Institutional clients at digital bank Anchorage now have access to a USD line of credit backed by ETH through BankProv
The first crypto firm to receive a charter from the U.S. national bank regulator Anchorage Digital is expanding its services into Ehereum – backed loans for institutional investors through Anchorage Financing.
Diogo Mónica, Co-Founder and President
Clients at Anchorage now have access to a USD line of credit backed by ETH through its partnership with forward-thinking commercial bank BankProv, the tenth oldest bank in America, operating for over 200 years as The Provident Bank before its modern rebrand in 2020. The crypto custodian already provides Bitcoin-backed loans through other capital providers.
Anchorage Financing’s loans help institutions, who are rightfully wary of posting collateral outside the security of Anchorage’s cutting-edge custody, obtain efficient access to capital without compromise. The bank also offers staking services for additional yields on Ethereum.
“We’re pushing our full-service offering for the cryptocurrency community to the next level. We firmly believe in our mission and belief that the crypto market should be afforded the same access and rights to traditional financing tools as any other legal, well-capitalized and compliant business in America. Anchorage’s collateral management tech is world class, making them a trusted partner in the banking industry.” Dave Mansfield, CEO of BankProv said in the press release on June 3.
In February, Anchorage raised an $80 million Series C, led by GIC, Singapore’s sovereign wealth fund, with participation from a16z, Blockchain Capital, Lux, and Indico.
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