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Anchorage and BankProv partner to offer institutional clients access to USD line of credit backed by Ethereum

By Pavithra R

June 04, 2021

  • America
  • Anchorage
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Anchorage and BankProv partner to offer institutional clients access to USD line of credit backed by EthereumBankProv, a future-ready commercial bank that offers adaptive and technology-first banking solutions to emerging markets, has announced partnering with Anchorage Digital, a premier digital asset platform and recently nationally chartered Digital Asset Bank.

BankProv is the tenth oldest bank in America, operating for over 200 years as The Provident Bank before its modern rebrand in 2020. The bank is one of only a few banks in the country offering deposit services to cryptocurrency exchanges, institutional investors and brokers. The collaboration allows Anchorage to deliver quality loan products to its institutional clients backed by Ethereum.

BankProv and Anchorage have found alignment in their mutual undertaking to safely enable forward-thinking companies and investors to access the value of this new asset class and answer the market’s need for more widely accessible USD financing for crypto-heavy borrowers. BankProv’s prowess into lending on cryptocurrency solidifies its position in the digital currency community as a full-service commercial banking partner for both 100% insured deposits and cryptocurrency-backed lending.

“We’re pushing our full-service offering for the cryptocurrency community to the next level. We firmly believe in our mission 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,” said Dave Mansfield, CEO of BankProv.

Anchorage was founded in 2017 to meet the growing need for institutional custody and has grown into a full-service financial platform and infrastructure provider for the digital asset space. The firm provides institutions simple and secure participation in digital assets, all integrated with custody. As the first federally chartered crypto bank, Anchorage offers an advanced digital asset platform for institutional investors and is setting a new standard for security and usability.

“Anchorage has always been a proponent for broad participation in digital assets. With Ethereum-backed loans through BankProv, our clients gain new opportunities to put their investments to work. We selected BankProv for its long commitment to connecting enterprise tech with its commercial bank,” said Nathan McCauley, CEO of Anchorage.

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