Anchorage Digital, a bank for the custody of digital currencies, will now add new services to its cryptocurrency offering for its institutional investors. Allegedly, the digital bank should now also offer the service of loans to institutional investors. These loans are backed by Ethereum (ETH), the second largest blockchain network in the world.
Anchorage cooperates with BankProv
In order to be able to offer credit services to institutional customers, the cryptocurrency custodian has teamed up with BankProv, a commercial bank based in the USA. This gives customers US dollars (USD) on credit, and for that purpose they would not necessarily have to liquidate their Ether tokens.
Anchorage Financing offers institutional investors a new easy way in which they can easily use their ETH holdings to get access to US dollars to meet demand. Additionally, those customers who have large ether stocks will be able to receive a large line of USD.
The bank’s official announcement also revealed that the digital bank is also offering institutional investors the cryptocurrency staking services that can be used to generate additional income. In addition, the bank already offers loans via Bitcoin (the world’s leading digital currency in terms of market capitalization).
Commenting on this new partnership and offering from Anchorage, Dave Mansfield, Chief Executive Officer (CEO) of BankProv, described the bank’s collateral management technology as remarkable and top-notch. He added that they could trust this digital bank to improve the banking space:
“We firmly believe in our mission and belief that the crypto market should be given the same access and rights to traditional financial instruments as any other legal, well capitalized, and lawful company in America.”