EDX Markets is a cryptocurrency exchange powered by Castle Securitieshas applied for a national trust bank charter with the Office of the Comptroller of the Currency, marking a step toward deeper integration between digital asset companies and the U.S. banking system.
The app was announced on April 1 According to To recent deposits, It will allow EDX Markets to offer custody, asset management and principal trading services while continuing to operate its existing order matching platform. The company said the charter would place key functions such as custody and settlement within a regulated banking structure.
EDX Markets The move was coined as part of an attempt to reshape the structure of the cryptocurrency market along the lines of what we see in traditional finance.
Combining brokerage, exchange and custody functions within a single entity creates a conflict of interest and creates operational risks, the company said in its filing.
She said the trust bank model would separate custody, settlement and trading activities, aligning digital asset infrastructure with established financial market practices.
Banks are turning to crypto
CEO Tony Acuña Rohter The company said it expects large banks To play a central role in the next phase of digital asset adoption. He said that obtaining the trust charter would position EDX Markets at the service of institutional clients who require regulated custody and settlement systems.
The app arrives during a shift in federal policy toward digital assets. Under the current management and regulators Show more openness For cryptocurrency companies seeking entry into the banking system. Several companies have pursued similar charters in recent months as part of a broader push to operate under federal oversight.
In December, organizers Granted Conditional approval of trust bank covenants for companies including Circle Internet Group and Ripple. These approvals indicate a desire to bring digital asset companies into the regulatory landscape that governs custody and asset management.
EDX Markets said its proposed structure would reduce systemic risk by separating functions that are often combined on cryptocurrency platforms.
The company pointed to traditional equity and derivatives markets, where exchanges, brokers, custodians and market makers operate as distinct entities. She said this separation reduces conflicts between trade execution and asset custody while enhancing safeguards for clients’ funds.
Founded in 2022, EDX Markets was designed to serve institutional investors and financial companies entering the digital assets sector. In addition to Citadel Securities, its backers include Virtu Financial, Fidelity Digital Assets and Hudson River Trading.
The platform is designed to reflect the structure of traditional financial markets, with an emphasis on separating trading activity from custody and settlement.
If approved, the trust charter would allow EDX Markets to expand its custody and settlement capabilities under federal supervision. National trust banks are permitted to hold client assets, provide fiduciary services and manage investment portfolios, subject to the supervision of the Overseas Transactions Coordination Committee (OCC).
