Anchorage, the popular digital asset finance firm and digital bank, has extended their business and now they will be staking and lending as well. The CEO revealed its plan that the firm may start offering crypto to the customers in 2022.
Anchorage, received its Federal bank charter earlier this year and has revealed that the firm has raised $350 million from its assets management entity KKR and Goldman Sachs etc. The Anchorage firm is valued at $3 billion.
Furthermore, the firm is going to offer their clients Series D funding and the clientele includes big banks and corporations, so that they can benefit from crypto offering by the firm by expanding their portfolio.
She predicts that the firm will start offerings in 2022 as the products and services are yet in the making which began in 2020.
“Institutions began to build products in 2020 that will come to market in mid-to-late 2022,” said Monica.
The service will include offers for trading in cryptocurrencies from next year.
If Anchorage comes to achieve success in this project, they can truly make use of the federal bank charter they received earlier in January. The charter allows the firm to get contracts with banks and financial entities like Visa etc. The contracts are custodial spaces where Anchorage stores digital assets. With that they are expanding their portfolio to offer crypto trading and staking as well.
The experts believe Anchorage custody will stand less than 50% of its total revenue as the firm is expanding its crypto leg further. This new line of business will also increase its revenue as the banks will accept DeFi products and start offering APY yields.
The firm is already on the verge of generating revenues as the companies are ready to park their DeFi assets with Anchorage. The assets include NFTs, Cryptocurrencies and custodial earning from companies like Visa etc.
The Anchorage series D clientele include Alameda Research, Andreessen Horowitz, BlackRock, Blockchain, Kraken and PayPal Ventures. However, since KKR and Goldman Sachs are already in the fold. Needless to mention, just last year the firm included two more clients US Marshalls and FDIC.