business
Anchorage aims to bring banks onchain with new tokenized deposit platform
Key takeaways
- The bank said on Monday that its new platform will help banks to offer round-the-clock payments and settlement services using blockchain technology without replacing their existing core banking systems.
- "Many of the banks that we're starting to work with are thinking about tokenized deposits, and how do we start to do [them]," Anchorage Digital CEO Nathan McCauley said in an interview with CoinDesk.
- The product works by creating a blockchain-based representation of customer deposits while keeping the underlying funds within the bank's traditional deposit accounts.
The bank said on Monday that its new platform will help banks to offer round-the-clock payments and settlement services using blockchain technology without replacing their existing core banking systems.
"Many of the banks that we're starting to work with are thinking about tokenized deposits, and how do we start to do [them]," Anchorage Digital CEO Nathan McCauley said in an interview with CoinDesk.
The product works by creating a blockchain-based representation of customer deposits while keeping the underlying funds within the bank's traditional deposit accounts. Anchorage will provide the blockchain infrastructure, wallet management and smart contract technology, while banks maintain customer relationships and custody of deposits.
Article preview — originally published by CoinDesk. Full story at the source.
Read full story on CoinDesk →
More top stories
Aggregated and edited by the Scoop newsroom. We surface news from CoinDesk alongside other reporting so you can compare coverage in one place.
Editorial policy · Corrections · About Scoop