Anchorage Digital has become the fourth firm to receive a BitLicense from the New York State Department of Financial Services (NYDFS). As per the notice shared on their official X page, the firm obtained the license on Dec.16, 2024 allowing it to offer institutional-grade regulated crypto trade in the highly regulated market of the United States.
The company believes that its fully operational services will be in place by the first quarter of the year 2025. This achievement showcases Anchorage Digital’s promise of providing sound and regulatory compliant crypto products.
Meeting institutional demand
Anchorage Digital’s BitLicense arrives at the time as institutional adoption of cryptocurrencies remains on the rise. Anchorage Digital’s CEO and Co-founder, Nathan McCauley, considered the licensing as a major step for the company.
In the press release issued by Anchorage Digital, McCauley stated,
Receiving a BitLicense is a major step forward for Anchorage Digital and the digital asset industry as a whole. Bringing regulated and efficient crypto trading to clients based in New York marks the latest in our journey to build the best regulatory and technical stack for institutions in crypto.
Anchorage Digital will use its agency trading desk to serve institutional clients such as RIAs and large asset managers. The company presents the deep liquidity, competitive pricing and cost effective trading services, supported by the high ethic and crypto compliance rules.
The company underlined that it is still committed to offering the solutions that are secure and efficient. Anchorage Digital’s regulated trading platform is now available to institutions in New York to ensure certainty at every stage of trading.
Increasing portfolio and presence
Anchorage Digital has been closely expanding its services following the growth in institutional demand. It recently launched Ethereum liquid staking to help institutions earn staking rewards without having to commit their coins. Moreover, to expand the product portfolio, the firm collaborated with PayPal to launch stablecoin rewards.
With the gained BitLicense, Anchorage Digital can enter further into an institutional crypto market in New York. The approval also makes it easier for custody and settlement of the trades via Anchorage Digital Bank NA to clients due to clear picture.
Anchorage Digital is one of the few trading desks in the market to secure the BitLicense. This accomplishment solidifies its position in the crypto space and consolidates its position on the platform to work with institutions.
Commitment to compliance
Firms recognize the NYDFS BitLicense as one of the most stringent regulatory licenses for digital currencies. This approval proves that Anchorage Digital can meet the highest regulatory expectations for digital assets. Furthermore, it also marks its alignment with institutions’ need for safe and sound solutions.
McCauley concluded,
We look forward to continued collaboration with regulators including NYDFS to meet growing client demand for secure, regulated digital asset solution,
By having the new BitLicense, Anchorage Digital can expand its place in the U.S. crypto market. The firm will remain fully focused on compliance and institutional-grade products, thus ensuring that the public has trust in the industry.
