[DigitalToday reporter Chi-gyu Hwang (황치규)] Crypto exchange EDX Markets, backed by Wall Street institutions including Citadel Securities, Fidelity Investments and Charles Schwab, has applied for a U.S. national bank charter.
According to a recent report by The Block, EDX Markets submitted an application to the Office of the Comptroller of the Currency (OCC). It aims to win approval to offer custody, asset management and trade settlement services.
Several crypto companies including Bridge, Ripple, Circle, BitGo, Fidelity Digital Assets and Paxos have also applied for a federal bank charter recently.
EDX Markets CEO Tony Acuña-Rohter (토니 아쿠냐-로터) told Bloomberg, "The next wave of crypto will be led by big banks," adding, "An OCC-chartered trust could be a competitive advantage if you want to serve those firms."
Even if it obtains a federal bank charter, traditional banking activities such as taking deposits or making loans are not permitted. But it could help attract institutional clients, The Block reported.
Founded in 2023, EDX Markets is also backed by Paradigm, Sequoia Capital and Virtu Financial.
Chi-gyu Hwang (황치규)
delight@d-today.co.kr