EDX Markets, a cryptocurrency exchange for institutional investors, raised $76 million in a Series C funding round led by SBI Holdings. Cointelegraph reported on Monday that funds continue to flow into institutional cryptocurrency market infrastructure even as venture investment across the digital asset industry slows.

EDX Markets plans to use the funds to expand spot trading, clearing and settlement services. It also plans to develop new products and expand overseas. The company operates a U.S.-focused institutional spot exchange and also offers a Singapore-based perpetual futures exchange for eligible institutional clients outside the United States.

EDX Markets previously received investment from Citadel Securities, Fidelity Digital Assets, Virtu Financial and Charles Schwab, among others.

EDX Markets has expanded its presence in the institutional market over the past year. In May, Ripple Prime integrated with EDX Markets, allowing institutional clients to access EDX Markets spot and perpetual futures liquidity through the Ripple Prime brokerage platform. The two companies are also pursuing a plan to support RLUSD as a settlement and collateral asset.

EDX Markets recorded daily trading volume of up to $685 million. Cointelegraph reported that the figure shows growing demand for institutional-only cryptocurrency trading platforms.