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Anchorage to Offer Ethereum-Backed Loans Through BankProv
This is the first time Anchorage has extended ETH-backed loans through a traditional, FDIC-insured bank.
Par Nate DiCamillo
Crypto custody bank Anchorage Digital is expanding its lending service with ethereum-backed loans through BankProv, a traditional Massachusetts-based bank formerly known as Provident Bank.
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Anchorage already provides bitcoin-backed loans through other capital providers, including Silvergate Bank, and is looking to provide institutional clients bank-grade loans on their ethereum as well.
Crypto-lending startups have offered ethereum-backed loans for some time – ETH makes up 27% of Genesis’ loan book – but this seems to be the first time ETH-backed loans have been extended through an FDIC-insured bank.
“A lot of clients have ethereum that’s highly appreciated, and they can’t get liquidity because no one extends them credit on those assets,” Anchorage co-founder Diogo Mónica said.
In July 2019, BankProv said it was going to begin banking digital-asset firms with the help of compliance firm Treliant and Bitfury’s blockchain analytics platform, Crystal.
With $1.5 billion in assets, BankProv is smaller than some better-known crypto-friendly banks such as Silvergate and Signature. It has, however, recruited from other banks that have worked in the digital-asset industry, including Radius Bank and Metropolitan Commercial Bank.
See also: Cryptocurrency Custodian Anchorage Adds Five More DeFi Tokens
Anchorage has had the ability to extend ETH-backed loans to its clients, but forming partnerships with other banks is allowing it to scale its crypto-backed lending product, Mónica said.
“On a daily basis there are more banks coming in,” he said.
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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