Crypto bank Anchorage has acquired Securitize's wealth management division.

PANews reported on December 16th that, according to The Block, Anchorage Digital, the first federally chartered crypto bank in the US, has acquired Securitize For Advisors, the wealth management arm of tokenization company Securitize. The terms of the transaction were not disclosed. This move will help Anchorage expand its financial advisory services for registered investment advisors. Anchorage will absorb the Securitize For Advisors team and front-end platform.

According to the announcement, Securitize For Advisors grew by over 4,500% in the past year, with record highs in new deposits and net assets under management. Securitize CEO Carlos Domingo noted that its advisory division had achieved "incredible success," but the sale will allow Securitize to focus on its "core business."