Anchorage last month became the first cryptocurrency company to obtain a federal banking charter in the United States of America.

Anchorage has closed an $80 million Series C funding round led by Singaporean fund GIC.

Many names have also contributed to the company’s financing round, including Crypto a16z and Blockchain Capital, in addition to Lux and Indico.

Former US Federal Reserve Governor Kevin Warsh and famed hedge fund manager Stanley Druckenmiller are advisors at Anchorage.

Anchorage is a cryptocurrency custodian, which means that it holds cryptocurrency for other companies.

But its services go beyond mere warehousing, as the company allows its users to move funds quickly and to allocate assets to earn interest and participate in the governance of the protocols.

Read:FTX CEO Predicts How GBTC Opening Could Affect Bitcoin?

Series C investments are for existing companies looking to expand so they can access new markets and/or make acquisitions.

Anchorage is proud to announce our $80 million Series C led by GIC, Singapore’s sovereign wealth fund, with participation from @a16z Tweet embed Tweet embed & Tweet embed

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Anchorage February 25 2021

Diogo Monica and Nathan McCauley, founders of Anchorage, wrote in a post on the “Anchorage” website.AverageToday, the funds raised will help institutions participate in new ways, and the publication also states:

Being the first national bank puts us in an overlap between two systems:

The old financial system, and the emerging world of digital assets

We are committed to partnering with a wide range of financial institutions to make providing crypto services easy and secure.

Anchorage wants to bring more institutional customers into the crypto market and provide avenues for it, as companies like Tesla and Square gobble up large chunks of bitcoin.

In January, Anchorage won a credit charter from the Office of the Comptroller of the Currency (OCC), the independently managed office of the US Treasury that regulates national banks and credit unions.

Read:SEC Delays Deadline for Approval of Ark Invest’s Bitcoin ETF

Since then, Anchorage has formed the Anchorage Digital Bank.

Despite the name “Bank”, this does not mean that the company will operate like the large American banks such as “Bank of America” ​​or “Wells Fargo”.

Anchorage’s real interest is now recognized as a qualified trustee of assets by the US Securities and Exchange Commission.

The charter also means Anchorage no longer needs to comply with the processes of 50 different states for licensing money transmitters.

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