EDX Markets has applied to the US Office of the Comptroller of the Currency to establish a national trust bank focused on crypto custody and settlement services.
The proposed entity, EDX Trust, would separate custody and settlement from trading while continuing to route transactions through the exchange’s existing platform.
The company said the model is designed to reduce conflicts of interest and operational risks common in crypto platforms that combine multiple functions.
EDX plans to offer fiduciary asset management, invest client cash and stablecoin balances in liquid assets and facilitate trading through a riskless principal model.
The trust bank would operate from Chicago and target institutional clients including broker-dealers and registered investment advisers.
Following the announcement the EDX expansion strategy was unchanged.
The move reflects a broader trend of crypto and financial firms seeking US bank charters to expand services under federal oversight.
Backed by firms including Citadel Securities, Fidelity Digital Assets and Virtu Financial, EDX is positioning itself to compete in the institutional crypto infrastructure space.