Citadel, Which Manages $71 Billion, Is Set to Launch a Major Crypto Bank

EDX Markets, a cryptocurrency exchange backed by Citadel Securities, has officially applied for national trust bank status in the United States. The application is noteworthy because it comes during the Donald Trump administration, which has seen a period characterized by more favorable policies towards the crypto sector.

If EDX Markets’ application to the Office of the Comptroller of the Currency (OCC) is approved, the company will be able to offer its clients custody, asset management, and principal trading services. In addition, the platform will continue its order matching activities under its current business model.

The company’s CEO, Tony Acuña-Rohter, stated that large banks will form the next wave of growth in the crypto market, and that an OCC-licensed trust structure will provide a significant competitive advantage in serving institutional clients.

The relaxation of cryptocurrency regulations during the Donald Trump administration is allowing an increasing number of traditional finance companies to enter the crypto world.

*This is not investment advice.