Visa, Blockchain Capital, and More Back $40M for Anchorage Crypto Custodian

Visa, Blockchain Capital, and More Back $40M for Anchorage Crypto Custodian

Recently, Anchorage confirmed the closure of their Series B funding round which raised around $40 million from companies such as Visa, Blockchain Capital, and Andreessen Horowitz. These companies have reportedly led the funding round. All-together, since 2017, the company has raised more than $57 million in funding.

“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,” commented Diogo Monica, the co-founder of Anchorage.

This funding will be meant for building Anchorage’s service. The company is willing to provide all digital assets to its customers. Also, they want to integrate offerings with other financial firms and develop auditing and compliance.

An interesting fact is that Visa is lately getting in various crypto-related projects. As it is reported, Visa is one of the first partners with Facebook helping with their Libra Project and have joined the Libra Association. They also will be one of the few Libra Node operators.

Now, Visa is also backing Anchorage and seems very happy about their decision:

“This investment is consistent with Visa’s global strategy to partner with and invest in emerging fintech companies. We’re pleased to add Anchorage to our growing investment portfolio,” explained Terry Angelos, SVP and global head of fintech at Visa.

Anchorage offers a custodial solution and they claim that they have designed and built the next generation of crypto assets. And plus all that, their custody solution is included in the Libra Association.

“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,” commented Bart Stephens the co-founder and managing partner of Blockchain Capital.

Moreover, the company CEO believes that the cold-storage private key storing as we know it, won’t meet the requirements of institutions operating with crypto in the future. He believes that users want to make voting decisions and govern decisions in various protocols like Tezos and Maker, for example.

“They want to help the protocol succeed; they can’t do that if their keys are just buried in the backyard,” referring to the outdated system in cryptocurrencies said Monica.