Monica’s crypto career has been quirky and unexpected. Born in Monterey, he grew up in Lisbon where he earned a PhD in computer science focused on distributed systems and cryptography,
Diogo Monica launched Anchorage Digital in his Castro apartment six years ago to help banks and government agencies with a pressing need: keeping their cryptocurrencies safe.
“We've always chosen the path of regulation and asking for permission, not for forgiveness,” he said, as opposed to the path taken by the crypto companies that have gotten mired in financial accounting scandals and corruption, led by the now bankrupt FTX. What happened in crypto, he argued, “validates our path from day one.”
The San Francisco company became a trailblazer for crypto custody, a storage solution that protects crypto wallet funds or holdings from theft or loss, and emerged the first federally regulated crypto bank in the U.S. in 2021. But in late 2021 the boom ended. Like other crypto industry leaders, Monica was stunned by the collapse of crypto exchange FTX amid allegations of corruption: “It was a surprise that people who before I saw as great operators and great business people turned out to be frauds.”
The SEC announcement triggered another round of criticisms from the crypto industry, which has long viewed the agency and its chairman, Gary Gensler, as a nemesis. But Monica said the proposed rule “provides much needed clarity on the role of qualified custody in the digital asset ecosystem.”
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