Bitcoin outperforms Nasdaq after U.S. economy grew less than projected in Q1: CNBC Crypto World

Bitcoin outperforms Nasdaq after U.S. economy grew less than projected in Q1: CNBC Crypto World

today Bitcoin outperformed stocks after
data reveals the economy grew less than
projected the doj announces two separate
crypto enforcement actions and in an
exclusive on camera interview Anchorage
digital’s CEO explains the platform’s
new crypto settlement
Network welcome to cnbc’s crypto world
I’m Talia Kaplan major cryptocurrencies
slightly in the red following the
release of data this morning showing
that economic growth in the US slowed in
early 2024 gross domestic product a
broad measure of goods and services
produced between January in March Rose
at a 1.6% annualized pace lower than
wall Street’s estimate of 2.4% growth as
of noon Eastern Bitcoin fell less than
1% holding above
$64,000 ether dipped less than half a
percent as both cryptocurrencies
outperformed the stock market as of noon
with the Dow and Tech heavy NASDAQ both
falling one and a per salana however
dropped more substantially nearly 2 and
half% okay let’s talk about the top
stories the Department of Justice
announced enforcement actions in two
separate cases in New York the southern
district of New York announced the
arrest of two people behind the crypto
mixer Samurai wallet in a joint effort
between the IRS and FBI Samurai CEO and
CTO are accused of transacting more than
$2 billion as an unlicensed money
transmitter officials also claimed the
two were involved in laundering more
than $100 million worth of transactions
from dark web markets including Silk
Road at the same time the eastern
district of New York announced the
sentencing of an Instagram influencer
Jabara igbara for fraud schemes that
involve cryptocurrencies the influencer
who goes by J mazini was sentenced to
7even years in prison he ran a Ponzi
scheme targeting Muslim Americans and
raised money by deceiving victims into
giving up their crypto Holdings he
claimed he was actually buying it from
them at a premium next California
congresswoman Maxine Waters says she
thinks the country could soon seee
stable coin regulation the top Democrat
on the house Financial Services
committee told Bloomberg yesterday that
she believes we are quote on our way to
getting a stable coin bill in the short
run in the interview she mentioned that
many entities have weighed in on stable
coin regulation including federal
reserve banks the treasury Department
and the White House she says a top
priority is protecting investors by
making sure companies have the assets to
back up stable coins now Senators
Kristen gbrand and Cynthia lumus
introduced a new stable coin Bill last
week aimed at creating a regulatory
framework for stable coins including
mandating a onetoone reserve Banning
algorithmic stable coins and complying
with us anti-money laundering and
sanctions rules last Anchorage digital
just introduced a new Global crypto
settlement service the regulated crypto
platform announced its new settlement
Network called Atlas short for Anchorage
digital trusted liquidity and settlement
Anchorage says it’s designed to settle
both US Dollars and digital assets Atlas
was built for institutional
counterparties and enables different
kinds of settlements including
over-the-counter and off exchange
settlements according to Anchorage Atlas
is the only settlement Network offered
by a federally Chartered Bank the
company says that since its Early Access
launch earlier this year Atlas has
already settled hundreds of millions of
dollars in digital assets the new
network provides direct settlements of
on a blockchain between wallets rather
than relying on intermediaries the
service is also supposed to be faster
and more secure than traditional ways of
moving funds for our main story in an
exclusive on camera interview crypto
world’s T mck spoke with Nathan mol
Anchorage digital’s co-founder and CEO
about the new crypto settlement
Network Anchorage digital is launching
Atlas that’s a settlement product for
both digital assets and US Dollars talk
to me about why you’re choosing to
Launch this settlement
Network so uh Alice is a groundbreaking
new settlement Network that is here to
really solve all the settlement needs
for institutional uh counterparties uh
anybody who wants to participate in the
digital asset ecosystem uh wants to be
able to settle assets safely and
securely and between the counterparties
and what we found is that there’s no
good option on the market that provides
everything that uh the institutions of
the world need safe
regulated reliable settlement
infrastructure is something that uh
really we think will catalyze a new era
of adoption for digital assets and we’re
looking to bring that forward with
Atlas where do you think that this
product fits into the banking system
right now is your goal to take on
something like Swift for instance or is
this seen more as a replacement for
things like signature and silvergate
which of course were shut down during
the banking turmoil turmoil last year
but both of those institutions provided
huge amounts of liquidity for crypto
focused
institutions sure so uh what’s
interesting here is there’s not uh not
necessarily a direct parallel between
something like um Swift or something
like uh signature or or silvergate uh
what’s really needed within the digital
asset ecosystem is safe settlement of
crypto uh and safe movement of crypto
