EDX Markets applies for a U.S. trust license to expand institutional crypto services

Jiebie Network news: According to a report by CoinDesk, EDX Markets, an crypto trading platform supported by traditional financial giants such as Citadel Securities, Fidelity Digital Assets, and Charles Schwab Wealth, has officially submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank license. If the application is approved, EDX Markets will provide asset custody, asset management, and proprietary trading services through an independent, regulated trust entity, thereby achieving a structural separation between its custody settlement capabilities and its core order-matching trading platform. Since the platform went live in the summer of 2023, the supported trading cryptocurrencies have expanded from the initial four core crypto assets to 21. Its CEO, Tony Acuña-Rohter, said that separating custody and settlement business is a key step to introduce traditional market structures for digital assets, aiming to meet the strict requirements of large financial institutions for compliance infrastructure. Against the backdrop of accelerating institutional capital entering the market, applying for a trust license has become an important compliance pathway for crypto firms to reduce counterparty risk in trading, build protection mechanisms comparable to those in traditional markets, and seize institutional clients.