Anchorage Digital Launches Tokenized Deposit Platform to Enable On-Chain Payments and Settlements for Banks

Odaily reported that crypto bank Anchorage Digital launched a new infrastructure platform on Monday to help banks issue and manage tokenized deposits. The platform aims to assist financial institutions in leveraging blockchain technology to provide 24/7 payment and settlement services without needing to replace their existing core banking systems.

Anchorage Digital CEO Nathan McCauley stated that the product creates blockchain-based representations of customer deposits, while the underlying funds remain in the bank's traditional deposit accounts. Anchorage Digital is responsible for providing blockchain infrastructure, wallet management, and smart contract technology, while the banks continue to maintain customer relationships and custody of deposits. This move aims to offer banks faster payment and settlement methods.

Currently, major banks including JPMorgan, Citibank, and Bank of America are planning to establish a shared tokenized deposit network by the first half of 2027. (coindesk)