Crypto Trust to Convert to Bank, FinCEN Extends New Rule Comment Period
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The Anchorage Trust Company, a subsidiary of Anchor Labs, an advanced digital asset platform (Anchorage), secured conditional approval this week from the Office of the Comptroller of the Currency (OCC) to convert to a National Trust Bank. As a trust company, Anchorage offers custody services related to transactions in digital assets and cryptocurrencies, as well as governance, staking and settlement services, and will continue to perform the activities of a fiduciary, agency or custodian post-conversion. As part of a conditional operating agreement underlying the conversion, Anchorage agreed to certain of the OCC’s risk management expectations as well as capital and liquidity requirements.
On Wednesday, Indiana blockchain startup SIMBA Chain announced that it has received a $1.5 million Phase II contract from the U.S. Office of Navy Research (under the Small Business Innovation Research program to stimulate federal R&D projects with commercial potential). SIMBA Chain has been tasked to design and build a blockchain-based demand sensing solution for the Defense Logistics Agency, which provides combat support and supply chain management for the U.S. Department of Defense.
Demand sensing is a forecasting technology used across industry verticals, but which in the U.S. military context is used to ensure availability of replacement parts for weapons.
The new contract is dubbed ALAMEDA, and it commenced on January 6 this year.
SIMBA Chain will work on developing a use case centered on the Boeing F/A-18 Hornet.
Per SIMBA Chain’s CEO, the blockchain can form the backbone of an effective supply chain.
Cloud-based smart contract platform SIMBA Chain has received a £1.1 million research grant from the US Office of Navy Research. A press release unveiled this news on January 13, noting that the US Navy selected the project to help improve its supply chain.
Reportedly, this contract is dubbed the Authenticity Ledger for Auditable Military Enclaved Data Access (ALAMEDA) project. This initiative will see SIMBA Chain take on the task of developing a blockchain-based solution that enables demand sensing for key military weaponry parts. Through this move, the US Navy seeks to process important information in real-time to predict demand with precision.