“The downfall of cryptocurrency custodian Prime Trust underscores the risks of self-custody and highlights a dearth of proficient custodians in the crypto sector. With the mishandling of technology leading to “integration failure” and assets left stranded, regulators are now considering the need for investment advisers to use qualified custodians for digital assets. Anchorage Digital, the first federally chartered crypto bank in the US, continues to call for clarity on digital assets definitions.”
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Institutional Dominance Over Crypto: A New Era or Just a Temporary Flare?
“San Francisco-based crypto bank, Anchorage Digital, reports an 80% rise in its assets under custody in Q1 2023, indicating a shift towards institutionalization in the crypto market. Large institutions like BlackRock apply strategies towards cryptocurrencies, potentially changing the crypto market dynamics.”
Anchorage Digital Introduces Snapshot Voting: Decentralized Power or Institutional Influence?
Anchorage Digital, a digital asset trust bank, plans to offer decentralized voting (Snapshot) to its customers, meeting the increasing demands from institutional investors for participation in digital governance. Snapshot voting aims to consult users, enabling them to influence a project’s direction and promoting greater decentralization.
Anchorage Digital Enhances Crypto Governance with Snapshot Voting: Pros, Cons & Conflicts
Anchorage Digital integrates Snapshot voting for custody customers, aiming to improve participation in crypto governance. Supporting over 60 ERC-20 tokens, the off-chain platform eliminates interoperability issues and streamlines protocol interactions. Snapshot’s gasless voting feature enhances accessibility, reflecting the growing importance of efficient crypto governance mechanisms.