Anchorage Aims for Growth After Securing OCC Bank Charter And $80M Funding

By Warren Hayes | March 4, 2021

In January, crypto asset management firm Anchorage has reportedly been successful in obtaining a bank charter from the US Office of the Comptroller of the Currency, and now aims for scaling. 

Specifically, following the freshly-acquired OCC bank charter, Anchorage has reportedly also managed to secure $80 million in funds, via a Series C, led by GIC, Singapore’s sovereign wealth fund, with participation from a16z, Blockchain Capital, Lux, and Indico. 

“This new capital will allow us to rapidly scale to meet the rising demand for participation in the digital asset space, particularly among corporations and traditional financial institutions.” The firm reportedly disclosed. 

The bank charter from the OCC to Anchorage was reportedly the first of its kind, from a banking entity to a blockchain business. The ruling was accompanied with a few guidelines, including detailed restrictions prohibiting Anchorage from functioning as a bank in the traditional manner. 

Anchorage initially operated as a crypto asset custody solution, and later widened its scope to deal with crypto finance endeavors.

“This new round of funding will help us help institutions participate in new ways — by bringing crypto to their users, by diversifying their corporate treasuries, and by enabling a wide range of emerging use cases.”

Upcoming developments from the firm reportedly include simplification for the processes associated with the lending of digital assets, as well as collaborations with numerous bank types, the post added.

In July last year, the OCC reportedly gave the regulatory greenlight to U.S. national banks to roll out crypto custody services.

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