Anchorage, the digital asset entity, has added $80 million in funds, as the entity has received a bank charter from the United States Office of the Comptroller of the Currency (OCC).
“Today, we are pleased to announce that Anchorage has raised an $80 million 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.”
It has been reported that in January, the OCC dished out a banking charter to Anchorage, as the ruling came with a number of guidelines, including specific restrictions preventing Anchorage from acting as a bank in the traditional sense.
Anchorage made another splash and raised $80 million in funds. How quickly will they be able to scale their operations? https://t.co/7WtRr6QvXu — Cointelegraph (@Cointelegraph) February 26, 2021
However, Anchorage started as a digital asset custody solution, later expanding into other crypto finance endeavors.
The report stated:
“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 include easing the processes around the lending of digital assets and partnerships with multiple bank types.
Thus, in July 2020, the OCC gave US national banks the go-ahead to offer crypto custody services.