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Anchorage Digital, which is a cryptocurrency custodian, has been chosen by the US Marshal Service to take care of all the digital currency assets that are seized by the Federal Law Enforcement Agencies and the Justice Department.
What Is Anchorage Digital Bank?
Anchorage Digital is the most secure and advanced digital currency platform that provides the institution’s efficient and easy access to crypto trading, custody, staking, and financing. It makes it simple for all entities to create products and get exposure to the digital assets as the primary federally chartered digital asset financial institution. The Anchorage’s digital bank got the first federal banking charter for a digital bank and altered it from the trust charter in South Dakota in January 2021.
The Anchorage Digital bank location is in San Francisco, California. Other than that they also have their offices in Porto, Portugal, and Sioux Falls, South Dakota. Their team is growing constantly. The latest Anchorage Digital valuation is $520 million. Now many have doubts that there is any Anchorage Digital coin. The answer is Anchorage is the platform for premier digital assets for institutions. It was founded in 2017 to cater to the growing need for institutional custody which allows investors to safely hold and use digital currency. Anchorage has evolved into a full-service platform for finance and infrastructure providers for the digital asset space.
The United States On Choosing Anchorage Digital
The US presently handles billions in just crypto assets that are seized or forfeited. The DOJ in 2017 announced that it earned $48,238,116 from selling 144,336 Bitcoin that was taken from Ross William Ulbricht, who is a wealthy crypto investor associated with a number of crimes that is connected to the Silk Road underground website.
Since that time, the Justice Department has ranked in dozens of various types of digital currency assets, and in 2019, the US Marshal Service initiated the look out for a partner to “handle the full lifecycle of seized digital assets.”
After a year, the co-founder of Anchorage Digital, Diogo Monica, and Nathan McCauley affirmed that their company was selected to be the “the provider of digital asset custody and financial services” for the United States Marshal Service.
The job of the US Marshal Service is to seize real estate, cash, art, and other asset classes that are utilized in the course of committing a federal crime, but now the popularity of digital currency is increasing. McCauley and Monica in an article explained that,
“In practice, this award means that Anchorage will be responsible for providing a full suite of cryptocurrency services, including custody, liquidation, and such activities as accounting, customer management, audit compliance, managing blockchain forks, wallet creation, the transformation of token assets into coin assets, etc., as well as future actions associated with the virtual currency forfeiture process.”
They further explained,
“Since the beginning, we have been vocal proponents of consumer protections and champions of compliance in the digital asset space. We are incredibly proud of our team and are incredibly proud to be named the digital asset platform trusted by the US Department of Justice.”
In 2020, the DOJ successfully seized more than $1 billion in digital currency followed by another investigation on the Silk Road website.
Conclusion
The US Marshal Service chose Anchorage Digital, to alter all the seized digital currencies in place of dollars. As per a report, the contract of the US Marshal Service with the company in question is worth $6.6 million. A similar pact was signed with BitGo as well in April. Anchorage Digital became the first digital bank to have a federal charter at the beginning of this year.
Frequently Asked Questions On Anchorage Digital
1. What is Anchorage Digital Bank?
Anchorage Digital is the most secure and advanced digital currency platform that provides the institution’s efficient and easy access to crypto trading, custody, staking, and financing.
2. What is Anchorage Crypto?
Anchorage Digital Bank National Association is the first federally-chartered digital asset financial entity that is controlled by the OCC on the same grounds as other national banks,
“Anchorage is the most advanced crypto custody solution on the market, setting a new high bar for both security and user experience.”
3. Is there a crypto bank?
Unlike nearly all other financial banks, Quontic Bank offers a way for customers to derive bitcoin. In December 2020, the bank published a bitcoin rewards checking account. Few banks provide rewards checking options and when they do, they generally provide cash back or interest.
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