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Proposed Bermuda Bank Taps Anchorage as Digital Asset Custody Partner

Under the partnership, Anchorage will provide crypto custody services to Jewel, which is applying for its full bank license in Bermuda.

Updated Sep 14, 2021, 9:56 a.m. Published Sep 16, 2020, 4:18 p.m.

Jewel, which is awaiting regulatory approval to open a bank in Bermuda, is partnering with digital asset custody firm Anchorage.

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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.