Crypto Bank Anchorage Digital’s New Feature: Global USD Wire Transfers For Crypto Users

Anchorage Digital Bank announced the introduction of global USD wire transfers, positioning itself as a leader among crypto-native institutions in the sector. As the only federally chartered crypto bank in the United States, Anchorage now offers a federally regulated platform that allows clients to manage both cash and crypto.

Anchorage Digital Unveils Dual Currency Feature

With this new feature, clients can hold, send, and receive both USD and cryptocurrency, eliminating the operational complexities that have traditionally plagued the management of these asset classes. Nathan McCauley, CEO of Anchorage Digital, articulated the bank’s vision: 

We’re eliminating the operational complexity of managing both cash and crypto. Our clients can now consolidate assets with a single, federally regulated banking partner and move funds efficiently across both. We believe the future of finance will be built on crypto rails, and we’re giving institutions the flexibility to operate this way.

Anchorage Digital now enables clients to consolidate their holdings, convert between USD and cryptocurrencies through its trading desk, and earn rewards on eligible stablecoins, ensuring that cash does not remain idle.

The new service also opens up reliable USD banking options for crypto startups and innovators. Furthermore, international institutions will benefit from simplified USD flows into the US, reducing currency risk and operational overhead by partnering with a single regulated entity. 

Users can manage all their assets and execute transfers through various channels, including an institutional web dashboard, an iOS app, or programmatically via a comprehensive API, all supported by Anchorage Digital’s security measures. 

Crypto Banking Trend

Additionally, clients can convert USD into one of hundreds of supported digital assets via the trading desk, and mint stablecoins with USD to collect rewards on select options such as PayPal’s PYUSD and Paxos’ USDG. As part of its roadmap, the bank further disclosed: 

Anchorage Digital Bank will continue to expand its USD offerings, including interest-bearing USD accounts in the coming months. Our goal is to eliminate the friction between crypto and fiat, giving institutions a single platform to hold and move capital with confidence. 

Notably, Anchorage Digital’s approach mirrors a growing trend among leading crypto firms. Sony Bank, for instance, recently submitted an application to US regulators for a national banking charter through its subsidiary, Connectia Trust, joining a select group of firms—including Stripe, Coinbase, Paxos, and Circle—all vying for federal crypto banking licenses. 

However, a new crypto bank named Erebor has emerged, backed by a group of tech billionaires, including Peter Thiel. Having received partial regulatory approval to launch, Erebor is set to join the ranks of Anchorage.

Featured image from DALL-E, chart from TradingView.com