Anchorage has raised an $80 million Sequence C funding spherical led by GIC, also called Singapore’s sovereign wealth fund. Andreessen Horowitz, Blockchain Capital, Lux and Indico are additionally collaborating in at the moment’s funding spherical.
The pondering behind this funding spherical is kind of easy. Some corporations, akin to Tesla or Sq., have lately chosen to spend money on cryptocurrencies. They’re changing a small portion of their money steadiness into cryptocurrencies. Some traders select to spend money on corporations that show you how to add cryptocurrencies to your money steadiness — Anchorage is one among them.
The startup initially supplied a custody answer. It allows you to hold your cryptocurrencies protected for you so that you simply don’t should maintain the wallets and their private and non-private keys. However extra lately, Anchorage acquired a federal banking constitution, turning it right into a digital asset financial institution.
Getting a thumbs-up signal from regulators ought to positively assist on the subject of confidence. Institutional traders are searching for trusty crypto companions to dip their toes into the crypto waters.
Along with custody, Anchorage now affords a number of monetary merchandise, akin to staking, crypto lending, and so forth. In different phrases, it desires to turn out to be a one-stop store for institutional traders.
Curiously, Anchorage additionally desires to turn out to be a crypto-banking-as-a-service startup. The startup thinks it might turn out to be the popular crypto associate for each challenger banks and conventional banks.