Anchorage Digital ties with BankProv to introduce ETH-backed loans

Anchorage Digital ties with BankProv to introduce ETH-backed loans
фото показано с : invezz.com

2021-6-5 17:46

Anchorage Digital has started offering its institutional clients Ethereum-backed loans via Anchorage Financing. The company announced this news through a blog post on June 3, noting that it had joined hands with BankProv, the tenth-oldest bank in the US, which has been operational for more than two centuries. Reportedly, this move is part of Anchorage Digital’s broader goal to meet the needs of institutional crypto investors.

According to the blog post, the ETH-backed loan product seeks to offer institutions access to capital without a lot of complications. This is because Anchorage would help ensure the safety of any collateralized ETH by holding the funds in its state-of-the-art custody. Touting Anchorage’s collateral management technology, the CEO of BankProv, Dave Mansfield, said it is world-class and that it makes the company a trusted partner in the banking sector.

Mansfield added that this service would help the bank take its full-service offering for the crypto community to the next level. He went on to note that the bank believes the crypto market should get the same rights to traditional financing tools just like any other legal, well-capitalized, and compliant business in the US.

An avenue for ETH to become an institutional asset

Commenting on its partnership with BankProv, Anchorage said,

We believe the future of digital asset infrastructure will be forged by cutting edge technology and mutually beneficial partnerships. We’re pleased to partner with BankProv, whose long commitment to connecting enterprise tech and strong record for regulatory compliance aligns with our own.

Anchorage Digital, which describes itself as the gateway to institutional crypto, offers a plethora of services, including custody, trading, and staking for crypto assets. The company also offers a BTC-backed loan product.

By viewing ETH as an institutional asset, Anchorage might be one of the many factors that trigger the flow of institutional investments into the second-largest crypto by market capitalization. With BTC coming under heavy criticism because of its energy consumption, ETH could easily become the preferred cryptocurrency for institutional investors as it inches closer to changing its consensus mechanism from PoW to PoS.

Despite this bullish news, ETH has failed to register gains due to the overall bearish sentiment of the crypto market today. At the time of writing, ETH is down 8.85% over the past 24 hours to change hands at $2,626.13 (£1,859.76).

The post Anchorage Digital ties with BankProv to introduce ETH-backed loans appeared first on Invezz.

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anchorage digital loans bankprov hands tenth-oldest joined

Источник: invezz.com

anchorage digital → Результатов: 30


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