Visa invests "millions" into custodial cryptocurrency firm Anchorage

10 Jul, 2019
by David Borman
Visa invests millions into custodial cryptocurrency firm Anchorage

It is being reported by Fortune that Visa has invested several million dollars into Anchorage, a cryptocurrency custodial service that, like Visa, is a part of the new Libra Association formed by Facebook. Along with Blockchain Capital, the two companies invested a total of $40 million into the rising startup.

Anchorage was not particularly well known until recently, when it was announced along with 27 other organizations, one of them Visa, as being part of the newly founded Libra Association. The Association will oversee the deployment of the Libra cryptocurrency that Facebook is currently working on.

Terry Angelos, who heads fintech at Visa, had the following to say on the matter:

"...companies like Anchorage who are working to provide secure infrastructure to the growing ecosystem of digital assets... [Anchorage] is building the foundation to support an array of new financial services."

Anchorage offers institutional investors an alternative to traditional "cold storage," which usually involves holding private keys offline in a physically secured location, like a vault. Instead of this, Anchorage uses a combination of biometric-based software and multiple human reviews to both secure investor's holdings as well as make them more accessible.

The details aren't clear, but according to the article:

"Investors interested in quickly taking advantage of market volatility would have an easier time trading, for instance, while others seeking to "stake" their funds, an action that can reap literal dividends for holders of certain cryptocurrencies, can more easily do so, too."

Currently, Anchorage supports Bitcoin, Ethereum, and 50 other digital assets, with more to be added soon. In addition, the company is working on new features for clients, such as a cryptocurrency exchange and various tax preparation tools.

While it seems like Visa is "keeping it in the family," so to speak, at least this is showing institutional interest in the growth of the crypto space. Will there be more investments from major companies like Visa? Stick with Chepicap for all updates!

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