EDX Markets, the cryptocurrency exchange platform backed by Citadel Securities, has applied for a charter to become a national fiduciary bank, marking a new step in its desire to serve an institutional clientele.
The exchange submitted its application to the Office of the Comptroller of the Currency on Wednesday, according to documents seen by CoinDesk. This move comes about three and a half years after the company launched.
If approved, the charter would allow EDX to offer custody, asset management and proprietary trading services, while continuing to operate its core order matching platform. The filing describes a structure where custody and settlement are provided by a regulated fiduciary entity, separate from trading operations.
EDX Markets targets traditional financial institutions engaging in digital assets. Its backers include Fidelity Digital Assets and Charles Schwab Corp, as well as Citadel Securities. The platform was launched in the summer of 2023 with four cryptocurrencies: bitcoin ether (ETH), and bitcoin cash (BHC). It has since expanded its offering to include 17 additional tokens.
“EDX Trust is a key step in integrating traditional market structure with digital assets,” CEO Tony Acua-Rohter told CoinDesk.  By separating custody and settlement within a regulated trust, we are building the type of infrastructure that banks and institutional investors expect as they expand into this sector. 
EDX is not the only one seeking this type of regulatory framework. Several cryptocurrency companies have applied for and received escrow bank charters in recent years, using them to offer custody and other services under U.S. supervision. These approvals have become a key route for companies wishing to attract institutional capital.
Competition for these customers has intensified. Large asset managers and trading firms are seeking platforms that replicate the protections and structure of traditional markets. In practice, this can mean separate custody, clear settlement processes and regulated entities that reduce counterparty risk. For exchanges like EDX, obtaining a trust charter could help bridge this gap.
