Anchorage's Atlas Adds Collateral Management

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Good Morning

Anchorage is quietly building the plumbing for institutional crypto credit, adding collateral management and triparty services to Atlas as lenders increasingly need regulated, real-time infrastructure to back digital asset transactions.

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In Today's Email:

• What Matters: Anchorage’s Atlas Adds Collateral Management 👀 

• Founders Highlight: Josep Onorati of Apyx 👨 

• Deal Flows: Bluesky Discloses $100M Series B, New CEO 💰️ 

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WHAT MATTERS

Anchorage’s Atlas Adds Collateral Management

State of play: Anchorage Digital's Atlas platform is adding collateral management services for institutional lenders, with Anchorage acting as triparty agent across a broad range of digital asset secured transactions.

• Atlas Collateral Management covers 24/7 monitoring, automated margin calls, and support across multiple digital asset secured transaction types.

• Collateral assets will be held in Anchorage's regulated, segregated, bankruptcy-remote custody, with Anchorage handling operational tasks as the triparty.

• The Atlas platform now supports nearly 600 participants, a fourfold increase in clients over the past year.

• Earlier this year, Anchorage integrated with Sky to let clients deploy off-chain custodied assets into the onchain lending environment.

• Anchorage, the first OCC-chartered digital asset bank, raised a $350M Series D in 2021 at a $3B valuation and is reportedly gearing up for a public listing.

Why it matters: Collateral management is critical infrastructure for institutional credit markets moving onchain, and Anchorage's triparty role puts it at the center of digital asset lending workflows traditionally dominated by TradFi custodians.

Our take: Triparty services are sticky and high-margin, and Anchorage's OCC charter gives it a compliance edge most crypto-native competitors can't match. The fourfold Atlas client growth signals real institutional demand.

For builders and investors: Watch as more TradFi credit products seek onchain rails.

BUILDER-INVESTOR HIGHLIGHT

Joseph Onorati of Apyx

Intro: Joseph Onorati is the Founding Contributor of Apyx, a Dividend-Backed Stablecoin (DBS) protocol, delivering double-digit onchain yield anchored to recurring cash dividends from publicly traded Digital Asset Treasury (DAT) preferred equity.

• He is also the Chairman and CEO of DeFi Development Corporation, a SOL DATs company.

Previous background: Joseph spent eight years at Kraken in multiple leadership roles including CSO, previously founded a crypto market-making and HFT firm, and served as CEO of CaVirtEx, Canada's first Bitcoin exchange.

The big idea: Joseph through Apyx is betting that dividend-backed stablecoins can out-compete traditional yield sources by turning corporate preferred equity into programmable digital dollars, making institutional-grade yield accessible onchain.

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INSIGHTS

FTX to Distribute $2.2B to Creditors March 31

FTX is set to begin its fourth creditor distribution on March 31, paying out $2.2B to Convenience and Non-Convenience class creditors via BitGo, Kraken, or Payoneer, bringing total repayments to over $6B.

• Retail creditors in the Convenience class will receive a cumulative 120% distribution relative to their 2022 claim values.

• Dotcom Customer Entitlement Claims (Class 5A) received an additional 18%, bringing returns to 96%, while Class 5B was boosted 5% and General Unsecured and Digital Asset Loan Claims raised 15% to 100%.

• SBF has claimed from prison that FTX was never insolvent, that lawyers forced the bankruptcy, and that the estate paid nearly $1B in consultant fees while mispricing sold assets.

DEAL FLOWS

Bluesky Discloses $100M Series B, New CEO

Deal flows slowed down this week - we saw $64M+ in deals 💼 

Bluesky quietly raised $100M in a Series B in April 2025, led by Bain Capital Crypto, only disclosing the round now as the company navigates a leadership transition and enters a new growth phase.

• Participating investors included Alumni Ventures, Anthos Capital, Bloomberg Beta, Knight Foundation, and True Ventures, with capital deployed over the past year to expand the team and scale infrastructure.

• Since its Series A in October 2024, Bluesky's user base grew from 13M to over 43M globally, with 1,000+ AT Protocol apps used weekly and monthly SDK downloads exceeding 400,000.

• Founder Jay Graber stepped down as CEO to become chief innovation officer, with True Ventures partner Toni Schneider taking over as interim CEO while the company searches for a replacement.

Deal flows in the past week:

• Keyban, $570K Pre-Seed Round

• LendaSat, Undisclosed $ Pre-Seed Round

• Yumi Finance, Undisclosed $ Pre-Seed Round

• TransFi, $14.2M Series A Round

• dtcpay, $10M Series A Round

• MetaComp, $13M Series A Round

• Ironlight, $21M Series A Round

• Avalanche, Undisclosed $ Strategic Round

• Derivio, $6M Unknown Funding Round

QUICK BITES

• Crypto.com cuts around 12% of staff.

• Anchorage rolls out collateral management services.

• SEC approves Nasdaq tokenized equities trading pilot.

• FTX to distribute another $2.2B to creditors starting March 31.

• South Korean lawmakers push to abolish upcoming 22% crypto tax.

• Crypto hacks average $25M as largest exploits skew industry losses.

• Bitcoin, ETH ETFs snap multi-day inflow streaks with $219M in outflows.

• DDC adds 200 BTC as corporate treasuries lean into BTC price weakness.

• Algorand Foundation cuts 25% workforce citing global macro uncertainty.

• Morgan Stanley advances bitcoin ETF application with amended S-1 filing.

• JPMorgan notes Hyperliquid gaining traction as traders seek 24/7 oil trading.

NOTEWORTHY READS & MEME

• Chamath’s read on Prediction Markets.

• Lambro’s read on How polymarket this world cup thing.

• Pink Brains’s read on The $5 Trillion Race to Build Payment Rails for AI Agents.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.