Anchorage Digital’s Next Crypto Bet Is Corporate Payments

Anchorage Digital has acquired payments company Routable, bringing a fiat payouts network into the crypto custodian’s platform as it looks to expand its business beyond digital-asset infrastructure.

The deal gives Anchorage a way to offer businesses payment and settlement services across traditional currencies and digital assets, potentially allowing companies to manage payouts and crypto transactions through the same platform, the company stated. Financial terms of the acquisition were not disclosed.

Routable, founded in 2017, provides software and APIs for onboarding payees, conducting compliance checks and sending high-volume payments across global markets. 

Routable has grown more than 100% annually over the past two years.The company counts Veho, Ethos and Polestar among its enterprise customers and supports payouts in more than 220 countries.

The acquisition marks another step in Anchorage’s expansion from serving crypto-native companies into broader financial and corporate infrastructure. Anchorage operates a federally chartered digital asset bank and provides custody and settlement services to financial institutions.

Routable will continue operating under the name Routable by Anchorage Digital, with its existing fiat payments business remaining in place. Anchorage said the unit will eventually add stablecoin and tokenized-deposit settlement to its existing payment capabilities.

“These entities move billions every day, and until now, few regulated partners could provide a seamless offering across both fiat and digital assets,” Anchorage CEO and co-founder Nathan McCauley said.

For Anchorage, the acquisition also provides exposure to the payment flows of large technology companies and other businesses that may not currently have a need for crypto services.

Routable CEO and co-founder Omri Mor said the company will continue providing its existing payment infrastructure while giving customers access to Anchorage’s regulated digital-asset services.

The combined company plans to begin serving customers across both businesses immediately, with additional integration between the payments and digital-asset platforms expected over the coming quarters.

Photo: Shutterstock