EDX Markets Holding Company, the cryptocurrency exchange backed by Wall Street heavyweights like Citadel Securities, Fidelity Investments, and Charles Schwab, has applied for a national bank charter.
The company submitted an application to the Office of the Comptroller of the Currency in the hopes of gaining approval to provide custody, asset management, and trading settlement.
Several crypto firms have recently applied for the national banking charter, including Bridge, Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos.
“It is without a doubt that the next wave of crypto will be the large banks,” EDX Chief Executive Officer Tony Acuña-Rohter told Bloomberg. “And in order for us to be able to service these firms, we think it gives us a competitive advantage to be an OCC-chartered trust.”
Securing the charter will not permit crypto firms to offer traditional banking activities such as accepting deposits or making loans, but an approval could help companies attract institutional clients.
In its filing, EDX said it wants to fill a gap in the current digital asset market structure in the U.S.
“In traditional markets such as equities and derivatives, there is a separation of duties among brokers who service retail clients; market makers who provide liquidity; exchanges that provide trade matching services; and custodians that hold assets on behalf of the various market participants,” the filing reads. “Digital asset markets are still evolving, but to date have lacked this separation of functions.”
EDX is also backed by Paradigm, Sequoia Capital, and Virtu Financial. The exchange launched in 2023.
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