Cryptocurrency exchange EDX Markets, backed by Citadel Securities, has applied for a national trust banking license, marking a new step in its efforts to serve institutional clients.
The exchange filed documents with the U.S. 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 founded.
If approved, the charter would allow EDX to provide custody, asset management and principal trading services while continuing to operate its core order matching platform. The document outlines a structure in which custody and settlement are housed within a regulated trust entity, separate from the trading business.
EDX Markets targets traditional financial companies entering digital assets. Its backers include Fidelity Digital Assets, Charles Schwab and Citadel Securities. The platform goes live in the summer of 2023 and supports four cryptocurrencies: Bitcoin Ethereum (ETH), and Bitcoin Cash (BHC). It has since expanded to include 17 other coins.
“EDX Trust is a critical step in bringing traditional market structures to digital assets,” CEO Tony Acuña-Rohter told CoinDesk. “By separating custody and settlement into a regulated trust, we are building the infrastructure that banks and institutional investors have come to expect as they expand into this space.”
EDX is not the only company seeking such a regulatory basis. In recent years, several cryptocurrency companies have applied for and received trust banking licenses, using them to provide custody and other services under U.S. supervision. These approvals have become a key avenue for companies seeking to attract institutional capital.
Competition for these customers has intensified. Large asset managers and trading houses want platforms that reflect the safeguards and structures of traditional markets. In practice, this may mean segregated custody, clear settlement processes and regulated entities to reduce counterparty risk. For exchanges like EDX, obtaining a trust charter can help bridge this gap.
