Visa, Andreessen Horowitz putting their money in a crypto custodial firm

11 Jul, 2019 | Updated: 11 Jul, 2019
by Fifi Arisandi
News
Visa, Andreessen Horowitz putting their money in a crypto custodial firm

Major firms, Visa and Andreessen Horowitz are putting their money in a new crypto custodial provider. 

Big enterprises start to believe in cryptocurrency as more of them are putting their money on it. The latest news come from payment giant, Visa that join the funding of a new crypto custody provider, Anchorage.

The new company that specializes their service for institutional investors is reported to have raised $40 million in a recent Series B funding led by Blockchain Capital.

Joining Visa is venture capital firm Andreessen Horowitz that also believes in Anchorage’s vision to become “the safest place to hold digital assets”.

“Our mission at Anchorage is to advance institutional participation in the digital asset class, and this funding will improve our ability to do precisely that. To have the support of pioneering organizations like Visa and Blockchain Capital is a validation of Anchorage’s vision for the emerging economy of digital assets,” said Diogo Monica, Anchorage’s co-founder and president.

Speaking on their participation, Visa’s SVP and global head of fintech, Terry Angelos said, “This investment is consistent with Visa’s global strategy to partner with and invest in emerging fintech companies.”

“We’re pleased to add Anchorage to our growing investment portfolio,” he added further.

Anchorage is specifically designed and built as “the next generation” of crypto assets, whose custody solution is included in Facebook’s upcoming crypto project, Libra.

CEO Monica said that old-style cold storage will not meet the requirements of institutions who want to deal in crypto and wanted users to be able to also able to make voting decisions and governance decisions in various protocols, such as Maker and Tezos.

“They want to help the protocol succeed; they can’t do that if their keys are just buried in the backyard,” said Monica to Coindesk.

By far, Anchorage has raised a total $57 million from 2 funding rounds.

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