According to CryptoComLearn, EDX Markets Holding Company, Inc. has filed an application with the Office of the Comptroller of the Currency (OCC) to establish EDX Trust, National Association, a national trust bank based in Chicago. The application was made public on Wednesday, April 1, and was first reported by Bloomberg. It seeks full fiduciary powers under 12 U.S.C. §92a and permission to provide digital asset custody, asset management, and settlement services exclusively for institutional clients.
Application Details: Institutional-Focused Custody and Settlement
The proposed headquarters is located at 200 W. Madison, Suite 1450, Chicago, IL 60606. EDX Markets, launched in June 2023 as a cryptocurrency exchange solely for institutional investors, counts among its backers Citadel Securities, Fidelity Digital Assets, Charles Schwab, Virtu Financial, Paradigm, Sequoia Capital, Hudson River Trading, and Miami International Holdings. The platform operates on a non-custodial model, meaning it does not hold client assets during trading—a structure that aligns with how traditional financial institutions (TradFi) separate custody from execution. The proposed trust bank would not change this separation: order matching and trading would remain with the affiliate company EDX Markets LLC, while EDX Trust would handle custody, asset management, and settlement.
If approved, EDX Trust would offer fiduciary custody of digital assets, cash, and stablecoins, utilizing sub-custodian banks to manage private keys and reduce single points of failure. The bank would also manage the custodial cash and stablecoins by investing them in highly liquid assets, aiming for returns near the federal funds rate, alongside permitted staking and yield-generating activities. Settlement services would include risk-free proprietary trading and end-of-day net settlement for clients active on the EDX Markets platform or over-the-counter (OTC) trading platforms. The bank would not engage in proprietary trading.
Leadership and Governance
The proposed board consists of five members, including independent directors with backgrounds in banking and risk management from First Business Financial, UBS, and Charles Schwab. Management includes executives who have worked at Cboe Digital, the Options Clearing Corporation, Coinbase, and Kraken. CEO José Antonio Acuña-Rohter, formerly head of ErisX and Cboe Digital, leads the project. The bank will have no physical branches and no retail activities; all operations will be electronic via APIs and a graphical interface.
Industry Context: Wave of Crypto Trust Bank Applications
The application joins a growing list of crypto and fintech companies seeking national trust bank charters since late 2025. In December 2025, the OCC granted conditional approvals to five crypto-related institutions, including new charters for Ripple National Trust Bank and First National Digital Currency Bank, along with conversions for Bitgo, Fidelity Digital Assets, and Paxos. Early 2026 saw additional approvals for Crypto.com and Stipe's Bridge division. Pending applications as of April 1 include Revolut Bank US, Zerohash National Trust Bank, Morgan Stanley Digital Trust, Coinbase National Trust Company, and the Trump-linked World Liberty Trust Company.
A new final rule from the OCC, effective April 1, 2026, clarifies that national trust banks may, on a case-by-case basis, engage in trust company activities and activities related to non-fiduciary custody of digital assets. The rule removes a layer of legal uncertainty that had slowed institutional adoption.
The OCC added the EDX application to its public list of pending digital asset charter applications on March 26, 2026. No timeline for a decision has been announced. The application includes extensive confidential attachments, including the business plan and financial projections, for which EDX has requested FOIA protection.
A federal charter allows a company to operate nationally under a single regulatory framework, bypassing most state-level licensing requirements. For institutions that require regulated custody before allocating to digital assets, this distinction is critical. As with other applicants, the OCC will review EDX Trust's application on the basis of safety and soundness, capital adequacy, and compliance. The outcome could further bridge the gap between traditional finance and the digital asset ecosystem.