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.
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 firm launched.
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
“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.”
EDX is not alone in seeking this type of regulatory footing. Several crypto firms have applied for and received trust bank charters in recent years, using them to offer custody and other services under U.S. oversight. These approvals have become a key pathway for firms looking to attract institutional capital.
Competition for those clients has intensified. Large asset managers and trading firms want platforms that mirror the safeguards and structure of traditional markets. In practice, that can mean segregated custody, clear settlement processes and regulated entities that reduce counterparty risk. For exchanges like EDX, securing a trust charter could help bridge that gap.
JPMorgan is weighing a move into prediction markets as crypto firms, startups and rivals like Goldman Sachs race to dominate the fast-growing sector.
What to know:
— JPMorgan Chase CEO Jamie Dimon said the bank is considering entering prediction markets, though it would avoid areas like sports and politics and adhere to strict rules on insider information.
— Goldman Sachs CEO David Solomon has also signaled interest in prediction markets, meeting recently with major platforms as the sector…