After a $17 million Series A funding round led by venture capital firm –Andreessen Horowitz, and joined by SciFi VC of Max Levchin –PayPal co-founder, venture capital firm –Khosla Ventures, and individual investors Mark McCombe from investment firm –Blackrock, entrepreneur Elad Gil, and AngelList co-founder Naval Ravikant, the launch of a crypto-native custodian for institutional investors –“Anchorage” was announced on Wednesday, Jan. 23rd 2019.
The Anchorage’s team of developers claim that the lack of a crypto-native custodian, that’s not just a “cold storage,” but something more dynamic and beyond the traditional custodian realm, to better support institutional investors in enabling active on-chain participation, is what drove them to come-up with Anchorage.
A “cold storage” custody, which greatly limits investors, is vulnerable to human error, additionally, it holds digital assets inaccessibly, which hampers faster asset movement, something that’s critical in capturing yield, to avoid asset depreciation due to dilution over time. With the Anchorage, investors will have easy access to assets, voting, auditing proof of existence, and quick transaction ability. With the belief that large scale institutional investments in digital assets, will accelerate growth in the blockchain market space, Anchorage intends to do just that.
Andreessen Horowitz, the California-based venture capital firm, is on a participation spree, with its earlier Nov. 2018 participation in a $15 million funding round for Dapper Labs, and Oct. 2018 Series E equity financing round for Coinbase, which raised $300 million in funding.