Introducing: Anchorage Digital Bank, the First Federally Chartered Digital Asset Bank
We are currently witnessing the rise of institutional crypto adoption.
From large asset managers, to corporate treasuries, to endowments and family offices, institutional interest in digital assets has never been higher.
Having a national bank charter places Anchorage Digital Bank firmly on the same regulatory footing as other national banks in the country. Most immediately, it puts first-of-its-kind, sub-custody services within reach for any traditional financial institution that wishes to give its clients access to digital assets. Since our founding, we’ve been credited numerous times with blurring the lines between crypto and traditional finance. Today, we’re happy to see those lines begin to be erased.
Anchorage Digital Bank is the first entity to have both the tech and the regulatory clarity that sserious institutional participation in crypto demands. And as a federally chartered bank with fiduciary powers, Anchorage Digital Bank will unequivocally meet the definition of Qualified Custodian, giving institutions a straightforward way to meet their obligations under federal law.
“We are a national bank. The only difference is our business line, that we’re doing crypto assets versus doing other assets,” Anchorage President Diogo Mónica said in an interview. “The benefit of having a federally chartered bank is that it preempts all the state laws. The clarity of being regulated by the oldest regulator for banks in the United States … sends a very clear message.”
First Crypto Bank Charter In U.S. History
Kraken was granted the first ever special purpose depository institution (SPDI) charter in Wyoming.
Kraken Crypto Exchange Receives Unique Charter to Operate As A Bank … an exchange empowered to carry out some of the functions of a private bank.
Kraken, an American-based cryptocurrency exchange operating since 2011
has been granted the first special purpose depository institution (SPDI) charter in Wyoming. The SPDI charter (pronounced “speedy”). Marco Santori, Chief Legal Officer at Kraken was previously, the President and Chief Legal Officer at Blockchain, and prior to that, he was a Partner at Cooley LLP where he was instrumental in the Delaware Blockchain Initiative.
Avanti Unanimously Wins Bitcoin Banking Charter
Avanti Bank & Trust founder and CEO Caitlin Long was all alone in her Wyoming office today as she tuned into a Zoom chat where her fate, and the fate of a new kind of bank that can handle both dollars and bitcoin, was decided by the Wyoming Division of Banking.
Long, a 20-year veteran of Wall Street and former head of Morgan Stanley’s pension advisory group, sat patiently as one-by-one each was approved. Thirteen minutes into the meeting, Lawton formally announced: “The Wyoming state banking board has approved the granting of the Avanti Financial Group Inc special purpose depository institution, or bank for short.” This is the second SPDI bank to be approved, coming six weeks after cryptocurrency exchange Kraken’s approval in September.
Cheyenne, Wyoming-based Avanti will now be able to take custody of bitcoin and other cryptocurrencies, similar to what Coinbase does, while also holding dollars on deposit at the Federal Reserve, streamlining the process by which cryptocurrency companies that need to cover payrolls and taxes can get traditional accounts.
*Deposits are not insured by the Federal Deposit Insurance Corporation*
API-based online banking services where customer deposits must be 100% backed by reserves; and prime services for digital assets.
2020 Carolyn Long WINS United States House of Representatives
Carolyn Long (Democratic), Washington State University Vancouver professor and nominee for Washington’s 3rd congressional district in 2018 LINK