EDX Markets Applies for National Trust Bank Charter

EDX Markets, a cryptocurrency exchange backed by major financial firms like Citadel Securities, Virtu Financial, Fidelity Investments===Fidelity Digital Assets, Hudson River Trading, and Charles Schwab Corporation, has applied for a national trust bank charter with the United States===Office of the Comptroller of the Currency. This application, made public on April 1, aims to allow EDX Markets to offer custody, asset management, and principal trading services, in addition to its existing order-matching platform. The firm emphasizes that this move is intended to reshape crypto market structure along the lines of traditional finance, separating custody and settlement from trading activity to reduce conflicts of interest and operational risk. CEO Tony Acuña-Rohter believes this will position EDX Markets to serve institutional clients requiring regulated custody and settlement systems. The application comes amidst a shift in federal policy towards digital assets, with regulators showing greater openness to crypto firms seeking entry into the banking system, as evidenced by previous conditional approvals for firms like Circle Internet Group and Ripple Labs. However, some industry groups, such as the Independent Community Bankers of America, have expressed concerns about potential risks and regulatory challenges.