Co-founders Diogo Mónica and Nathan McCauley cited the Anchorage's "stringent processes and procedures" as likely factors in the decision from the federal agency.
While one of the goals of cryptocurrencies is to render traditional banking obsolete, banks as a financial institution still play a critical role in the advent and adoption of the emerging crypto economy in two ways.
Firstly, outside of a physical cash exchange for cryptocurrency, banks provide the fiat bridges to cryptocurrency markets. Without them, the influx of capital and interest in the blockchain industry would be nowhere near the magnitude it is today.
Secondly, many of the world’s leading banks are researching and, in some cases, developing their own central bank digital currencies, or CBDCs, which aim to secure hegemony in the digital asset space largely in response to the growth of the crypto economy.
As digital finance evolves before our eyes, banks as a commonplace financial organization may change drastically in their role and purpose in society — even if it leads to obsolescence.
Senator Elizabeth Warren appeared to have softened her stance on the crypto industry in recent remarks.5077
The Swiss bank said some of the firm’s clients are allocating part of their portfolios to crypto.1605
A new project in Kazakhstan aims to enable local crypto businesses to provide crypto investment services legally.5521
Thailand’s oldest bank sees blockchain and DeFi as the future of global finance and is seeking to invest in the emerging digital landscape.6366
RBI is looking for ways to test a CBDC while causing little to no disruption for the bank’s status quo.2263
Advisers at the banking giant are reportedly only allowed to execute crypto trades at the direct request of a client rather than recommending the products themselves.3370
Traditional financial institutions such as State Street and BNY Mellon continue to get involved in the fast-evolving cryptocurrency space.4503
The UBS chief said the bank continues to urge caution when it comes to crypto exposure for its clients.2065
The underlying architecture of the digital euro will be designed to have a negligible environmental footprint compared to Bitcoin and other crypto-assets.2434
Binance has reportedly been forced to suspend fiat currency withdrawals for customers in the United Kingdom once again.9646
A new report released by the triumvirate of global finance argues that central bank digital currencies will benefit worldwide development.5862
PBoC says no to virtual currencies, Jack Ma's fund invests $50m into NFT game maker and searches for BTC in China at a 90 day low.5675
The bank said would be “following the FCA’s warning to consumers” in blocking payments made to the crypto exchange.4190
Sygnum emphasized the robust DeFi ecosystem being built on Ethereum.6665