Visa and Andreessen Horowitz have led a $40 million second funding round for cold wallet storage firm Anchorage.
The company uses a variation of AI, human input, and biometric data to ensure digital assets can be stored safely, mitigating against the risk of malicious hacks.
The recent raise was in addition to the Series A funding round earlier this year, which generated $17 million of investment.
— Robert Hackett (@rhhackett) July 10, 2019
“As a custodian, our work is focused on building financial plumbing that other companies depend on for their operations to run smoothly. In this regard, we have always looked at Visa as a model,” said Anchorage co-founder and president Diogo Mónica.
“Visa was ‘fintech’ before the term existed, and has always been on the vanguard of financial infrastructure. Visa’s investment in Anchorage is helpful not only to our company but to our industry, as a validation of the entire ecosystem and a recognition that crypto will play a key role in the future of global finance.”
Anchorage, Visa, and Andreessen Horowitz are all members of the Libra Association. As a result, they will be tasked with ensuring Facebook’s stablecoin stays secure.
“Libra is exactly the kind of asset that Anchorage was created to hold,” Mónica wrote the day Libra was revealed.
“Our custody solution enables online participation with offline assets, so that asset-holders don’t face a trade-off between security and usability.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.