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

  • 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.

Read more: Crypto Custodian Anchorage Teases Growth Plan With 2 Executive Hires

Disclosure
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.