EDX Markets Seeks National Trust Bank Charter for Digital Assets
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In a significant move within the cryptocurrency sector, EDX Markets Holding Company, Inc. has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish EDX Trust, National Association as a newly formed national trust bank in Chicago. This development was publicly disclosed on April 1, 2026.
The filing aims to secure comprehensive fiduciary powers under U.S. law, specifically 12 U.S.C. § 92a, allowing the proposed institution to specialize in the custody and management of digital assets for institutional clients. The main office for EDX Trust is proposed to be located at 200 W. Madison, Suite 1450, Chicago, IL 60606.
Since its inception in June 2023, EDX Markets has positioned itself as a cryptocurrency exchange catering exclusively to institutional investors. The firm boasts a roster of prominent backers, including Citadel Securities, Fidelity Digital Assets, Charles Schwab, and several other notable financial institutions.
EDX Markets operates under a non-custodial model, which means that during trading, it does not hold client assets. The structure aligns with traditional financial institutions that separate custody from execution. If the charter application is approved, EDX Trust would be responsible for custody, asset management, and settlement services, while trading operations would continue under its affiliate, EDX Markets LLC.
Should EDX Trust receive the green light, it plans to offer fiduciary custody for digital assets, cash, and stablecoins. This would involve collaborating with sub-custodian banks to manage private keys, thereby enhancing security and mitigating risks. Additionally, the bank aims to invest custodied cash and stablecoins in highly liquid assets, seeking returns that align with the federal funds rate, along with engaging in compliant staking activities.
The bank’s settlement services would encompass riskless principal trading and daily net settlement for clients utilizing the EDX Markets platform or engaging in over-the-counter transactions. Importantly, EDX Trust would not participate in proprietary trading.
The proposed governance structure includes five board members, incorporating individuals with extensive banking and risk management experience from recognized firms such as First Business Financial and UBS. The management team is composed of seasoned professionals hailing from organizations like Cboe Digital and Coinbase.
Leading the initiative is CEO José Antonio Acuña-Rohter, who has previously held leadership positions at ErisX and Cboe Digital. Notably, EDX Trust will not operate physical branches or retail services; rather, all functionalities will be conducted electronically through application programming interfaces (APIs) and user-friendly graphical interfaces.
The OCC officially recorded this application in its list of pending digital asset licensing requests on March 26, although no timeline for a decision has been disclosed yet. This application is part of a larger trend, as numerous crypto and fintech enterprises have pursued national trust bank charters since late 2025.
The landscape has evolved following the OCC’s conditional approvals granted in December 2025 to multiple crypto-oriented institutions, including the establishment of Ripple National Trust Bank and First National Digital Currency Bank. By early 2026, additional charters were awarded to notable entities like Crypto.com.
Pending applications currently include several high-profile names, such as Revolut Bank US and Coinbase National Trust Company. A recent OCC rule, effective April 1, 2026, has clarified that national trust banks can engage in trust-related operations and non-fiduciary digital asset custody, enhancing clarity that may accelerate institutional engagement with digital assets.
As the OCC evaluates EDX Trust’s application, it will assess aspects such as safety, soundness, and compliance, informed by a thorough review of documentation including business plans and financial forecasts, which will be protected under FOIA requests.
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