EDX Markets Applies for OCC National Trust Bank Charter to Expand Institutional Crypto Services

EDX Markets Holding Company, the cryptocurrency exchange backed by Wall Street firms including Citadel Securities, Fidelity Investments, and Charles Schwab, has applied for a national trust bank charter from the Office of the Comptroller of the Currency (OCC) to offer custody, asset management, and trading settlement services.

The application, submitted on April 1, 2026, follows similar filings from crypto firms including Bridge, Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos, as the industry seeks regulated structures to attract institutional clients.

EDX Trust Charter Aims to Bridge Traditional Market Structure with Digital Assets

EDX’s application proposes a structure where custody and settlement sit within a regulated trust entity, separated from its core order-matching platform. If approved, the charter would allow EDX to offer custody, asset management, and principal trading services while continuing to operate its trading platform, creating a separation of functions that mirrors traditional financial markets.

In its filing, EDX stated that in traditional markets such as equities and derivatives, there is a separation of duties among brokers servicing retail clients, market makers providing liquidity, exchanges providing trade matching, and custodians holding assets. The company noted that digital asset markets have lacked this separation of functions, and the charter application aims to fill that gap.

EDX CEO Tony Acuña-Rohter stated that securing the charter would give the exchange a competitive advantage in servicing large banks and institutional firms entering the crypto space. He emphasized that separating custody and settlement into a regulated trust builds the kind of infrastructure banks and institutional investors expect as they scale into digital assets.

Wall Street Backing and Exchange Operations

EDX Markets launched in 2023 with backing from Citadel Securities, Fidelity Investments, Charles Schwab, Paradigm, Sequoia Capital, and Virtu Financial. The exchange initially launched with four cryptocurrencies—Bitcoin, Ether, Litecoin, and Bitcoin Cash—and has since expanded to include 17 additional tokens.

The OCC trust charter would not permit EDX to engage in traditional banking activities such as accepting deposits or making loans. However, approval would allow the exchange to offer regulated custody and settlement services that mirror traditional market safeguards, potentially attracting larger institutional clients.

The application follows a pattern of crypto firms seeking trust bank charters as a pathway to offer custody and other services under US oversight. These approvals have become increasingly important for firms looking to attract institutional capital, as large asset managers and trading firms seek platforms with segregated custody, clear settlement processes, and regulated entities that reduce counterparty risk.

Institutional Crypto Services Competition Intensifies

Competition among crypto firms to serve institutional clients has intensified, with multiple exchanges and service providers pursuing regulated structures. EDX’s application positions the exchange to offer a full suite of services including custody, asset management, and principal trading alongside its existing trading platform.

The move comes as institutional demand for regulated digital asset services continues to grow, with traditional financial firms increasingly seeking entry points into crypto markets through platforms that offer safeguards and structure comparable to traditional markets. Acuña-Rohter noted that securing the OCC charter would help EDX service the large banks that represent the next wave of crypto adoption.

FAQ

What services would EDX offer if its OCC trust charter is approved?

If approved, EDX would be authorized to offer custody, asset management, and principal trading services through a regulated trust entity separate from its core trading platform. The charter would not permit traditional banking activities such as accepting deposits or making loans.

Which firms back EDX Markets?

EDX Markets is backed by Wall Street firms including Citadel Securities, Fidelity Investments, and Charles Schwab, as well as venture capital firms Paradigm and Sequoia Capital, and trading firm Virtu Financial.

How does EDX’s trust charter application fit into the broader crypto industry trend?

Several crypto firms including Bridge, Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos have recently applied for national trust bank charters. These approvals have become a key pathway for crypto firms to offer regulated custody and settlement services under US oversight, helping attract institutional clients seeking safeguards comparable to traditional financial markets.