Crypto custody firm Anchorage Digital recently appointed Connie Shoemaker, a former Goldman Sachs executive, to its board of directors. Shoemaker, who currently serves as the COO and CFO of Bridgewater Associates Holdings, brings a wealth of experience from the traditional finance world to the crypto industry. Anchorage Digital stands out as the only crypto bank currently chartered by the Office of the Comptroller of the Currency (OCC), highlighting its commitment to operating within the bounds of federal regulations. This distinction sets Anchorage Digital apart from other institutions that have faced challenges in obtaining a full charter from the OCC.

The move to expand the board of directors comes at a time when institutional interest in crypto is on the rise, particularly with the recent approval of spot Bitcoin exchange-traded funds (ETFs). Anchorage Digital’s decision to bolster its leadership team reflects the company’s proactive approach to meeting the increasing demand for secure and regulated digital asset infrastructure. With the appointment of Shoemaker, who has a strong track record in the traditional finance (trad-fi) world, Anchorage Digital aims to leverage her expertise in advancing its institutional ecosystem.

Shoemaker’s background as the global head of strategy at Goldman Sachs during the 2008 global financial crisis, where she oversaw the growth of Goldman Sachs Asset Management (GSAM), as well as her subsequent role as Chief Administrative Officer, positions her as a valuable addition to Anchorage Digital’s board. Her experience in building the commercial bank division at Goldman Sachs is particularly relevant to Anchorage Digital’s operations. By tapping into Shoemaker’s expertise, Anchorage Digital is signaling its commitment to further developing its federally regulated offering and strengthening its position in the institutional crypto market.

In light of these developments, it is evident that the integration of seasoned traditional finance executives into the crypto space signifies a growing convergence between these two spheres. As the crypto industry continues to attract talent from established financial institutions, it is poised to benefit from a wealth of knowledge and experience that can drive its maturation and integration into the broader financial landscape.

Overall, Anchorage Digital’s strategic move to expand its board of directors and appoint Connie Shoemaker underscores the company’s commitment to maintaining the highest standards of regulatory compliance and security, while also harnessing the expertise of seasoned finance professionals to navigate the evolving institutional crypto landscape. This aligns with the broader trend of institutionalization within the crypto industry, as it seeks to establish itself as a legitimate and viable asset class within the global financial system.