EDX Markets Holding Company, Inc., the parent of the institutional crypto exchange EDX Markets, has filed an application with the Office of the Comptroller of the Currency (OCC) to establish EDX Trust, National Association in Chicago. If approved, the proposed entity would operate as a national trust bank serving institutional clients with digital asset custody, asset management, and settlement services.
The filing, first reported publicly in early April, requests full fiduciary powers under 12 U.S.C. § 92a. According to the application, EDX Trust would focus exclusively on institutional business rather than retail customers. Its proposed headquarters is listed at 200 W. Madison, Suite 1450, Chicago, Illinois.
An Institutional Market Structure Play
Launched in June 2023, EDX Markets was designed as a cryptocurrency exchange for institutional investors only. Its backers include major names from both traditional finance and the digital asset sector, such as Citadel Securities, Fidelity Digital Assets, Charles Schwab, Virtu Financial, Paradigm, Sequoia Capital, Hudson River Trading, and Miami International Holdings.
The exchange has operated with a non-custodial model, meaning it does not hold client assets during the trading process. That design mirrors a familiar structure in traditional financial markets, where custody is separated from execution. The proposed trust bank would preserve that arrangement rather than replace it. Trading and order matching would remain with EDX Markets LLC, while EDX Trust would handle custody, asset management, and settlement.
This separation is important for institutions that want clearer risk boundaries between exchange operations and safekeeping of assets. For allocators that require regulated custody before entering digital asset markets, a national trust bank structure could be particularly significant.
What EDX Trust Plans to Offer
If the OCC approves the charter, EDX Trust would provide fiduciary custody of digital assets, cash, and stablecoins for institutional customers. The filing says the bank would use sub-custodian banks to manage private keys, a structure intended to reduce single points of failure.
In addition to safekeeping, the bank would manage cash and stablecoins held in custody by investing them in highly liquid assets, with a goal of generating returns near the federal funds rate. The filing also references permitted staking and other yield-generating activities, though only within the bounds of what regulators allow.
On the settlement side, EDX Trust would support risk-free principal settlement and end-of-day net settlement for clients trading either on the EDX Markets platform or through over-the-counter venues. The application explicitly states that the bank itself would not engage in proprietary trading.
All services would be delivered electronically through APIs and a graphical interface. The proposed bank would have no physical branches and no retail-facing business lines, reinforcing its institutional-only positioning.
Management and Governance Draw From TradFi and Crypto
The proposed board would consist of five members, including independent directors with backgrounds in banking and risk management at firms such as First Business Financial, UBS, and Charles Schwab. The management team listed in the filing includes executives with experience at Cboe Digital, the Options Clearing Corporation, Coinbase, and Kraken.
The project is being led by CEO José Antonio Acuña-Rohter, who previously held leadership roles at ErisX and Cboe Digital. That profile underscores how the venture is attempting to combine traditional market infrastructure experience with crypto-native operational knowledge.
OCC Review Comes Amid a Broader Charter Wave
The OCC added the application to its public list of pending digital asset-related charter applications on March 26, 2026. As of the latest disclosure, no timetable for a decision has been announced. The regulator is expected to assess the proposal on familiar criteria, including safety and soundness, capital adequacy, and compliance.
The filing reportedly includes a large number of confidential exhibits, including the business plan and financial projections, for which EDX has requested protection under the Freedom of Information Act (FOIA) framework.
EDX is not alone. Its application arrives during a broader push by crypto and fintech firms seeking national trust bank status in the United States. Since late 2025, the OCC has issued conditional approvals to several crypto-linked entities. Those included new charters for Ripple National Trust Bank and First National Digital Currency Bank, along with conversions involving Bitgo, Fidelity Digital Assets, and Paxos. In early 2026, additional approvals were granted to Crypto.com and Stripe’s Bridge division.
Pending applications as of April 1 also included names such as Revolut Bank US, Zerohash National Trust Bank, Morgan Stanley Digital Trust, Coinbase National Trust Company, and World Liberty Trust Company. The breadth of applicants suggests that a national charter is increasingly viewed as a strategic advantage for firms that want to scale digital asset services across the U.S.
Why the Charter Matters
A federal charter can allow a firm to operate under a single national regulatory framework, reducing reliance on state-by-state licensing in many cases. For institutional digital asset businesses, that can translate into more consistent oversight, clearer supervisory expectations, and potentially faster nationwide expansion.
This matters especially for large investors that require regulated custody infrastructure before allocating to crypto. In practice, the charter could strengthen confidence around operational controls, fiduciary obligations, and settlement architecture. For a platform like EDX, which has positioned itself around institutional market structure, the trust bank proposal fits directly into that broader strategy.
Regulatory Clarity Is Improving
The application also comes as the OCC’s policy environment becomes more explicit. A new final rule that took effect on April 1, 2026 clarified that national trust banks may, following case-by-case review, engage in both trust company activities and activities related to non-fiduciary digital asset custody. That clarification removes part of the legal uncertainty that had slowed institutional adoption.
While the rule does not guarantee approval for any specific applicant, it does provide a clearer framework for firms structuring digital asset custody businesses within the national banking system. For the market, that could mark another step toward integrating crypto infrastructure with established financial regulation.
What Comes Next
For now, EDX Trust remains a proposal rather than an approved institution. The OCC has not indicated when it will complete its review, and the final outcome will depend on whether EDX can satisfy regulatory expectations on governance, controls, capital, and compliance.
Still, the filing is notable because it highlights a continuing shift in U.S. digital asset markets: more firms are seeking to build federally regulated, institution-focused infrastructure rather than relying solely on exchange-led or state-licensed models. If approved, EDX Trust could become a key piece of that architecture by pairing a custody and settlement bank with EDX’s existing institutional trading venue.
In that sense, the application is about more than one company’s expansion plan. It reflects a broader institutionalization trend in crypto, where market participants are increasingly trying to align digital asset services with the operating standards, governance expectations, and legal frameworks familiar to traditional finance.