Summary
Anchorage Digital Bank has partnered with Onramp Invest to enable registered investment advisers (RIAs) to facilitate crypto block trades. This offering aims to enhance access to the crypto market for financial professionals. Anchorage Digital Bank, which became a bank chartered by the Office of the Comptroller of the Currency (OCC) in January 2021, aims to be a “regulatory solve” for RIAs that need to hold crypto assets with a qualified custodian. The block trade feature will allow RIAs to execute multiple trades across their entire client portfolio as a single institutional order, maximizing efficiency and minimizing costs. RIAs are seen as a relatively untapped channel for crypto adoption, with a survey showing that 80% of financial advisers were unable to buy crypto for clients or unsure if they could. The approval of spot bitcoin ETFs by the Securities and Exchange Commission (SEC) has further increased interest among RIAs in crypto investments.
Key Points
1. Anchorage Digital Bank is partnering with Onramp Invest to facilitate crypto block trades for registered investment advisers (RIAs), aiming to increase access for financial professionals in the crypto market.
2. Anchorage Digital became a bank chartered by the Office of the Comptroller of the Currency (OCC) in January 2021, providing regulatory solutions for RIAs with mandates to hold crypto assets with a qualified custodian.
3. Block trading allows RIAs to execute multiple trades across their entire client portfolio as a single institutional order, maximizing efficiency and minimizing costs. This feature will directly trade crypto assets like BTC and ether.