EDX Markets, the crypto exchange backed by Citadel Securities, has applied for a national trust bank charter, marking a new step in its push to serve institutional clients.

The exchange submitted its filing to the Office of the Comptroller of the Currency on Wednesday, according to documents seen by CoinDesk. The move comes about three and a half years after the firm launched.

If approved, the charter would allow EDX to offer custody, asset management and principal trading services, while continuing to run its core order-matching platform. The filing outlines a structure where custody and settlement sit within a regulated trust entity, separate from trading operations.

EDX Markets targets traditional finance firms entering digital assets….