Anchorage, the digital currency custody solutions company, has received a national bank charter from the Office of the Comptroller of the Currency (OCC). This makes Anchorage the first digital currency service provider to receive a national bank charter from the OCC.
Although Both Kraken and Avanti have also received charters and can operate across the nation, both of their charters came from the state of Wyoming rather than the OCC; which means they can still do business anywhere in the United States, however, with more limitations than Anchorage.
What to expect
Expansion: Now that Anchorage is federally chartered, Anchorage can now offer its service in every state, without having to apply for individual state licenses to operate.
New financial products: It is only a matter of time until digital currency banks introduce blockchain and digital-asset related products to the world of banking and finance. When Kraken received its charter from the state of Wyoming, they showed interest in launching products that allow individuals to receive their salary in digital currency and much more.
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. As the space continues to mature and its use cases proliferate, we expect to see increasing demand for a wide range of services — services that exceed the expectations of traditional finance.
More digital currency companies becoming national banks: Both Paxos and BitPay have filed applications with the OCC to become national banks as well. With the increase in interest around the blockchain and digital currency markets like Anchorage mentioned, you can expect even more digital currency service providers to apply and become national banks.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.