Anchorage has raised an $80 million Series C funding round led by GIC, also known as Singapore’s sovereign wealth fund. Andreessen Horowitz, Blockchain Capital, Lux and Indico are also participating in today’s funding round.
The thinking behind this funding round is quite simple. Some companies, such as < a href="https://techcrunch.com/2021/02/08/tesla-buys-1-5b-in-bitcoin-may-accept-the-cryptocurrency-as-payment-in-the-future/"> Tesla or Place, have recently chosen to agree to cryptocurrencies. They’re converting some of their cash balance directly into cryptocurrencies. Some investors choose to invest in companies that assist add cryptocurrencies to your dollars balance — Anchorage is only one of them.
Each of our startup originally offered some sort of custody solution. It permits you to keep your cryptocurrencies safe to your account so that you don’t have to take care of a wallets and their public and keys. But more recently, Chuck received a federal banking charter, turning it into a digital asset financial.
Getting a thumbs-up sign on regulators should definitely help as well as confidence. Institutional investors are looking to find trusty crypto partners to actually dip their toes on the crypto waters.
In addition to custody, Anchorage thus offers several financial products, like for example staking, crypto lending, and so forth In other words, it wants to be occupied as a one-stop shop for institutional opportunists.
Interestingly, Chuck also wants to become a crypto-banking-as-a-service startup. The startup is persuaded it could become the preferred crypto partner for both challenger banks and traditional money institutions.
