Anchorage Digital Welcomes Former Goldman Sachs Executive to Board of Directors

Anchorage Digital Welcomes Former Goldman Sachs Executive to Board of Directors


By Sujha Sundararajan
Updated on June 14, 2024 at 01:28 EDT
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Anchorage Digital, an institutional crypto custody platform, has appointed Connie Shoemaker, a former executive at Goldman Sachs, to its board of directors.
Shoemaker, who previously served as the Chief Administrative Officer at Goldman Sachs, will be joining the current independent board members, the company announced. Her expertise in banking regulation and compliance will provide a valuable perspective, the statement noted.
Currently, Shoemaker holds the positions of COO and CFO at Bridgewater Associates Holdings, the parent company of Bridgewater.
“Bringing someone of Connie’s caliber onto the board of Anchorage Digital Bank demonstrates our ongoing commitment to offering the best regulated services for institutional clients in the crypto space,” said Nathan McCauley, President of Anchorage Digital Bank.
Anchorage Digital Bank, a federally chartered crypto-focused bank, specializes in trust and custodial services. Recently, the bank launched a crypto settlement network for institutional clients looking to expand their digital asset trading activities.
During her time at Goldman Sachs, Shoemaker led the global strategy function, overseeing the development of new business ventures across the organization. She was also instrumental in expanding Goldman’s asset management business.
“I have witnessed remarkable growth at Anchorage Digital. I am thrilled to join the Board of Anchorage Digital Bank to contribute to its continued success, drawing on my experience in building banks similar to the type of institution Anchorage Digital is attracting,” Shoemaker stated.
Anchorage Digital Trims Staff by 20% in 2023
Last year, the crypto custody firm downsized its workforce by laying off 75 employees, approximately 20% of its staff, citing regulatory uncertainties.
Based in San Francisco, Anchorage has encountered challenges with US regulators. In 2022, the Office of the Comptroller of the Currency raised concerns about the bank’s compliance program, highlighting deficiencies in staff and internal processes, including anti-money laundering controls.
At that time, the regulatory body also pointed out the bank’s failure to implement essential controls to prevent money laundering and report suspicious activities.
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