Anchorage, a firm offering crypto custody services for institutional investors, has just secured $40 million in a Series B funding round.
The company revealed on July 10 that the round was led by Blockchain Capital. It also witnessed participation from Visa Inc. and existing investors like Andreessen Horowitz. Anchorage has now secured $57 million in total funding since 2017.
Anchorage co-founder and president Diogo Monica 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 funding will be utilized for expanding its service, with Anchorage considering to provide support for “all digital assets,” along with integrating its services with other financial companies and enhance auditing and compliance.
“This investment is consistent with Visa’s global strategy to partner with and invest in emerging fintech companies,” Visa’s SVP and global head of fintech, Terry Angelos, said. “We’re pleased to add Anchorage to our growing investment portfolio.”
Anchorage has been developed with the next generation of crypto assets in mind. Its custody solution had been included in the Libra Association – an organization established by Facebook to oversee and create its recently announced cryptocurrency project.
According to Monica, traditional cold storage will not meet the needs of institutions delving into crypto in the future. For instance, users want to make governance and voting decisions in several protocols like Tezos and Maker, he said.
“They want to help the protocol succeed; they can’t do that if their keys are just buried in the backyard,” he stated earlier.
Blockchain Capital co-founder and managing partner Bart Stephens commented:
“We believe Anchorage is the safest place to hold digital assets, having modernized crypto custody beyond physical cold storage with advanced security engineering. We are leading this investment because we believe Anchorage will have a transformative impact on the financial world.”