There Is Now a Federally Chartered Digital Asset Bank in the U.S.

By The Motley Fool4 days ago

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The U.S. Office of the Comptroller of the Currency (OCC) has granted conditional approval to the digital crypto-custody platform Anchorage, creating the first federally chartered digital-asset bank in history.

Specifically, the OCC granted Anchorage a national trust charter, which means assets held by the company do not need to be insured by the Federal Deposit Insurance Corporation.

Anchorage is a start-up backed by Visa that offers custody solutions to institutional crypto traders, as well as real-time trading, and financing that allow users to take out loans or lines of credit in U.S. dollars that are collateralized by digital assets.

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