Crypto Custodian Anchorage Is Signing A Cooperation Agreement With The FDIC: Report

According to Decrypt, people familiar with the matter revealed that the Federal Deposit Insurance Corporation (FDIC) will hire Anchorage, a crypto custodian headquartered in San Francisco, to help it store and sell cryptocurrencies such as Bitcoin acquired during banks’ failure. 

Sources said that the company and FDIC are in the final stages of signing a contract. 

FDIC is an independent federal government agency established by the U.S. Congress. If the insured bank fails, the FDIC can protect depositors' deposits in the insured bank in the United States from loss. Any individual or entity can obtain FDIC deposit insurance at any insured bank.

Earlier this year, the U.S. Department of Justice hired Anchorage to help the Marshals Department store crypto assets seized by the FBI, DEA, and other law enforcement agencies. 

Anchorage became the first cryptocurrency company to obtain a Federal Bank Charter earlier this year. It also provides custody services for companies such as Visa and major banks. As of press time, Anchorage and FDIC declined to comment on this matter.

By Mary Liu

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