within the within the ecosystem uh and
so uh a big part of what we’ve heard
from our clients from institutions is
that they want to have reliable
settlement of Bitcoin reliable
settlement of ethereum uh and other
assets that they’d like to trade uh and
so while our our our system will support
dollars and we are looking forward to
supporting dollars uh this is really
kind of a a net new uh development in
the in the ecosystem uh really
encompassing both the crypto legs and
the the dollar legs of
transactions uh how how are you thinking
about regulation of Atlas obviously
Anchorage is federally chartered but
there’s uncertainty around crypto
regulation here in the US does that
create any uncertainty around this
project and have you guys been in touch
with
Regulators not at all uh so on our on
our side uh We’ve we’ve absolutely been
um in touch with Regulators uh across
the board um in fact our National Bank
Charter uh specifically uh calls out
that one of the activities that is
allowed within anchor digital bank is
the settlement of transactions and so
what we’ve done with Atlas is taken that
clear regulatory position that we have
uh in order to uh settle settle assets
uh for institutions and applied uh a set
of features on top that make that safer
easier to find your counterparties uh
and easier to um just reliably know that
you are interacting with the the folks
that you want to be interacting with um
so in terms of regulatory Clarity um
there are there are many as within the
crypto ecosystem that may have some um
regulatory uncertainty settlement of
assets undeniably uh very clear
regulatory approval to uh participate in
that in that uh and so this is this is
an area where it’s uh pretty cut and dry
uh and uh going to be helpful to look at
um safe settlement in a new way and and
really kind of apply the same kinds of
security safety and Regulatory Clarity
that we take from the Anchorage digital
Bank custody business and apply that
into the the settlement
ecosystem well let’s talk about the rest
of your business so looking more broadly
uh you know things have been doing well
in crypto looking at the Bitcoin price
alone so how has that boost in activity
across the market um affected your
business and how are you thinking about
the state of crypto right now with the
new Adoption from Wall Street yeah it’s
been uh it’s been a great year for
crypto certainly the um the overall
overcurrent of the the crypto Market has
been very positive um not just on the on
the price side but also on adoption side
where we’re seeing really kind of a a
global movement towards uh exchange
exchange traded prod products some of
that starting here within the us but
then also that’s uh looking like it’s
going to happen the globe over um
there’s also a lot of U positive
sentiment among uh not just the the top
coins like Bitcoin and ethereum uh but
others uh some of the Innovations
happening there around uh social use
cases
uh decentralized Finance use cases where
we’re we’re seeing a lot of um
Innovation and um just overall optimism
in the market um this has all been uh
very good for Anchorage Anchorage is um
at all-time highs in terms of all of our
business metrics uh assets under custody
um recently crossing over 50 billion uh
we’ve done um so far in in Atlas our um
exchange settlement product that we’re
rolling out right now already done
hundreds of Millions millions in volume
on that uh and really kind of we at
Anchorage are firing on all cylinders
and the broader Market is doing so as
well and you know sticking with that
what’s your outlook for Anchorage
digital for the rest of the year and you
you just touched on some things but what
are some of the projects that you guys
are more focused on be it Atlas or
otherwise yeah um several areas so Atlas
is going to be a big launch for us we’re
looking forward to um on boarding more
counterparties we’ve got a lot of uh
demand there’s a kind of a waiting list
of people looking to get into Atlas and
and start settling safely within that
within that ecosystem uh beyond that
we’re looking forward to uh several
large token launches that’ll happen over
the rest of the year uh we really like
to support uh the innovators in the
space so the new protocols that are
launching we going to continue to uh see
that adoption uh carry forward uh and
then of course as the as the
institutional adoption continues to take
hold and uh propagate looking forward to
adding more uh institutions as they as
they come in whether they’re coming in
to participate in um Bitcoin and
purchasing of Bitcoin or other top
assets or if they’re looking to uh
diversify into others uh we provide
trading Services um Settlement Services
we’ve talked about and of course our our
bread and butter is the federally
regulated custody services that we
provide okay that’s all for crypto world
today but we’ll be back again tomorrow
and we’ll see you then

CNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what’s ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today’s show, Nathan McCauley, co-founder and CEO of Anchorage Digital, discusses the platform’s new crypto settlement network.

Chapters:
00:00 – CNBC Crypto World, April 25, 2024
0:22 – Bitcoin hovers
1:05 – The headlines
3:51 – Nathan McCauley of Anchorage Digital

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Bitcoin outperforms Nasdaq after U.S. economy grew less than projected in Q1: CNBC Crypto World