The major US banking regulator’s Currency Supervisory Office (OCC) has approved the major South Dakota-based XRP custodian company Anchorage Digital Bank to become Anchorage Digital Bank.
Anchorage, which provides crypto custody services, thus announced that it is the first national “digital asset bank” in the USA by obtaining conditional approval from the OCC.
OCC announced its decision to approve the conversion of Anchorage Trust Company into Anchorage Digital Bank on January 13th. Anchorage official Diogo Monica said, “We are now a national bank. Our only difference is our line of business, we are interested in crypto assets rather than other assets. ” used the expressions.
The arrangement was made after rigorous scrutiny of the company itself and its current operations. One of the conditions that the company had to comply with in order to obtain permission from the OCC was an operating agreement in which capital and liquidity requirements were determined by the regulator and OCC expectations regarding risk management. The company was founded in 2017, when Bitcoin and other cryptocurrencies reached their all-time highs. These days, Anchorage handles over $ 100 billion annually in transactions for institutional investors. In a statement released by the company, the newly established Anchorage Digital Bank was the first federally signed bank for digital assets in history.
This approval given to Anchorage is a very positive development for the cryptocurrency industry. The existence of licensed organizations such as Anchorage is of great importance for the progress and development of the industry.
In addition to all these, there is another remarkable detail. The company announced that it added XRP to its list of supported assets in April 2020 and has been holding cryptocurrency for financial institutions ever since. In a statement released on April 2, the company announced that it plans to offer support for more XRP services such as Payment Channels in the future if customer demand is sufficient. So Anchorage offers support for XRP, at least for now. It is an interesting detail that while there are legal uncertainties against Ripple in the USA, the XRP supporter company has received the title of “the first national crypto bank of the USA”.