Charles Schwab-Backed EDX Markets Applies for National Trust Bank Charter With OCC 

EDX Markets Holding Company Files OCC Charter Application for Crypto Trust Bank

The application was made nationalist connected Wednesday, April 1, and archetypal reported connected by Bloomberg. It requests afloat fiduciary powers nether 12 U.S.C. § 92a and authorization to supply integer plus custody, plus management, and colony services exclusively for organization clients. The projected main bureau is located astatine 200 W. Madison, Suite 1450, Chicago, IL 60606.

EDX Markets launched successful June 2023 arsenic an institutional-only cryptocurrency exchange. Its founding backers see Citadel Securities, Fidelity Digital Assets, Charles Schwab, Virtu Financial, Paradigm, Sequoia Capital, Hudson River Trading, and Miami International Holdings.

The level operates connected a non-custodial model, meaning it does not clasp lawsuit assets during trading, a operation that mirrors however accepted concern (TradFi) firms abstracted custody from execution. The projected spot slope would not alteration that separation. EDX Trust would grip custody, plus management, and settlement. Order matching and trading would stay with its affiliate, EDX Markets LLC.

If approved, EDX Trust would connection fiduciary custody of integer assets, cash, and stablecoins, utilizing sub-custodian banks to negociate private keys and trim azygous points of failure. The slope would besides negociate custodied currency and stablecoins by investing them successful highly liquid assets, targeting returns adjacent the national funds rate, on with permissible staking and yield-generating activity.

Settlement services would see riskless main trading and end-of-day nett colony for clients operating connected the EDX Markets level oregon successful over-the-counter (OTC) venues. The slope would not behaviour proprietary trading.

The projected committee includes 5 members, among them independents with banking and hazard backgrounds from First Business Financial, UBS, and Charles Schwab. Management draws from executives who person worked astatine Cboe Digital, the Options Clearing Corporation, Coinbase, and Kraken.

CEO José Antonio Acuña-Rohter, who antecedently led ErisX and Cboe Digital, is heading the effort. The slope would person nary carnal branches and nary retail services. All operations would tally electronically done APIs and a graphical interface.

The OCC added the exertion to its nationalist database of pending integer plus licensing applications connected March 26. No determination timeline has been announced.

The filing joins a increasing database of crypto and fintech firms seeking nationalist spot slope charters since precocious 2025. In December 2025, the OCC granted conditional approvals to 5 crypto-related institutions, including de novo charters for Ripple National Trust Bank and First National Digital Currency Bank, on with conversions for Bitgo, Fidelity Digital Assets, and Paxos. Early 2026 saw further approvals for Crypto.com and Stripe’s Bridge unit.

Pending applications arsenic of April 1 see 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 caller OCC last rule, effectual April 1, 2026, clarifies that nationalist spot banks whitethorn prosecute successful operations of a spot institution and activities related to non-fiduciary integer plus custody connected a case-by-case basis. The regularisation removes 1 furniture of ineligible ambiguity that had slowed organization adoption.

A national charter allows a steadfast to run nationwide nether a azygous regulatory framework, bypassing astir state-by-state licensing requirements. For institutions that necessitate regulated custody earlier allocating to integer assets, that favoritism carries weight.

Like the others successful line, the OCC volition reappraisal the EDX Trust exertion for information and soundness, superior adequacy, and compliance. The exertion includes a ample volume of confidential exhibits, including the concern program and fiscal projections, for which EDX has requested FOIA protection.

FAQ 🔎

• What is EDX Markets applying for? EDX Markets Holding Company filed an exertion with the OCC connected March 25, 2026, to charter EDX Trust, National Association, arsenic a de novo nationalist spot slope successful Chicago focused connected organization integer plus custody and settlement.
• Who backs EDX Markets? Key investors see Citadel Securities, Fidelity Digital Assets, Charles Schwab, Virtu Financial, Paradigm, Sequoia Capital, and Hudson River Trading.
• What services would EDX Trust offer? The projected slope would supply fiduciary custody of integer assets and stablecoins, plus management, and colony services exclusively for organization clients via physics channels.
• Has the OCC approved the EDX Trust application? No determination has been announced; the OCC listed the exertion arsenic pending connected March 26, 2026, and volition reappraisal it for safety, soundness, and compliance.