Convert your own ether reserves into chapters without selling? A new cooperation between Anchorage Digital and the traditional US bank BankProv makes it possible – for institutional investors.
The crypto bank Anchorage Digital will in future be offering its institutional customers loans based on Ethereum. This is ensured by a partnership with BankProv, the tenth oldest bank in the USA. The two financial service providers gave theirs on June 3rd Cooperation known.
Crypto-affine institutional investors who have invested their funds in ether will in future be able to deposit the second largest cryptocurrency with Anchorage as security. BankProv then gives them a cash injection in the form of US dollars. With the new loan offer, Ethereum reserves can therefore be capitalized without having to sell them.
Ethereum loans for the mainstream?
As the first government-approved digital asset bank in the United States, Anchorage has been offering comparable Bitcoin-based loans for a while. To do this, the company works with the Silvergate money house. In an interview with The block Anchorage CEO Diogo Monica pointed out that the 200-year-old BankProv, in contrast to the crypto bank Silvergate, has a much more diverse and traditional customer base.
According to Monica, the partnership between Anchorage and BankProv Monica could therefore help anchor crypto finance, and Ethereum in particular, more firmly in the institutional mainstream. Dave Mansfield, CEO of BankProv, seems to have a very similar view of the situation. Because he said in his statement:
We’re taking our full-service offering for the cryptocurrency community to the next level. We firmly believe in our mission and believe that the crypto market should be given the same access and rights to traditional financial instruments as any other legal, well-capitalized and compliant company in America.