Anchorage Digital Enters Asian Market Via Strategic Partnerships

The global regulated crypto platform, Anchorage Digital has partnered with five new Asia-based institutional crypto partners as it expands its base in the region.

In an announcement on October 5, the digital asset platform said it has partnered with asset management firm Dream Trade, and cryptocurrency exchange Bitkub. Blockchain investment firm FBG Capital, Venture firm IOSG Venture, as well as digital asset services provider Antalpha, are also part of the partnership.

With the expansion, the firm intends to provide all of its services to the Asia region. Some of its offerings include providing lending and trading of digital assets and using hardware security modules for storing and securing cryptocurrency.

Founded in 2017, the financial technology company has gotten support from some prominent investors like Andreessen Horowitz, and Blockchain Capital, amongst others. This has brought its valuation to over $3 billion. Previously, it partnered with internet infrastructure provider GMO-Z.com Trust Company in Asia.

Anchorage Digital leads the pack

Anchorage digital bank is the first bank to receive a banking charter from the Office of the Comptroller of the Currency (OCC). The US Department of Justice also contracted it to be the custodian of all digital assets seized in criminal cases. 

Diogo Monica, co-founder of Anchorage digital believes the regulations made it easier for the firm as they will just have to work with one regulator (Monetary Authority of Singapore). She further said the company intends to expand more in the Asia region with over 25% to 10% within the next 18 months as led by Singapore.   

Interestingly, Asia happens to be Anchorage’s first major international push, especially in Southeast Asia. The company is not relenting as it is not working with retail customers but with high businesses. Monica also said Anchorage will get regulations from other authorities in no time.

Aside from Anchorage Digital, Financial technology giant, Ant group has expanded beyond the shores of China into Singapore. It secured approval from MAS to float a digital bank in the country. Likewise, Singapore’s largest bank DBS also expanded its crypto services despite the market turndown.