EDX Markets Holding Company, Inc. applied to the Office of the Comptroller of the Currency (OCC) this week, seeking approval to organize EDX Trust, National Association as a de novo national trust bank in Chicago. The application was made public on Wednesday, April 1, and first reported by Bloomberg. It requests full fiduciary powers under 12 U.S.C. § 92a and authorization to provide digital asset custody, asset management, and settlement services exclusively for institutional clients. The proposed main office is located at 200 W. Madison, Suite 1450, Chicago, IL 60606.
Background and Business Model
EDX Markets launched in June 2023 as an institutional-only cryptocurrency exchange. Its founding backers include 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 mirrors how traditional finance (TradFi) firms separate custody from execution. The proposed trust bank would not change that separation. EDX Trust would handle custody, asset management, and settlement. Order matching and trading would remain with its affiliate, EDX Markets LLC.
Services: Custody, Asset Management, and Settlement
If approved, EDX Trust would offer fiduciary custody of digital assets, cash, and stablecoins, using sub-custodian banks to manage private keys and reduce single points of failure. The bank would also manage custodied cash and stablecoins by investing them in highly liquid assets, targeting returns near the federal funds rate, along with permissible staking and yield-generating activities. Settlement services would include riskless principal trading and end-of-day net settlement for clients operating on the EDX Markets platform or in over-the-counter (OTC) venues. The bank would not conduct proprietary trading.
Board and Management
The proposed board includes five members, among them independents with banking and risk backgrounds from First Business Financial, UBS, and Charles Schwab. Management draws from executives who have worked at Cboe Digital, the Options Clearing Corporation, Coinbase, and Kraken. CEO José Antonio Acuña-Rohter, who previously led ErisX and Cboe Digital, is heading the effort. The bank would have no physical branches and no retail services. All operations would run electronically through APIs and a graphical interface.
Regulatory Trends and Industry Impact
The OCC added the application to its public list of pending digital asset licensing applications on March 26. No decision timeline has been announced. The filing joins a growing list of crypto and fintech firms seeking national trust bank charters since late 2025. In December 2025, the OCC granted conditional approvals to five crypto-related institutions, including de novo 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 Stripe’s Bridge unit. Pending applications as of April 1 include Revolut Bank US, Zerohash National Trust Bank, Morgan Stanley Digital Trust, Coinbase National Trust Company, and World Liberty Trust Company, which has ties to the Trump family.
A new OCC final rule, effective April 1, 2026, clarifies that national trust banks may engage in operations of a trust company and activities related to non-fiduciary digital asset custody on a case-by-case basis. The rule removes one layer of legal ambiguity that had slowed institutional adoption. A federal charter allows a firm to operate nationwide under a single regulatory framework, bypassing most state-by-state licensing requirements. For institutions that require regulated custody before allocating to digital assets, that distinction carries weight.
Like others in line, the OCC will review the EDX Trust application for safety and soundness, capital adequacy, and compliance. The application includes a large volume of confidential exhibits, including the business plan and financial projections, for which EDX has requested FOIA protection.