Media: FDIC to contract with Anchorage to manage cryptoassets of bankrupt banks

Get real time updates directly on you device, subscribe now.

The U.S. FDIC may start partnering with crypto custodian Anchorage to facilitate the liquidation of closed banks’ crypto assets.

According to the Decrypt publication, citing sources familiar with the situation, the US Federal Deposit Insurance Corporation (FDIC) is going to partner with cryptocurrency custodian Anchorage to store and liquidate crypto assets that come under the control of the regulator during bank failures. Sources say the FDIC and Anchorage are in the final stages of signing the contract.

Earlier this year, the United States Federal Marshals Service (USMS) said it would use Anchorage’s services to store the agency’s confiscated cryptocurrencies. Anchorage, which became the first cryptocurrency company to be licensed by the United States Comptroller of the Currency (OCC) earlier this year to conduct banking activities in the country, also provides custodian services for Visa and large banks.

The FDIC’s decision is not surprising, given that more and more banks are interacting with cryptocurrency – either directly, keeping it on their balance sheets, or indirectly, making it easier for customers to acquire it. It became known this week that Vast Bank customers will be able to buy and sell cryptocurrencies directly from an FDIC-insured checking account, including through the bank’s mobile trading platform.

Source Link

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.