Crypto custodian, Anchorage Digital is expanding its lending service into ethereum-backed loans for institutional investors through BackProv. Institutional Clients at Anchorage can now access a USD line of credit backed by Ethereum.
Anchorage Financing brings a straightforward method for investors to put their Ethereum holding to work. And allows them to access USD to meet their needs without liquidating their holding.
“We’re pushing our full-service offering for the cryptocurrency community to the next level,” said Dave Mansfield, CEO of BankProv. “We firmly believe in our mission and belief 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.”
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Anchorage already provides Bitcoin-backed loans through other capital providers, including Silvergate Bank. The bank looking to provide institutional client bank-grade loans on their Ethereum as well.
BankProv is the tenth oldest bank in America, operating for over 200 years as a provident bank before its modern rebrand in 2020. It has bank offices in Massachusetts and New Hampshire.
