Crypto firm Anchorage raises $80 million after getting federal banking constitution • TechCrunch

Anchorage has raised an $80 million Collection C funding spherical led by GIC, often known as Singapore’s sovereign wealth fund. Andreessen Horowitz, Blockchain Capital, Lux and Indico are additionally collaborating in right this moment’s funding spherical.

The considering behind this funding spherical is kind of easy. Some firms, equivalent to Tesla or Sq., have lately chosen to spend money on cryptocurrencies. They’re changing a small portion of their money steadiness into cryptocurrencies. Some buyers select to spend money on firms that aid you add cryptocurrencies to your money steadiness — Anchorage is considered one of them.

The startup initially provided a custody resolution. It allows you to preserve your cryptocurrencies protected for you so that you simply don’t need to maintain the wallets and their private and non-private keys. However extra lately, Anchorage obtained a federal banking constitution, turning it right into a digital asset financial institution.

Getting a thumbs-up signal from regulators ought to positively assist with regards to confidence. Institutional buyers are searching for trusty crypto companions to dip their toes into the crypto waters.

Along with custody, Anchorage now affords a number of monetary merchandise, equivalent to staking, crypto lending, and so on. In different phrases, it needs to turn into a one-stop store for institutional buyers.

Curiously, Anchorage additionally needs to turn into a crypto-banking-as-a-service startup. The startup thinks it may turn into the popular crypto accomplice for each challenger banks and conventional banks.

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