Anchorage Digital Bank Onboards Ex-Goldman Sachs Exec to Board of Directors

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Sujha Sundararajan

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Last updated:

June 14, 2024 01:28 EDT

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Institutional crypto custody platform Anchorage Digital Bank has announced the appointment of former Goldman Sachs executive Connie Shoemaker, to its board of directors.

The ex- Chief Administrative Officer for Goldman Sachs will join current independent board members, the company said in a statement. She would bring her unique perspective on banking regulation and compliance, it added.

Shoemaker currently serves as COO and CFO of Bridgewater Associates Holdings, Bridgewater’s parent company.

“Adding a seasoned leader like Connie to the board of Anchorage Digital Bank marks the latest in our commitment to building the best regulated offering for institutions engaging in crypto,” says Nathan McCauley, President of Anchorage Digital Bank.

Anchorage Digital Bank, a crypto-focused federal chartered bank, primarily focus on trust and custodial service. The bank, last month, launched crypto settlement network, for institutional clients seeking to dive deeper into digital asset trading.

Shoemaker served as the global head of Goldman’s strategy function, where she incubated new business across the firm. She also led efforts to grow Goldman’s asset management business, the statement read.

“I’ve seen incredible growth at Anchorage. Today, I’m excited to be joining the Board of Anchorage Digital Bank to help further that growth with my background building a bank at exactly the type of institution Anchorage Digital is attracting.”

Anchorage Digital Bank Laid Off 20% of Staff in 2023

The crypto custody bank laid-off 75 employees, or roughly 20% of its workforce, in June last year, citing regulatory uncertainty.

The San Francisco-based Anchorage Digital Bank has also faced issues with US regulators. The Office of the Comptroller of the Currency argued in 2022 that the bank’s compliance program lacked staff and internal processes, including money-laundering controls.

The authority also claimed at the time that the bank failed to put key controls in place to prevent money laundering and report any suspicious activities.