EDX Markets, the crypto exchange backed by Citadel Securities, has applied for a national trust bank charter, marking a new step in its push to serve institutional clients.
The exchange submitted its filing to the Office of the Comptroller of the Currency on Wednesday, according to documents seen by CoinDesk. The move comes about three and a half years after the company was launched.
If approved, the charter will allow EDX to offer custody, asset management and primary trading services while continuing to run its core order matching platform. The filing outlines a structure where custody and settlement reside within a regulated trust entity, separate from trading operations.
EDX Markets targets traditional financial firms entering digital assets. Its backers include Fidelity Digital Assets and Charles Schwab Corp, along with Citadel Securities. The platform went live in the summer of 2023 with four cryptocurrencies: bitcoin ether (ETH), and bitcoin cash (BHC). It has since expanded to include 17 additional tokens.
“EDX Trust is an important step in bringing traditional market structure to digital assets,” CEO Tony Acuña-Rohter told CoinDesk. “By separating custody and settlement in a regulated trust, we’re building the kind of infrastructure banks and institutional investors expect as they scale into the space.”
EDX is not alone in seeking this type of regulatory basis. Several crypto firms have applied for and received trust bank charters in recent years, using them to offer custody and other services under US supervision. These approvals have become a key avenue for companies looking to attract institutional capital.
Competition for these customers has intensified. Large asset managers and trading firms want platforms that mirror the safeguards and structure of traditional markets. In practice, this can mean separate custody, clear settlement processes and regulated entities that reduce counterparty risk. For exchanges like EDX, securing a trust charter can help bridge this gap.
