Visa Joins Crypto Custodian Anchorage $40m Series B Funding Round

Visa cryptocurrency custodian Anchorage funding round Blockchain Capital

Global payments giant Visa is among an illustrious group of investors to have contributed to the Series B funding round of Anchorage, a custodian services firm working with institutional investors in cryptocurrency.

The funding round was led by Blockchain Capital Inc., drawing support from Visa, as well as existing investors such as Andreessen Horowitz. The $40-million funding drive brings the total raised to $57 million since the firm was founded in 2017.

Anchorage co-founder and president Diogo Monica said the funding would enable the firm to realize its mission of increasing institutional participation in digital assets like cryptocurrencies.

“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.”

According to Anchorage, the investment will be used to further develop its platform, with plans to introduce support for a wider variety of digital assets, as well as proposals to integrate more closely with other types of financial services and third-party providers.

Terry Angelos, senior vice-president and global head of fintech at Visa, said the investment was part of Visa’s global strategy of backing emerging blockchain and crypto businesses.

“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.”

Bart Stephens, co-founder and managing partner at Blockchain Capital, said the investment was a vote of confidence in Anchorage.

“We believe Anchorage is the safest place to hold digital assets, having modernized crypto custody beyond physical cold storage with advanced security engineering. We are leading this investment because we believe Anchorage will have a transformative impact on the financial world.”

Anchorage aims to encourage more institutional investors to trust their crypto and digital asset investments are secure, with custody and security still a key barrier to increased involvement and participation.

Anchorage has been developed to handle next-generation crypto assets, offering a level of service far beyond basic cold storage. With the needs of regulated institutional investors in mind, the firm’s custody service has been linked with a number of other emerging crypto startups, including Facebook’s Libra stablecoin.