Key Takeaways
- On April 1, 2026, EDX Markets submitted an application to the OCC for a national trust bank charter.
- The planned trust bank will exclusively target institutional customers rather than individual retail investors.
- Services from EDX Trust will encompass digital asset safekeeping, portfolio management, and transaction settlement.
- EDX Markets LLC will continue handling trading operations under its existing non-custodial platform structure.
- The application positions EDX alongside other major crypto companies like Circle, Ripple, BitGo, and Paxos pursuing OCC trust licenses.
EDX Markets Holding Company, the institutional digital asset platform supported by Charles Schwab, Citadel Securities, and Fidelity Investments, has submitted a formal application to the U.S. Office of the Comptroller of the Currency for a national trust bank charter. This move places EDX among an expanding roster of cryptocurrency enterprises pursuing federal trust bank licensing as they work toward establishing a unified regulatory structure for custody and settlement operations nationwide.
The application became publicly available on April 1, 2026. EDX’s submission requests comprehensive fiduciary authority under federal banking regulations and permission to deliver digital asset custody, portfolio management, and settlement capabilities to institutional customers. Chicago has been designated as the primary location for the proposed trust entity. Upon approval, the trust bank would function without traditional brick-and-mortar locations, delivering its services digitally via application programming interfaces and web-based platforms.
🚨 JUST IN! EDX Markets Holding Company, a Crypto Exchange backed by Wall Street Heavyweights like Charles Schwab, Citadel Securities, and Fidelity Investments, has applied for a National Bank Charter 🏛 https://t.co/4RcWBmP27x pic.twitter.com/zu1wZkijZA
— 🇬🇧 ChartNerd 📊 (@ChartNerdTA) April 1, 2026
EDX began operations in June 2023 as a cryptocurrency trading venue exclusively serving institutional participants. Its investor base features Citadel Securities, Fidelity Digital Assets, Charles Schwab, Virtu Financial, Paradigm, Sequoia Capital, Hudson River Trading, and Miami International Holdings. The organization has emphasized a market architecture that divides trading operations from custody functions, mirroring the operational framework found in conventional equity and derivative marketplaces.
According to the application, trading execution and order processing would continue under EDX Markets LLC’s purview, while custodial services, asset administration, and settlement would fall to the trust bank. This organizational approach aims to maintain clear boundaries between exchange operations and asset safekeeping, avoiding the consolidation of all functions within a single entity.
Custody and settlement form core of EDX trust strategy
EDX Trust’s proposed offerings would include fiduciary custody services for digital currencies, traditional cash holdings, and stablecoins. Documentation from the filing indicates the trust would employ sub-custodian banking partners to manage cryptographic private keys, an approach designed to minimize concentrated risk points in client asset protection. Additionally, the institution would administer custodied cash and stablecoins by allocating them into highly liquid instruments, aiming for yields approximating the federal funds rate. The submission also mentions permissible staking operations and additional income-generating activities.
Transaction settlement represents another core component of the application. EDX Trust would facilitate riskless principal transactions and daily net settlement procedures for customers utilizing the EDX Markets platform and participating in over-the-counter transactions. Proprietary trading would be explicitly excluded from the bank’s activities. This demarcation supports EDX’s emphasis on institutional market infrastructure over consumer-oriented speculative services.
The proposed governance structure features a five-member board, including independent directors possessing banking and risk oversight experience from organizations such as First Business Financial, UBS, and Charles Schwab. Leadership personnel bring prior experience from Cboe Digital, the Options Clearing Corporation, Coinbase, and Kraken. Chief Executive Officer José Antonio Acuña-Rohter, formerly at the helm of ErisX and Cboe Digital, is spearheading the charter application process.
Cryptocurrency sector accelerates federal trust bank applications
EDX’s filing follows a significant industry-wide trend toward OCC-supervised trust frameworks. Multiple cryptocurrency and financial technology companies have recently pursued comparable charter applications, including Bridge, Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos. The roster of pending submissions as of April 1 also featured Revolut Bank US, Zerohash National Trust Bank, Morgan Stanley Digital Trust, Coinbase National Trust Company, and World Liberty Trust Company.
The OCC issued conditional approvals to multiple crypto-focused institutions during late 2025, encompassing new charters for Ripple National Trust Bank and First National Digital Currency Bank, alongside charter conversions for BitGo, Fidelity Digital Assets, and Paxos. The first quarter of 2026 witnessed additional approvals granted to Crypto.com and Bridge.
Federal charter status enables organizations to conduct business across all U.S. states under a singular regulatory regime instead of navigating individual state licensing requirements. For entities focused on institutional clientele, this framework holds particular significance since many institutional investors mandate regulated custody solutions before participating in digital asset markets.
Recent OCC regulatory update provides backdrop for EDX application
EDX’s charter request coincides with the implementation of a new OCC final rule that became effective April 1, 2026. According to industry reports, this regulation establishes that national trust banks may conduct trust company functions and specific non-fiduciary digital asset custody services on an individual approval basis. This regulatory clarification is considered to have addressed portions of the legal ambiguity that previously hindered certain institutional initiatives.
The OCC has not disclosed a review timeline for the EDX Trust application. Consistent with other submissions, the regulator will likely assess the proposal across dimensions including capital sufficiency, operational safety and soundness, regulatory compliance, and internal controls. EDX has also requested confidential handling of specific application components, including strategic plans and financial forecasts. The filing establishes EDX as among the most recent cryptocurrency enterprises pursuing national trust bank authorization as the industry continues developing regulated institutional infrastructure.
