Citadel-backed EDX Markets applies for U.S. trust charter to expand institutional crypto services
The Citadel-backed exchange is seeking approval to offer custody and asset services as institutional demand grows.
What to know:
- EDX Markets, a crypto exchange backed by Citadel Securities, Fidelity and Charles Schwab, has applied to the Office of the Comptroller of the Currency for a national trust bank charter to expand services for institutional clients.
- If approved, the charter would let EDX offer custody, asset management and principal trading through a regulated trust entity that is structurally separated from its core trading platform.
- The move comes as competition intensifies among crypto firms seeking trust bank charters to provide regulated custody and settlement services that mirror traditional market safeguards and attract large financial institutions.
If approved, the charter would allow EDX to offer custody, asset management and principal trading services, while continuing to run its core order-matching platform. The filing outlines a structure where custody and settlement sit within a regulated trust entity, separate from trading operations.
EDX Markets targets traditional finance firms entering digital assets. Its backers include Fidelity Digital Assets and Charles Schwab Corp, alongside 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 a key step in bringing traditional market structure to digital assets,” CEO Tony Acuña-Rohter told CoinDesk. “By separating custody and settlement into a regulated trust, we’re building the kind of infrastructure banks and institutional investors expect as they scale into the space.”
