Crypto Anchorage Bank Moves to Asia

Crypto Anchorage Bank Moves to Asia

Diving Brief:

  • Digital asset bank Anchorage Digital expands into Asia with five institutional partners, including Singapore-based blockchain investment firm FBG Capital and Hong Kong venture capital firm IOSG Ventures Advertising last week. Also partnering with Anchorage Digital asset provider for financial services AntalvaAnd the Cryptocurrency exchange Bitkub and asset management company Dream want.
  • Diogo Monica, co-founder and president of Anchorage, said he expects Asia to account for up to 25% of his company’s business over the next year and a half, adding that he aims to focus heavily on Singapore, according to luck.
  • “Validation from partnering with these organizations shows that Anchorage is not only a growing player in the region, but our offerings have strong global appeal,” the company statement said. “We look forward to deepening our relationships in the region to provide customized, secure and regulated custody solutions for Asia’s most important financial institutions – expanding access to digital assets in this vital market.”

Diving Insight:

San Francisco’s first truly international push comes after its recent foray into the… Stable currency project denominated in Japanese yen With its headquarters in Tokyo Trust Company.

Its emphasis on Asia makes sense: South and Central Asia has some of the highest adoption rates for digital assets, with Vietnam, the Philippines and Thailand in the top ten in the sequence analysis. 2022 Global Cryptocurrency Adoption IndexIndonesia is ranked 20th.

Anchorage, the first crypto company to receive a charter bank credit from the Office of the Comptroller of the Currency (OCC), has focused its services on large corporations rather than retail clients since it was founded by Mónica and Nathan McCauley in 2017. It is valued at more than $3 billion with backers like KKR, Goldman Sachs, and Andreessen Horowitz, Anchorage provides crypto-based services including custody, buying and selling to banks, venture capital firms, and wealth funds.

Anchorage’s approval by the OCC makes it an attractive partner for banks that dip their toes into cryptocurrency — a position that Mónica told Fortune would be difficult to obtain today given the crackdowns on such relationships by federal agencies.

“Due to crypto conditions, the tone has changed because the market has changed,” Monica told Fortune. “[Anchorage] It shows that audits and oversight are really important to the space.”

Anchorage’s new partners find this omission appealing, with Will Chiu, chief investment officer, Antalva in a prepared statement expressing his firm’s appreciation.[s] Anchorage’s interest in regulatory compliance and the scrutiny of digital assets backed by Ken Nakamura, CEO of Trust Company, noted that “Anchorage’s secure institutional platform drives the global expansion of cryptocurrencies, a mission we share through institutional adoption of stablecoins.” “

Singapore has emerged as a regional hub for the cryptocurrency market, in part due to Chinese ban On encryption last year.

Monetary Authority of Singapore Managing Director Ravi Menon said in August, however, that he Thinking about limitations on encryption. Menon had said in November that it was It is better not to do this ‘Crack or ban these things’, but reversed course after the demise of the Singapore-based hedge fund. Three Arrows Capital and Other Recent Crypto Problems.

Monica told Fortune that because his company works with businesses rather than retail clients, he’s embracing enhanced regulation.

Compared to the United States, with the infighting of regulators and wars of influence, the existence of a single regulator [in Singapore]Monica told Fortune. “From the point of view of tone and substance, she remains a supporter of cryptocurrency, although she is more focused on consumer protection.”

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