Anchorage has raised an $80 million Series C funding round led by GIC, likewise known as Singapore’s sovereign wealth fund. Andreessen Horowitz, Blockchain Capital, Lux and Indico are also taking part in today’s financing round. The believing behind this financing round is rather basic. Some companies, such as Tesla or Square, have recently picked to buy cryptocurrencies. They’re transforming a little portion of their cash balance into cryptocurrencies. And some investors select to invest in business that assist you add cryptocurrencies to your cash balance– Anchorage is among them.
The start-up initially provided a custody service. It lets you keep your cryptocurrencies safe for you so that you do not have to take care of the wallets and their personal and public keys. More just recently, Anchorage got a federal banking charter, turning it into a digital asset bank.
Getting a thumbs-up indication from regulators should definitely assist when it concerns confidence. Institutional investors are trying to find trusty crypto partners to dip their toes into the crypto waters.
In addition to custody, Anchorage now provides a number of monetary items, such as staking, crypto loaning, etc. In other words, it wishes to end up being a one-stop buy institutional investors.
Interestingly, Anchorage also wishes to become a crypto-banking-as-a-service start-up. The start-up believes it might end up being the favored crypto partner for both challenger banks and traditional banks.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.