Anchorage announces it will provide custody for Compound’s governance token and TrustToken

Anchorage, one of the largest crypto custodians, revealed it will support Compound’s governance token (COMP) as well as TrustToken (TRU). This comes less than two weeks after Anchorage announced they would custody Celo Gold (cGLD) and enable users to participate in staking and other advanced network functionalities.

Why it matters

• Crypto custody is becoming a cutthroat business with competitors racing to support as many assets as clients are willing to pay for. Custodians no longer compete solely on existing assets but ones that are yet to launch. Only two months ago, Compound first introduced their token, demonstrating the speed at which these players need to move in order to keep up.
• With crypto networks continuing to trek the path towards decentralization, custodians are increasingly being expected to provide more than simply custody support but additionally, a means for token holders to actively participate in the network. The ability to provide a seamless experience for stakeholders interfacing with these networks will start to become a competitive front for custodians.