The Series D funding round was led by global investment firm KKR and included Goldman Sachs, Alameda Research and Andreessen Horowitz.
Anchorage Digital closed a $350 million funding round, valuing the cryptocurrency custodian at more than $3 billion. The Series D funding round was led by global investment firm KKR and included Goldman Sachs, Alameda Research and Andreessen Horowitz, among other big names.
Multi-billion dollar valuations are becoming the norm for crypto custody professionals like San Francisco-based Anchorage, who will manage digital assets for organizations seeking to strengthen their clients’ portfolios in the future. For example, custody technology providers such as UK-based Firebox and Copper have both recently stopped funding rounds. Coin Desk reported in October that Anchorage was raising valuations to over $ 2 billion.
Diego Monica, co-founder of Anchorage, said in a statement: “As more and more organizations try to incorporate crypto services into their offerings, we find ourselves at the opposite point.” By Next Generation Technology Growth Fund II.
As a leader in providing institutional investors with access to digital assets, Anchorage has created a best-in-class institutional digital asset platform that combines the best practices of modern security and usability. ” Goldman Sachs is renowned for its Intelligent Digital Assets team, one of the leading banks in the industry.
The bank’s support testifies to Anchorage’s dynamic year, which included receipt of a US Federal bank card from the Office of the Comptroller of the Currency, as well as an $80 million Series C round. “We are confident Anchorage will be an important part of the digital asset infrastructure and we are thrilled to have you as an investor,” said Ole Harris, Head of North America Digital Assets at Goldman Sachs.
Anchorage Digital, a leading cryptocurrency custody platform, has recently raised $350 million in a Series D funding round, valuing the company at a whopping $3 billion. This investment is a significant milestone for the firm and the crypto industry as a whole, highlighting the growing interest in digital assets and the need for secure and regulated custody solutions. In this blog post, we’ll delve into the details of this funding round, explore the implications for Anchorage and the broader crypto market, and discuss what this means for the future of digital asset custody.
Background
Anchorage Digital was founded in 2017 by Diogo Mónica and Nathan McCauley, with the goal of providing institutional-grade custody solutions for digital assets. The company’s platform uses a combination of multiparty computation, advanced fraud detection, and specialized hardware to store customers’ passcodes online securely. Anchorage received its national trust bank charter from the Office of the Comptroller of the Currency (OCC) in January 2021, making it the first crypto firm to receive such a charter.
The Funding Round
The Series D funding round was led by global investment firm KKR, with participation from Goldman Sachs, Andreessen Horowitz, PayPal Ventures, and other notable investors. This funding brings Anchorage’s total valuation to $3 billion, a significant increase from its previous valuation of $2 billion in October 2021. The investment will be used to enhance Anchorage’s infrastructure solutions, invest in the latest crypto innovations, add team members, expand its product offerings, and grow its client base.
Implications
Anchorage’s funding round has significant implications for both the company and the broader crypto market.
Institutional Adoption: The investment highlights the growing interest in digital assets from institutional investors. Anchorage’s custody solutions provide a secure and regulated way for institutions to store and manage their digital assets, which is critical for widespread adoption.
Market Validation: The funding round validates Anchorage’s business model and the need for institutional-grade custody solutions in the crypto market. It also demonstrates the confidence of investors in Anchorage’s ability to meet the evolving needs of the digital asset space.
Competition: The investment may spark increased competition in the crypto custody market, as other firms seek to replicate Anchorage’s success. This competition could drive innovation and improve the overall quality of custody solutions in the industry.
Regulatory Environment: Anchorage’s national trust bank charter and this funding round demonstrate the company’s commitment to regulatory compliance. This may encourage other crypto firms to pursue similar charters and invest in their compliance infrastructure.
Future Outlook
The future outlook for Anchorage and the crypto custody market is promising.
Increased Adoption: As institutional investors continue to enter the digital asset space, the demand for secure and regulated custody solutions will grow. Anchorage is well-positioned to capitalize on this trend.
Innovation: The investment will enable Anchorage to invest in the latest crypto innovations, such as decentralized finance (DeFi) and non-fungible tokens (NFTs). This could lead to new product offerings and revenue streams for the company.
Expansion: Anchorage may expand its services to cater to a broader range of clients, including retail investors and decentralized exchanges. This could further establish the company as a leading player in the crypto custody market.
Anchorage Digital’s $350 million funding round at a $3 billion valuation is a significant milestone for the company and the crypto industry. The investment highlights the growing interest in digital assets from institutional investors and validates Anchorage’s business model. As the crypto market continues to evolve, Anchorage is well-positioned to meet the increasing demand for secure and regulated custody solutions. The future outlook for the company and the broader crypto custody market is promising, with opportunities for innovation, expansion, and increased adoption on the horizon.There was a problem generating a response. Please try again later.
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