Finxact, Anchorage Digital Partner to Enable Banks to Offer Crypto to Customers
Today Anchorage Digital is proud to announce its partnership with banking core, Finxact, which will allow banks and financial services providers to offer customers access to new crypto products and services. Banking core services are infrastructure technologies that allow banks to provide a number of normal banking services via apps and online. While nearly every bank uses a core banking platform to process deposits and withdrawals, open new accounts, keep a ledger, and provide reporting tools, very few core platforms enable banks to offer crypto products and services to their customers.
“We are proud to partner with Anchorage to make access to crypto part of the Finxact value proposition. As the first federally chartered digital asset bank with the most comprehensive and compliant platform for managing digital assets, Anchorage Digital Bank is the ideal technical partner for Finxact."
—Ryan Victor, Chief Revenue Officer at Finxact
The pandemic has pushed traditional banks to innovate their offerings, and greater reliance on modern core services has become a necessity with closed branches, limited hours, and more customers shifting to app and web-based banking. Finxact is fast establishing itself as the leading next-gen core platform for enterprise banks and fintechs, with eleven U.S. clients in production, and two recent bank conversions from legacy cores.
With Anchorage, Finxact will be expanding its value proposition to offer banks and fintechs services that keep their offerings relevant to younger customers who see digital assets as the future of financial services.
Finxact’s decision to incorporate crypto purchases through Anchorage comes at a critical time, as most of the world feels uncertainty about their financial future. Millennials, in particular, are leading the move to crypto, with nearly half of the age group already holding crypto.
Initially, these services will include opportunities for banks running the Finxact core to buy, sell, and hold digital assets. The service will also be available to banks to offer as an app apart from any core conversion, making crypto a plug and play offering through Anchorage and Finxact. Future developments may facilitate payments via stablecoins or other digital assets, as well as crypto lending or staking. Banks may also be able to offer crypto rewards programs and direct corporate treasury services for banks.
At Anchorage, we’ve always viewed crypto adoption as inevitable. And the more digital nature of banking, particularly in the last year, has accelerated banks’ interest in offering digital assets and their customers’ interest in purchasing them. Regional banks, bulge bracket banks, and fintechs will now have an opportunity to stay competitive, gain engagement in return, and mitigate lost revenues by offering digital assets. Anchorage is proud to bring secure digital asset products and services to Finxact’s core platform, so banks can easily offer crypto services for their customers.
About Finxact
Finxact is the leader in Core as a Service, innovating the first enterprise class cloud-native Core-as-a-Service platform with a 100 percent accessible open banking API. Founded by industry pioneers with more than 35 years of deep expertise in financial technology and core banking.If you’re interested in learning more about our services, please get in touch.
About Anchorage Digital
Anchorage Digital is a crypto platform that enables institutions to participate in digital assets through custody, staking, trading, governance, settlement, and the industry’s leading security infrastructure. Home to Anchorage Digital Bank N.A., the only federally chartered crypto bank in the U.S., Anchorage Digital also serves institutions through Anchorage Digital Singapore, Porto by Anchorage Digital, and other offerings. The company is funded by leading institutions including Andreessen Horowitz, GIC, Goldman Sachs, KKR, and Visa, with its Series D valuation over $3 billion. Founded in 2017 in San Francisco, California, Anchorage Digital has offices in New York, New York; Porto, Portugal; Singapore; and Sioux Falls, South Dakota. Learn more at anchorage.com, on X @Anchorage, and on LinkedIn.
This post is intended for informational purposes only. It is not to be construed as and does not constitute an offer to sell or a solicitation of an offer to purchase any securities in Anchor Labs, Inc., or any of its subsidiaries, and should not be relied upon to make any investment decisions. Furthermore, nothing within this announcement is intended to provide tax, legal, or investment advice and its contents should not be construed as a recommendation to buy, sell, or hold any security or digital asset or to engage in any transaction therein.
Anchorage Digital Bank National Association offers fiat custody services through the use of an FDIC-insured, licensed sub-custodian.