<\/p>\n
A federally chartered bank is now offering settlement of US dollars and crypto assets for buy- and sell-side institutions.\u00a0<\/p>\n
Crypto-focused Anchorage Digital unveiled its new settlement network, called Atlas, in a Thursday announcement. Atlas has already settled hundreds of millions of dollars in crypto since its \u201cearly access launch\u201d earlier this year, the company said.<\/p>\n
Atlas users can access counterparties that include clients of Anchorage Digital and its Singapore subsidiary. On-chain settlement ensures the assets are not commingled and don\u2019t leave on-chain addresses until settlement occurs, according to the bank.<\/p>\n
\u201cAtlas participants are not reliant on settlement providers\u2019 books,\u201d a spokesperson told Blockworks. \u201cOur regulatory status and security profile represent a major unlock for institutions, with Atlas advancing a new era for safe and secure settlement across the industry.\u201d\u00a0<\/p>\n
Initial users of the network include venture capital firm CoinFund and the clearinghouse affiliate of institution-focused crypto exchange EDX Markets<\/a>, as well as crypto brokerage firm Nonco.<\/p>\n CoinFund President Chris Perkins said in a statement that the network mitigates counterparty risk while \u201ccultivating deep, liquid and accessible markets.\u201d<\/p>\n \u201cAtlas offers the greatest level of security, paired with the best speed and efficiency,\u201d EDX Clearing CEO Tony Acu\u00f1a-Rohter added. \u201cThese features allow us to minimize delivery risk for time-sensitive transactions.\u201d\u00a0<\/p>\n Anchorage Digital<\/a> became a bank chartered by the Office of the Comptroller of the Currency (OCC) in January 2021 \u2014 a distinction the company\u2019s executives and users of the bank have highlighted in recent months.<\/p>\n Anchorage meets the Securities and Exchange Commission\u2019s definition of a \u201cqualified custodian,\u201d CEO Nathan McCauley has said \u2014 a term included in the regulator\u2019s February 2023 proposal<\/a> that would \u201centrust safekeeping of client assets\u201d to such entities.\u00a0<\/p>\n Anchorage launched custody and settlement services for registered investment advisers (RIAs) in November and partnered with crypto wealth platform Onramp Invest<\/a> in January. McCauley noted at the time that the company wants to be a \u201cregulatory solve\u201d for RIAs with mandates to hold crypto assets with a qualified custodian.\u00a0<\/p>\n Bitcoin miner Marathon Digital, which held 17,381 BTC as of March 31, added Anchorage as one of its custodians in December. The company\u2019s chief financial officer noted Anchorage\u2019s \u201cwell regarded\u201d regulatory status in a statement.<\/p>\n The launch comes after BitGo and Copper partnered in November to expand their off-exchange settlement networks.\u00a0<\/p>\n