Anchorage Digital to Custody ARK 21Shares Bitcoin ETF, Rivaling Coinbase
TL;DR
- Anchorage Digital will provide custody services for the ARK 21Shares Bitcoin ETF ($ARKB), enhancing options for institutional investors.
- This partnership positions Anchorage Digital as a key player in the custody space, traditionally dominated by Coinbase, while emphasizing regulatory compliance and security.
Anchorage Digital has announced its role in providing custody services for the ARK 21Shares Bitcoin ETF ($ARKB), which ranks as the third largest by inflows, following BlackRock and Fidelity. This move marks a significant step for the federally chartered crypto bank, as it seeks to enhance custody options for institutional investors and diversify ETF custody offerings.
Nathan McCauley, co-founder and CEO of Anchorage Digital Bank N.A., expressed excitement about the partnership, noting that it broadens access to crypto as a custodian for 21Sharesâ U.S. spot ETF lineup. The bank is committed to regulatory compliance and asset protection, employing legally mandated asset segregation to safeguard against potential bankruptcy risks in the crypto sector.
With the U.S. Securities and Exchange Commission (SEC) proposing rules for registered investment advisers to store clients' crypto assets with qualified custodians, Anchorage Digital's federal charter positions it favorably in this evolving landscape. Advanced security measures, including biometric authentication and offline private-key storage, further enhance the protection of assets under its custody.
What are your thoughts on the growing importance of custody services in the crypto market?
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