Crypto bank Anchorage Digital adds global US Dollar wire transfers
Quick Take Anchorage Digital, which says it’s the only federally chartered crypto bank in the U.S., has added global USD wire transfers. The bank also plans to offer interest-bearing USD accounts in the coming months.
Cryptocurrency bank Anchorage Digital Bank said Thursday it has added global USD wire transfers.
"We’re eliminating the operational complexity of managing both cash and crypto," the bank's CEO Nathan McCauley said in a statement . "Our clients can now consolidate assets with a single, federally regulated banking partner and move funds efficiently across both."
According to Anchorage, it is the only federally chartered crypto bank in the U.S., and this move makes it the "first crypto-native institution to offer both cash and crypto services through a unified, federally regulated platform."
Crypto-native platforms and fintechs are increasingly adding new services in an effort to meet the demands of customers who want to be able to use both digital assets and fiat, in addition to making purchases with credit and debit cards.
Anchorage, primarily a crypto custodian, said it is also planning to offer interest-bearing USD accounts in the coming months. Additionally, customers can mint stablecoins and collect rewards on select tokens like PYUSD and USDG.
In August, the Office of the Comptroller of the Currency dropped a consent order against Anchorage. The order was released against the national bank over concerns about its anti-money laundering program and know your customer (or KYC) provisions.
The firm achieved unicorn status after being last valued at over $3 billion in 2021.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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