Anchorage Digital brings global USD transfers to the crypto world

Anchorage Digital Bank, which focuses on cryptocurrency and digital assets for institutional clients, has introduced global US Dollar wire transfers, creating a seamless connection between digital and traditional ￰0￱ bank’s co-founder and CEO, Nathan McCauley, weighed in on the ￰1￱ expressed that this is part of their long-standing goal to simplify the handling of cash and crypto assets. Therefore, with this development, McCauley pointed out that their clients can now integrate their assets with a federally regulated banking partner and easily transfer funds between the ￰2￱ platforms and Fintech rush to offer new services Anchorage claims to be the only federally chartered bank related to cryptocurrency in the ￰3￱ makes it the first crypto-native institution to offer both crypto services and cash on a single, government-regulated ￰4￱ launch of worldwide USD wire transfers follows a growing trend among crypto-related platforms and Fintech firms, which are providing new services to help their customers effectively utilize digital assets and ￰5￱ also intend to streamline the purchase of products and services with credit and debit cards.

Meanwhile, apart from introducing global US Dollar wire transfers, Anchorage has unveiled plans to introduce interest-bearing USD accounts in the next few months to solidify its position as a leading crypto ￰6￱ these USD accounts, customers can create stablecoins and earn rewards on specific tokens, such as USDG and PYUSD. Anchorage’s drive to launch new services follows the Comptroller of the Currency’s action to lift a consent order against the bank in ￰7￱ order was placed due to rising concerns about the US-based bank’s approach to managing its anti-money laundering program and customer identification ￰8￱ the Comptroller of the Currency’s move against Anchorage, the bank was under thorough investigation by the Department of Homeland Security’s El Dorado Task ￰9￱ group is assigned the role of focusing on addressing financial crimes and preventing money ￰10￱ the investigation, the task force interrogated Anchorage’s former employees and requested the bank’s records to assess its internal practices.

However, the group did not disclose what they were investigating. Interestingly, this inquiry comes when Anchorage has positioned itself as a leader in regulatory compliance, having secured its bank charter from the Office of the Comptroller of the Currency (OCC) in ￰11￱ Bank updates its crypto-related strategies Anchorage’s efforts come amid broader institutional moves in the crypto ￰12￱ Bank, recently named as custodian for Anchorage Digital Bank’s new stablecoin platform, was just one of many such partnerships the bank has struck lately, said Stephen Philipson, vice chair and head of wealth, corporate, commercial, and institutional banking at US ￰13￱ the broader context, the Minneapolis bank is not just handling reserves for multiple stablecoin providers but has restarted its Bitcoin custody offering, which originally began in 2021.

Moreover, it launched a crypto ETF and is considering establishing its ￰14￱ the situation, Philipson shared with American Banker that they have secured a position among the largest institutional asset custodians in the ￰15￱ explained they handle about $11.7 trillion in assets under their custody administration. “This is a significant part of our business that we have been involved in for many ￰16￱ ensure asset holders can trust us, whether we are playing the role as a trustee for a corporate bond or as an administrator for a mutual fund; we confirm that the assets are secure and accurately accounted for,” he ￰17￱ the meantime, Anchorage unveiled its capacity to launch white-label stablecoins overseen by federal regulators in ￰18￱ and other firms can issue branded stablecoins through this service in the US ￰19￱ your project in front of crypto’s top minds?

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