National trust company Anchorage has hired former Wells Fargo blockchain executive Ken Chapman as its director of banking and capital markets products.

“My primary role is going to be helping Anchorage address the overwhelming demand they’re receiving from banks for their services, including custody, trading, and lending,” Chapman said. “I’m also going to be helping banks look at a different paradigm for settlement using blockchain as a rail.”

Chapman led digital assets and blockchain initiatives for the capital markets team at Wells Fargo for two years. He also spent time at BNY Mellon, Bridgewater Associates, Bank of America, JPMorgan and UBS. 

Chapman said he envisions most banks setting up lending facilities for customers to take out loans against crypto collateral in the future. In addition to trading and custody, banks will be looking for a federally chartered institution to partner with, he said. In June, Anchorage began offering ether-backed loans through Massachusetts-based BankProv. 

“Anchorage is the first digital asset company to receive a federal charter from the OCC,” Chapman said, referring to the Office of the Comptroller of the Currency. “This is the same charter that other banks like BNY Mellon … I am moving from a traditional bank to a digital asset bank but it’s still a bank.”

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