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Portuguese Fintech will manage digital assets of failed US banks

Portuguese Fintech will manage digital assets of failed US banks
Executive Digest · 08 Sep 2021

The Portuguese cryptocurrency platform founded by Diogo Mónica, Anchorage Digital was hired by the Federal Deposit Insurance Corporation (FDIC) to manage the digital assets of failed banks in the US.

The information provided by 'Expresso' reveals that the work carried out by the company will, in the event of a bank's closure, concern evaluating the digital assets held in that bank, as these entities will begin to provide cryptocurrency services to customers in the US.

"According to sources familiar with the process, Anchorage will provide custody and settlement services, in order to return the excess money generated to the FDIC for later distribution to depositors", as stated in Expresso Newspaper.

The same source recalls an interview given by Diogo Mónica to 'Vox' where he reveals that "there is no traditional bank that provides these services because they are extremely technically complex."

Anchorage Digital has offices in Porto, San Francisco, South Dakota, and is composed of a team of 10 employees. With the 80 million euros raised in a funding round at the beginning of the year, it intends to hire 50 people in Portugal over the next two years.