage Digital was selected as the initial approved custodian partner — which keeps client assets off the exchange's balance sheet and ring-fenced in bankruptcy-remote accounts.

All trades on the U.S. spot venue settle through EDX Clearing, a central clearinghouse launched in 2023 that nets positions across members daily and maintains a default fund to backstop settlement obligations. This structure mirrors the role of the DTCC or LCH in traditional markets, and is the basis for EDX describing itself as the world's only centrally cleared crypto trading venue.

The platform operates on a proprietary ultra-low-latency matching engine co-located at Equinix's NY4 data center in Secaucus, New Jersey — the same facility used by major equity exchanges. The company migrated to this engine in 2024 from its original MEMX infrastructure.

Products

EDX Markets (U.S. Spot Exchange): The core venue accepts institutional counterparties only and does not onboard retail customers or accept deposits. As of early 2026, the spot exchange supports more than 90 digital asset instruments. The roster expanded materially in February 2025 when the company added 17 tokens, citing improved regulatory clarity under the new U.S. administration. Solana (SOL) was included in that expansion alongside XRP, AAVE, Chainlink, Cardano, and others. CEO Tony Acuña-Rohter noted at the time that the regulatory environment shift had significantly reduced the risk of adding new tokens.

EDXM International (Singapore Perpetual Futures): Launched in July 2025, EDXM International is a Singapore-based exchange offering perpetual futures across 44 cryptocurrency pairs, including SOL, BTC, ETH, and XRP. It serves global clients outside the United States, with a specific focus on Asia-Pacific family offices and asset managers. Liquidity at launch was provided by Virtu Financial, LTP, and Hidden Road. The platform is designed around smart collateral management, aimed at improving capital efficiency for leveraged positions.

EDX FlowConnect: Launched in February 2026, FlowConnect is a white-labeled crypto-as-a-service offering that packages EDX's spot trading, perpetual futures, clearing, and stablecoin capabilities into a product other financial institutions can integrate under their own brands.

Solana and Digital Asset Expansion

SOL is available for spot trading on the U.S. venue and as a perpetual futures pair on EDXM International, giving institutional counterparties access to Solana through an exchange operating with traditional finance risk controls. EDX's clearing and settlement infrastructure means SOL trades are net-settled daily with the same counterparty protection that institutions expect in equity or fixed-income markets.

In March 2026, EDX became the first exchange to list KRWQ — a Korean won-pegged stablecoin issued by IQ in partnership with Frax — across both its spot and perpetual markets, adding non-USD settlement capabilities to its platform.

Technology Partnerships and Integrations

As the platform has matured, EDX has connected to a growing set of institutional infrastructure providers. Wyden, an institutional digital asset management platform, integrated EDX Markets liquidity in May 2026. Ripple Prime, Ripple's institutional liquidity arm, partnered with EDX the same month to provide access to digital asset liquidity. FlexTrade, an execution management system used by hedge funds and asset managers, integrated with EDX in June 2026.

Regulatory Status and Path Forward

EDX Markets operates as a digital asset trading system and, under its current structure, is not required to register as a securities exchange or broker-dealer because it does not hold client funds or custody assets. In April 2026, the company filed an application with the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank charter. If approved, the charter would allow EDX to offer regulated custody, asset management, and principal trading services through a separate trust entity, while keeping those functions structurally distinct from its order-matching operations.

Market Position

EDX achieved approximately $200 million in average daily trading volume as of December 2025. Its institutional-only focus, Wall Street backer roster, and central-clearing model position it as a venue designed for the compliance, risk management, and operational requirements of professional investors — including those seeking regulated access to Solana and other major digital assets without the counterparty risk profile of traditional crypto exchanges.