Are you involved with crypto currency? For a lot of people, the whole idea surrounding such things is still something of a mystery. After all, it can be somewhat difficult to understand exactly how crypto currency works when you're dealing with something that exists only in the digital sense, yet it can be transferred into actual money. For a number of years, the entire market has been extremely volatile and that has also kept a number of people away. When you combine the two things together, there are relatively few individuals that have a genuine understanding of crypto currency or its potential benefits. As a matter of fact, even people that understand it well don't always know exactly what to do with it. Fortunately, you don't have to worry about those types of pitfalls when you work with someone like Anchorage Digital. They are truly transforming the way that people operate with crypto currency and they're doing it at a breakneck pace. If you want to know more about their efforts, here are 20 things about them that will probably only serve to make you want to go out and learn even more.
1. If it has anything to do with crypto currency, they’re on it
You might say that the company practically wrote the book on crypto currency. That's not entirely true, but it's also not very far off the mark. The company deals with practically everything involved with crypto currency, from beginning to end. If there's something about crypto currency, they're usually at the forefront of the matter. It makes no difference whether it involves investing, handling stock options or dealing with accounts, this company is typically the go-to when it comes to learning what works and what doesn't, not to mention staying on top of everything as it changes.
2. They have unmatched cyber security
It is definitely not easy to effectively deal with cybersecurity issues when you're working with digital currency. As a matter of fact, issues with security, or more accurately, the lack thereof have plagued this particular industry for as long as it has existed. It's also precisely why a number of people have remained apprehensive about having anything to do with the industry as a whole. For so long, there was virtually no way to regulate it. That meant it was virtually impossible to ensure that legitimate crypto currency was protected adequately. Unfortunately, it also meant that people often experienced issues with counterfeit currency, as there was very little effective policing in order to ensure that this type of thing didn't happen. The end result was that for years, almost everyone simply stayed away from it. Only a few brave souls decided to get involved with it and the overwhelming majority of them ended up losing their shirts. Fortunately, much of that has changed as a direct result of the efforts that Anchorage has made.
3. They work to address many of the issues that have plagued cryptocurrency in the past
The reason the bank has been so successful in correcting problems is because they have actively worked to address these issues one at a time. In short, they have identified many of the issues that typically cause problems for the industry and then they work to find real time solutions to those problems. It's not enough to find solutions that can be used in the digital world and leave it at that. These solutions have to be things that will work in a very practical sense and that means ensuring that they work in both the digital industry and the real world at the same time.
4. They operate as an entirely digital asset bank
The bank operates in the traditional sense that any other asset bank would operate in. The major difference is that they work on an entirely digital basis. For them, everything is on a digital platform. They don't deal with cash in the traditional sense, yet they operate in exactly the same manner as if they did.
5. They’re making history
It's safe to say that the bank is definitely making history. For starters, they are the first federally-backed digital asset bank in existence. As such, there is no other entity that is quite like them. It should go without saying that there is also no other bank, digital or otherwise, that is capable of doing the things that they do with crypto currency. Truth be told, most banks are still in their infancy when it comes to such things, provided that they deal with it in any capacity whatsoever.
6. Their goal is to streamline digital banking
One of the many goals that the bank has is to streamline digital banking by making their platform available to other banks that also wish to become involved with cryptocurrency. The goal itself is simple, but accomplishing it involves overcoming a lot of bias in order to implement it. Currently, Anchorage Digital is working with traditional banks to help them adapt Anchorage's digital platform so that they can work with both traditional banking assets and digital ones, thereby increasing the services that they provide to their clients. This also makes it easier for clients who want to invest in digital currency to do so.
7. They help other banks, too
Of course, they help other banks by offering a version of their digital platform that is tailored to meet the needs of that particular institution. Much of it involves helping banks through providing a secure platform from which customers can do business with respect to digital assets. Simply using an existing system that a bank already has to manage traditional assets isn't effective enough. Anchorage Digital works to help other banks set up systems where they can allow their clients to safely trade and manage digital assets without worrying about having their assets or their identity stolen in the process.
