Citadel-Backed EDX Files for U.S. Bank Charter to Expand Institutional Bitcoin and Crypto Services

EDX Markets, the crypto exchange backed by Citadel Securities, Fidelity, and Charles Schwab, has applied to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter, marking a major step toward deeper integration between digital assets and the traditional financial system.

If approved, the proposed entity, EDX Trust, would allow the firm to offer crypto custody, asset management, and principal trading services under a federally regulated structure. The move is designed to serve institutional clients seeking the same safeguards found in traditional markets, including segregated custody and defined settlement processes.

“EDX Trust is a key step in bringing traditional market structure to digital assets,” said Tony Acuña-Rohter, CEO of EDX Markets. “By separating custody and settlement into a regulated trust, we’re building the kind of infrastructure banks and institutional investors expect as they scale into the space.”

The application reflects a broader trend. Anchorage Digital remains the only federally chartered crypto bank in the United States, setting a precedent for firms seeking regulated pathways into digital asset custody and settlement.

At the same time, Kraken has recently secured a Federal Reserve master account through the Federal Reserve Bank of Kansas City, giving it direct access to Fedwire and signaling that crypto firms are beginning to plug directly into core U.S. financial infrastructure.

These developments highlight a structural shift in the market. Competition is no longer just about trading volume. It is about building institutional-grade crypto infrastructure that mirrors the traditional financial system and attracts large pools of capital.

There’s a saying in the Bitcoin community that bear markets are for building. But this cycle looks different. It’s not just startups laying groundwork. It’s Wall Street and regulated exchanges integrating Bitcoin and crypto into the banking system itself. At the same time, corporate treasuries are accumulating bitcoin at a record pace, with firms like Strategy continuing to absorb supply. While price dips, the rails are getting locked in, and once they are, capital tends to follow.

Satoshi created Bitcoin to separate money from the state, yet this cycle appears defined by regulation and integration into the very system it set out to disrupt. Bitcoiners may argue it’s losing its cypherpunk roots, but maybe, just maybe, this is the Trojan horse playing out in real time…