Anchorage announces acquisition of Merkle Data along with new in-house brokerage service
Crypto custodian Anchorage announced today it will be adding institutional trading to its suite of ancillary services. The firm believes the combination of custody and trading is a natural fit as investors don't want to switch between various venues for their trading. They will also be using an agent rather than principal model of over-the-counter trading, where rather than earning the difference between the price paid and market price of the asset they take a fixed fee of 10 basis points per trade. Along with the brokerage announcement, Anchorage will be acquiring analytics company Merkle Data that provides quantitative risk modeling.
Why it matters
- After raising $40 million last summer, Anchorage has been adding additional capabilities to compete in an increasingly competitive market for crypto custody. While previous additions such as staking and governance have made them more competitive with the likes of BitGo and Coinbase custody, the addition of brokerage services will put them in direct competition with brokers such as Tagomi and FalconX.
Let us know what you loved about the report, what may be missing, or share any other feedback by filling out this short form. All responses are subject to our Privacy Policy and Terms of Service.