Anchorage Secures $80 Million Funding Boost After Historic Bank Charter

A Historic Moment for Anchorage

Last month, Anchorage made headlines when it became the first digital asset entity to receive a bank charter from the United States Office of the Comptroller of the Currency (OCC). After a significant achievement like this, it’s no wonder that this month, the digital asset custodian announced it secured a hefty $80 million in funding.

Funding Details: Who’s in the Game?

According to Anchorage’s blog post, the Series C funding round was spearheaded by GIC, Singapore’s sovereign wealth fund. Other notable investors included:

• a16z
• Blockchain Capital
• Lux
• Indico

This infusion of capital underscores an increasing interest in digital assets, especially from traditional financial heavyweights looking to dip their toes into the crypto pool.

What’s Next for Anchorage?

With this fresh capital, Anchorage plans to go on a growth spurt, addressing the rising interest from large institutions and corporations wanting to get involved in digital assets. According to their announcement, they intend to:

• Streamline the user experience for institutions entering the crypto markets.
• Diversify corporate treasuries with digital assets.
• Explore various emerging use cases for innovative financial products.

This strategic evolution could potentially reshape how businesses perceive and engage with cryptocurrencies.

The OCC’s Playbook: Guidelines for Anchorage

The OCC’s charter came with its own bag of rules. Anchorage faces particular restrictions that prevent it from functioning as a traditional bank. While they might not be dishing out car loans or mortgages, the OCC allows them to pioneer crypto custody services, giving a new spin on financial security.

The Road Ahead: Partnerships and Innovations

In their blog post, Anchorage hinted at upcoming developments, including:

• Easing processes around the lending of digital assets.
• Forging partnerships with various types of banks.

With the OCC’s green light to U.S. national banks to offer crypto custody services back in July 2020, this new funding positions Anchorage at the forefront of an evolving landscape, likely leading to exciting innovations.