Anchorage, a company providing crypto custody services for institutional investors, has just raised $40 million in a Series B funding round.
In an announcement Wednesday, the firm said the round was led by Blockchain Capital, with Visa Inc. and existing investors such as Andreessen Horowitz also participating. Anchorage has now raised $57 million in total funding since 2017.
Diogo Monica, Anchorage co-founder and president, said:
“Our mission at Anchorage is to advance institutional participation in the digital asset class, and this funding will improve our ability to do precisely that. To have the support of pioneering organizations like Visa and Blockchain Capital is a validation of Anchorage’s vision for the emerging economy of digital assets.”
The new investment will be used to build out its service, with Anchorage planning to offer support for “all digital assets,” as well as to integrate its offerings with other financial services firms and boost auditing and compliance.
The funding marks the first time Visa has taken a direct equity stake in a crypto custody firm.
“Anchorage is building the foundation to support an array of new financial services, “said Terry Angelos, SVP and head of Fintech at Visa Inc. “As we continue our exploration into new payment flows, we’re pursuing opportunities to support companies like Anchorage who are working to provide secure infrastructure to the growing ecosystem of digital assets.”
Anchorage has been designed and built for the next generation of crypto assets. Its custody solution, something of a darling among Silicon Valley types, had been included in the Libra Association – an entity founded by Facebook to manage and develop its recently unveiled cryptocurrency project.
Old style cold storage will not meet the requirements of institutions dealing in crypto the future, according to Anchorage CEO Diogo Monica. He said users want to be able to make voting decisions and governance decisions in various protocols like Maker and Tezos, for example.
“They want to help the protocol succeed; they can’t do that if their keys are just buried in the backyard,” Monica told Coindesk in an interview earlier this year.
Visa image via Shutterstock
Source: CoinDesk.com
