Investing in a crypto portfolio is a great way to diversify your investments. The market has seen a massive rise in popularity over the past few years, and the industry has become a growing market. As a result, it is important to find a crypto brokerage firm in Anchorage, Alaska that can help you navigate the new and burgeoning market.
Regulatory compliance
Anchorage Digital Bank has been ordered by the United States Office of Comptroller of the Currency to correct deficiencies in its anti-money laundering program. In a Consent Order, the OCC alleges that Anchorage failed to adopt an effective AML compliance program and a written process to monitor suspicious activity.
The order requires Anchorage to create a Compliance Committee and submit written progress reports. It also outlines a plan for remediation. The Compliance Committee is comprised of a majority of non-employee board members. Specifically, the committee must report to the board of directors on a regular basis.
The consent order specifies that the bank must establish a process to verify the due diligence information of existing customers. Additionally, it requires the bank to conduct a review of high-risk clients. These requirements are in addition to the basic BSA/AML compliance plan.
Anchorage Digital Bank has agreed to the terms of the Consent Order. However, it must continue to improve on its BSA/AML compliance program.
Product breadth
Antalpha Group, the company behind Anchorage, a regulated crypto platform, offers a suite of products to help their clients manage their digital assets. With offices in San Francisco, Porto, New York, Singapore, Sitka and Jakarta, the Antalphas are able to deliver integrated financial services to their clients across the globe.
While the Antalpha Group is certainly not a crypto startup by any means, they have embraced the industry and are leading the way in advancing the safe, secure, and stable stewardship of digital assets. This includes a robust financing program, a nifty little crypto-collateralized mortgage lending scheme with Moon Mortgage, and an API that lets its clients participate in new blockchains such as Axelar. Whether their clients are large institutional players or smaller fintech startups, Anchorage has what they need.
For instance, the company has a nifty little financing scheme with GIC, a sovereign wealth fund of Singapore. It also has a stellar security program, a well-designed, state-of-the-art data center in the cloud, and a dedicated relationship management team in Asia.
Client service
Anchorage Digital is a crypto client service provider that offers a variety of solutions for investing, storing, and trading cryptocurrencies. This includes digital asset collateral management and lending.
Anchorage started as a leader in crypto custody, but its services are much broader than that. Its products include a range of lending pools, staking, and infrastructure solutions.
For example, it offers a programmatic liquidation process that allows clients to purchase and sell a wide array of tokens. And it also helps clients engage in multi-exchange trading.
On top of these services, it offers a platform that connects customers to crypto networks. One of its offerings, Build With Anchorage, is an end-to-end infrastructure solution that enables institutions to integrate crypto payments gateways, crypto-specific account onboarding, and other services.
Anchorage has even partnered with a $500 billion asset manager. Apollo Global Management is using the company’s services to hold cryptocurrency for its clients.
The company is also partnering with AngelList, a startup that works to help investors invest into economic powerhouses. In conjunction with Layer2 Financial, the partnership will provide crypto-specific account onboarding services.
Partnership with Apollo Global Management
Apollo Global Management, one of the world’s largest asset managers, has partnered with Anchorage Digital, a leading digital asset platform. This partnership forms part of Apollo’s effort to bring cryptocurrencies services to institutional investors.
The agreement marks a significant expansion of Apollo’s crypto offering. Anchorage is a regulated platform and digital asset bank that provides all-encompassing access to the cryptocurrency market. It also provides a full-stack API infrastructure service, a payment gateway, and digital asset storage and trading services.
While Apollo has begun holding crypto for clients, the company has not yet revealed the specific assets it holds. They have said that they are looking forward to working with Anchorage to ensure that client assets are protected.
Apollo Global Management’s partnership with Anchorage is expected to provide a positive impact on the crypto market. A growing number of institutional investors are interested in joining the ecosystem. However, the holding of crypto assets involves a significant level of risk. As a result, large banks are beginning to offer specialized services to handle cryptocurrencies.