Anchorage Gets Bank Approval from OCC
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13 January
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Cryptocurrency custodian Anchorage has been approved by the Office of the Comptroller of the Currency (OCC) to become Anchorage Digital Bank, National Association.

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According to an official press release, the regulator agreed to give a national trust bank charter to Anchorage after "thorough review of the company and its current operations."

"As an enforceable condition of approval, the company entered into an operating agreement which sets forth, among other things, capital and liquidity requirements and the OCC’s risk management expectations," the watchdog added.

With the approval, the bank and the whole industry "will benefit" from the OCC’s extensive supervisory experience and expertise, the announcement says. Anchorage is known as an institutional cryptocurrency custodian, which raised $40 million Series B led by Blockchain Capital and Visa in July 2019.

The startup already on-boarded several institutional investors in the space as clients, including Blockchain Capital, Polychain, Paradigm, and a16z crypto.

Custodian Anchorage to Offer Staking for Libra's Rival

In January 2020, the company launched a brokerage service, dubbed Anchorage Trading, that allows institutional investors to store their cryptos with Anchorage so that they can trade directly from its platform, which charges a flat fee of 10 basis points per trade. The number of available assets will increase in the future and clients will be able to suggest new cryptos for listing.

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