Cryptocurrency company Anchorage has raised $350 million in a Series D funding round at a new valuation of $3 billion. The funding round saw the participation of prolific investors such as Goldman Sachs, Alameda Research, Andreessen Horowitz, Apollo credit funds, funds and accounts managed by BlackRock, Blockchain Capital, Delta Blockchain Fund, Elad Gil, GIC, GoldenTree Asset Management, Innovius Capital, Kraken, Lux Capital, PayPal Ventures, Senator Investment Group, Standard Investments, Thoma Bravo and Wellington Management, and was led by KKR. The new funding round follows shortly after Anchorage raised $80 million in a Series C round.
Anchorage which enables trading of crypto assets, earning returns on staking assets, etc., offers custody solutions for institutions such as publicly traded companies or funds. Anchorage handled the transaction that saw Visa acquire CryptoPunk for 49.5 ETH, back in August.
Anchorage’s latest funding round drew in a number of big investors and this may leave one wondering why. Anchorage received a federal banking charter which makes it a digital asset bank and separates it from other available custodian products.
Anchorage plans on using the newly-raised funds to scale its operations as well as improve its products so that they can be relevant for financial firms and other fintech companies around the world. The company also plans on launching more features with more integrations with DeFi products.
The company claims to have increased its number of clients by 96 percent in the past year. It also revealed that its headcount increased by 175 percent compared to the same period in the previous year.
Anchorage, with its federal banking charter, has an edge over other companies in its line of business. As crypto adoption continues to increase, companies will be out to find partners that will be trustworthy and Anchorage will be one of the top companies on the list.
KKR’s Technology Growth Equity senior leader Ben Pederson while speaking about the investment said in a statement that “As a pioneer in enabling institutional investors to access digital assets, Anchorage has built a best in class, institutional-grade digital asset platform that combines the best practices of both modern security and usability. We are thrilled to lead this Series D round and work with Diogo, Nathan and their talented team as they continue to support the institutional adoption of digital assets through their differentiated, regulated and integrated suite of solutions”.
Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
