Cryptocurrency platform Anchorage Digital Singapore has been awarded a major payment institution license from the Monetary Authority of Singapore (MAS).
This is subject to the in-principle approval given below. anchorage digital In August 2024.
This license will allow the company to expand its services to include custody, staking, trading, payments, and fiat on-off ramps for institutions worldwide.
Founded in San Francisco in 2017, Anchorage Digital opened a Singapore branch in 2022 to strengthen its presence in Asia.
The company reports that 90% of transactions are completed within 25 minutes using a hardware security module (HSM) that is not connected to the internet.
Anchorage Digital Singapore also offers 24/7 client support.
Leveraging its experience in the United States operating Anchorage Digital Bank NA, the only federally chartered cryptocurrency bank, the company aims to serve institutions seeking regulated digital asset services.
Anchorage Digital is backed by investors including Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa, and has a Series D valuation of over $3 billion.
The company operates offices in New York, Porto, Singapore and Sioux Falls.
“With the approval of MAS, Anchorage Digital Singapore is here to meet the global demand from leading institutions. Achieving this regulatory milestone means that no matter where you are based in the world, This is the latest in our commitment to providing safe and secure solutions to educational institutions.
We look forward to working with regulators and institutions in the region as we continue to build the best global stack for crypto institutions. ”
said Nathan McCauley, CEO and Co-Founder of Anchorage Digital.
“Singapore is an important market for both traditional finance and cryptocurrencies.
As Anchorage Digital Singapore continues to meet the growing demand for safe and secure digital asset infrastructure, receiving license approval from MAS represents a major unlock for top institutions in Singapore and around the world. ”
Mr Moses Lee, Head of Asia at Anchorage Digital Singapore said:
Featured image credit: Edited from freepic
