Fast-growing crypto storage firm Anchorage raised $350 million


The CEO of Anchorage
believes banks will begin offering crypto to customers at the end of 2022 as
the company expands its business to include staking and lending.
KKR, Goldman Sachs, and
other institutions have invested $350 million in Anchorage, the fast-growing
crypto storage firm that gained a federal bank charter in January. The recent
funding round has lifted its valuation to $3 billion.
With deep relationships with
banks, the company has developed into a major crypto player from being a niche
custody provider.
The other investors in the
round, including Andreessen Horowitz, Apollo credit funds, and Wellington
Management, received equity stakes in exchange for their investment in the firm.
In an interview with
Reuters, Anchorage's president and co-founder, Diogo Mónica, explained, "We
wanted to make sure that all these big investment names are in our corner
because Anchorage is expanding really heavily toward larger financial
institutions."
The company plans to use
this latest funding technology to enhance its infrastructure solutions,
especially for global financial firms and financial technology innovators.
Anchorage raised $80 million in a previous round of funding.
In addition to providing
prime services such as custody, lending, and trading, Anchorage also offers
infrastructure, which companies can leverage to build products based on
cryptocurrency technology.
The firm continues to
benefit from the growing number of crypto assets that institutions are looking
to park with the company.
A number of government agencies have joined its client base as well. Its custody customers in the past year have included the FDIC and U.S. Marshals Service.

Pavan A
CBW - External Analyst
INDIA