8. They work with many different digital assets
Another benefit of this particular company is that they work with loads of different digital assets. If you're thinking back to the days when there was only one or two in existence, think again. Bitcoin and a few others like it still exist, but there are so many more that exist today. In fact, there are dozens upon dozens of them. Anchorage Digital deals with the overwhelming majority of them. Furthermore, they add additional assets on a regular basis. Truth be told, if they're not dealing with whatever digital asset that you are involved with, it might be time to rethink your involvement because there is every chance that they're not involved with it for a good reason. Perhaps it's not as legitimate as you might have first thought it was.
9. They also work to make the experience user-friendly
Of course, in addition to making sure that their platform is secure, they also want it to be user-friendly. There's nothing worse than trying to manage an account, only to get what amounts to the digital run around by being forced to use a site that is as difficult to use as possible. Their system is very straightforward, allowing their customers to manage their assets quickly and easily so they can move on.
10. They are setting a new standard in the industry
It would definitely be safe to say that they're setting a new standard in the industry. In fact, they are so far ahead of their competition that they're essentially running in the race by themselves at this point. There isn't really another company in existence that's come close to achieving what they have thus far. Although there will undoubtedly be competitors in the future, the overwhelming majority of financial institutions have completely overlooked the idea of digital assets up until now.
11. They help you deal with legal questions, too
As previously mentioned, crypto currency can get confusing. A lot of people have questions regarding who has governance over a particular asset, as well as how that affects the custody of that asset. Fortunately, Anchorage Digital is able to help with all of these questions. As a matter of fact, many would argue that they understand the rules and regulations regarding crypto currency better than just about anyone else on the planet.
12. They’re based in the United States
As a matter of fact, the company is based in San Francisco. Don't get the wrong idea. Just because they're based in a central location does not mean that they're not capable of doing business on a truly global scale. In fact, they excel at doing exactly that. That said, they have to have a physical location in order to conduct operations. For them, San Francisco was as good a location as anything else.
13. It takes a lot of employees to do what they do
Even though their system operates digitally, it still takes a lot of employees to handle all the clients that they have and perhaps even more importantly, to make sure that their security system remains more advanced than anything else out there. As a result, they typically have about 250 people working for them at any given time. As they grow, there's no doubt that this number will also continue to grow.
14. Many investors have noticed their efforts
Pulling off anything involving crypto currency successfully usually means that you have to have a lot of investors, especially when you're talking about a startup that focuses exclusively on this type of thing. Fortunately for them, a lot of investors have started to take note of their efforts. At the moment, there are no less than 29 major investors that have helped them get the capital they need to pull off everything that they're currently doing. That also means that it will be exciting to see what they do in the future.
15. They have taken funding to another level
You might even say that they've taken funding to a different level. Thanks to those 29 investors, they currently have $487 million in total funding. Much of that was used to develop their digital platform and to enhance security. The remainder is used for recruitment and retention as well as research and development.
16. They’ve been through their fourth round of funding
Talking about funding, it's worth noting that they just completed their fourth round of funding to the tune of $350 million. That's a great deal of money, there's no doubt about that. Fortunately, it's enough to provide the company the financial security and flexibility they need to stay on top of technology that changes on an almost daily basis as well as making sure that they're able to reach out to potential clients. All of this is happening while they simultaneously take care of the clients they already have.
17. They’re currently values at approximately $3 billion
After the latest round of funding was completed, they are currently valued at just a little over $3 billion. Clearly, the world of crypto currency is one that is going very strong, if only you know where to look. They have proven that fact again and again. Furthermore, they continue to prove it for anyone who is willing to look at their financial records.
18. They plan to do more work with global financial institutions
They plan to do a lot more work with global financial institutions with the latest round of funding. The goal is to help banks all over the world break into the world of crypto currency in a safe and effective manner.
19. They also plan to do more hiring
Obviously, they will also have to do a bit more hiring in order to effectively achieve everything they want to do. They plan to do exactly that by hiring additional staff members to help with realizing their new goals.
20. Taking care of their clients is still their number one goal
Of course, taking care of clients is still going to be their number one goal. In fact, it's the reason that they went through this latest round of funding and why they continue to work so hard at developing new technology. Crypto currency is a world that is always moving and they fully realize that they have to move with it or they will be left behind.
Written by Allen Lee
Read more posts by Allen Lee