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Crypto

Wall Street-backed crypto exchange EDX Markets applies for bank charter to expand custody, settlement services

Crypto exchange EDX Markets, backed by Wall Street firms including Citadel Securities, Fidelity Investments and Charles Schwab, has applied for a U.S. national bank charter. The Block reported the company submitted an application to the Office of the Comptroller of the Currency, seeking approval to offer custody, asset management and trade settlement services. Other crypto companies such as Bridge, Ripple, Circle, BitGo, Fidelity Digital Assets and Paxos have also applied.

Crypto

SoFi launches Big Business Banking to manage fiat and crypto on single regulated platform

Fintech company SoFi has launched Big Business Banking, a corporate banking platform that handles fiat-currency and crypto operations within a single regulatory system. Businesses can hold deposits, transfer funds and run 24-hour trade settlement in traditional currencies and digital assets. The platform runs through SoFi Bank and offers regulated banking services alongside blockchain-based payment and settlement rails, including SoFiUSD, selected cryptocurrencies and tools to convert between fiat and digital assets.

AI & Enterprise

BitGo launches institutional stablecoin minting and redemption service

BitGo has launched a service that allows institutional clients to mint, redeem and manage stablecoins and other digital assets, The Block reported on April 2. The service will initially support minting and redemption for World Liberty USD1 and SoFiUSD issued by SoFi Bank. SoFi Bank is an FDIC-insured depository institution regulated by the U.S. Office of the Comptroller of the Currency.