EDX Markets, an institutional-only crypto trading venue with a central clearinghouse, has launched crypto-as-a-service and partnered with a regulated broker-dealer in the U.S. as more institutions are expected to launch into digital assets.

Tony Acuña-Rohter, chief executive of EDX Markets, told Markets Media: “It is undeniable that the institutionalization of crypto markets will continue to accelerate, so we see that as a key area of growth.”

As institutions enter crypto, they will want to incorporate the new asset class in their existing workflows, rather than having to buy or build new technology. As a result, EDX Markets said in a statement on 17 February 2026 that it had integrated with LeveL Markets, a U.S. registered broker-dealer and the operator of the LeveL ATS (alternative trading system). This integrates LeveL Markets’ low-latency execution, order routing and institutional workflows with EDX’s trading venue.

Steve Miele, chief executive of LeveL Markets, said in a statement: “We’re excited to partner with EDX Markets to expand our institutional trading infrastructure into the digital asset space.”

Acuña-Rohter said institutions are likely to prefer accessing digital asset markets through working with other existing partners such as LeveL Markets. EDX Markets wanted to partner with LeveL as the ATS is already integrated into the order and execution management systems (OMS/EMS) of many large institutions.

“Through LeveL Markets, we gain access to all of these systems and that helps us build up very rapidly in terms of distribution,” added Acuña-Rohter.

The underlying customer still needs to onboard to EDX, join the clearing house and agree to abide by the market’s rule book but Acuña-Rohter said the connection is “basically a flip of a switch.” EDX is in discussion with several institutions that are mapping out their crypto journey, according to Acuña-Rohter.

FlowConnect

To meet institutional demand for digital assets, EDX Markets has launched FlowConnect, the crypto-as-a-service offering that enables firms to quickly and securely launch crypto trading products for their customers, without incurring the cost or complexity of building and operating their own onchain infrastructure.

“It is undeniable that blockchain and all the benefits that it brings are here to stay,” added Acuña-Rohter. “We are super excited about Flow Connect.

Other crypto-native firms, including Coinbase and tZERO, have also launched crypto-as-a-service offerings. Acuña-Rohter argued that a differentiator for EDX Markets is the modularity of the offering. He said: “We believe in choice and allowing firms to plug in, or substitute, different pieces to fit in with their workflows.”

Brian Armstrong, co-founder and chief executive of Coinbase, has compared the way the company is using its “deep” experience in building crypto infrastructure to power the next wave of businesses coming into this space to Amazon expanding cloud infrastructure though AWS.

“A long time ago we decided to expose the services we built internally for our own products, making them available to third parties as infrastructure, a lot like Amazon did with AWS,” Armstrong added.

Coinbase’s shareholder letter for 2025  said the firm has become a partner of choice for thousands of institutions using crypto, including over 270 crypto-as-a -service clients, and 150 government agencies.

Clients of EDX Markets can choose from the out-of-the-box turnkey solution or a “bring-your-own-provider” approach. EDX Markets argued that by operating exclusively as an institutional-only trading venue, the firm is also as an unconflicted partner for retail firms.

Kai Kono, chief executive of EDXM International, said in a statement: “As institutional participation in digital asset derivatives accelerates globally, the market is demanding not just access — but dependable controls, resilient settlement frameworks, and infrastructure that supports scalable growth.”

The platform supports trading in spot and perpetual contracts, third-party clearing and stablecoin on-ramp/off-ramp workflows and connectivity via the cloud or traditional data center. It also supports trading and settlement across stablecoins, crypto and other eligible collateral types.