Cryptocurrency custodian Anchorage included five more decentralized finance (DeFi) tokens to its custody vaults, putting the focus on decentralized exchanges (DEXs) and automated market makers (AMMs).
Anchorage, the first crypto custodian to win a US federal banking charter, is adding support for DeFi tokens 1INCH, BNT, Curve Finance, REN and SushiSwap (SUSHI), Coindeck says.
Anchorage emphasized in its blog that the DeFi universe had increased its value by more than nine times since late last year and the equivalent of more than $85 billion USD in DeFi investment are currently locked across Ethereum’s DeFi ecosystem.
“This is all based on client demand for these tokens. We do custody for the Bitwise DeFi Index, for example, and traditional hedge funds are coming in and wanting to buy these tokens and even to use these networks,” Anchorage CEO Nathan McCauley said.
In addition, DeFi’s experimental nature of means a Anchorage has some serious tire-kicking to do before adding a project, McCauley said.
“In order to support these assets is to run them through a pretty comprehensive due-diligence asset support framework. It’s a condition of us having federal bank charter,” McCauley said.