EDX, Backed by Charles Schwab, Citadel, and Fidelity, Applies for U.S. Trust Bank Charter

Odaily News: EDX Markets, a cryptocurrency trading platform backed by Charles Schwab, Citadel Securities, and Fidelity, has applied for a national trust bank charter with the U.S. Office of the Comptroller of the Currency (OCC).

This charter would allow EDX to offer services such as digital asset custody, asset management, and trade settlement, but excludes traditional banking activities like accepting deposits or issuing loans.

EDX stated that obtaining this charter will help it better serve institutional clients and gain a competitive advantage amidst the wave of institutionalization in the crypto industry.

Recently, several other crypto companies, including Ripple, Circle, BitGo, Paxos, and Fidelity Digital Assets, have also applied for similar charters, indicating the industry is accelerating its alignment with the regulated financial system.