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.
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.