Crypto Bank Anchorage Digital Sees 80% Jump In Assets Under Custody In Q1 2023
Key Points:
- Anchorage Digital has experienced a significant increase in business due to a growing demand for safer custody of assets in the crypto industry.
- The company reported an 80% jump in assets under custody in the first quarter of 2023 compared to the fourth quarter of 2022.
According to Bloomberg, Anchorage Digital, a SF-based crypto bank, saw an 80% jump in assets under custody. It’s expanding its presence in Portugal and is in talks to offer custody to EDX Markets.
Anchorage Digital, a San Francisco-based crypto bank, has seen a significant increase in business this year due to a growing demand for safer custody of assets. The company reported an 80% jump in assets under custody in the first quarter of 2023 compared to the fourth quarter of 2022.
Anchorage Digital has become the first federally chartered crypto bank and received approval from the Office of the Comptroller of the Currency to act as a custodian for other institutions that want to offer crypto. The company is in talks to offer custody to EDX Markets, a newly launched crypto exchange backed by firms such as Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp.
Anchorage Digital’s core business remains providing custodial services to institutions, and it has expanded into trading, lending, and decentralized finance tools as more financial institutions push into the crypto space. The company has also been affected by the changes in the industry, having announced layoffs of 20% of its staff in March to refocus the business. However, the company is not planning any more job cuts at this time.
The shift from retail to institutional players in the digital assets market has also created opportunities for startup custodians and technology providers. BlackRock Inc., the world’s largest asset manager, filed for a US spot Bitcoin ETF, and other firms, including Fidelity, Invesco Ltd., and WisdomTree, followed suit.
Anchorage Digital raised $350 million at a more than $3 billion valuation from investors led by private equity firm KKR & Co. in 2021. The company is expanding its presence in Portugal, where co-founder and president Diogo Monica lived until his early twenties and where the company has almost 100 employees. Monica plans to relocate to Lisbon to oversee Anchorage’s overseas expansion plans personally.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
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Crypto Bank Anchorage Digital Sees 80% Jump In Assets Under Custody In Q1 2023
Key Points:
- Anchorage Digital has experienced a significant increase in business due to a growing demand for safer custody of assets in the crypto industry.
- The company reported an 80% jump in assets under custody in the first quarter of 2023 compared to the fourth quarter of 2022.
According to Bloomberg, Anchorage Digital, a SF-based crypto bank, saw an 80% jump in assets under custody. It’s expanding its presence in Portugal and is in talks to offer custody to EDX Markets.
Anchorage Digital, a San Francisco-based crypto bank, has seen a significant increase in business this year due to a growing demand for safer custody of assets. The company reported an 80% jump in assets under custody in the first quarter of 2023 compared to the fourth quarter of 2022.
Anchorage Digital has become the first federally chartered crypto bank and received approval from the Office of the Comptroller of the Currency to act as a custodian for other institutions that want to offer crypto. The company is in talks to offer custody to EDX Markets, a newly launched crypto exchange backed by firms such as Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp.
Anchorage Digital’s core business remains providing custodial services to institutions, and it has expanded into trading, lending, and decentralized finance tools as more financial institutions push into the crypto space. The company has also been affected by the changes in the industry, having announced layoffs of 20% of its staff in March to refocus the business. However, the company is not planning any more job cuts at this time.
The shift from retail to institutional players in the digital assets market has also created opportunities for startup custodians and technology providers. BlackRock Inc., the world’s largest asset manager, filed for a US spot Bitcoin ETF, and other firms, including Fidelity, Invesco Ltd., and WisdomTree, followed suit.
Anchorage Digital raised $350 million at a more than $3 billion valuation from investors led by private equity firm KKR & Co. in 2021. The company is expanding its presence in Portugal, where co-founder and president Diogo Monica lived until his early twenties and where the company has almost 100 employees. Monica plans to relocate to Lisbon to oversee Anchorage’s overseas expansion plans personally.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Thana
Coincu News
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