Sep 16, 2020 at 16:18 UTCUpdated Sep 16, 2020 at 16:42 UTC
Bank vault (State Library of New South Wales, modified by CoinDesk)
Jewel, which is awaiting regulatory approval to open a bank in Bermuda, is partnering with digital asset custody firm Anchorage.
- The idea, according to a press statement released Wednesday, is for Anchorage to provide crypto custody services for Jewel, which is applying for a full bank license from the Bermuda Monetary Authority.
- Jewel also wants to be able to use the partnership to provide lines of credit to cryptocurrency-related businesses backed by their deposited digital assets.
- “Our relationship with Anchorage enables us to serve our clients with the rigorous security and product standards needed for bank-level safety, service and compliance,” said Chance Barnett, Jewel’s founder and chairman.
Read more: Crypto Custodian Anchorage Teases Growth Plan With 2 Executive Hires
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