Visa continues to be a leader in the the blockchain and crypto spaces. This time, Visa is betting on the digital asset custodian company Anchorage, which is a fellow in Facebook’s Libra Association. Andreessen Horowitz are also partnering on the $40 million funding round.
According to TechCrunch, Anchorage is a revolutionary custodian solution, as it does not require any password to withdraw cryptocurrencies, but rather verifies the withdrawal through a client’s other employees. Before any transaction is executed, Anchorage uses AI and biometrics to verify the transaction itself and offers insurance coverage through the entire process.
The $40 million – funding round led by Visa, Andreessen Horowitz and Blockchain Capital is a Series B funding for the company. The Series A round was led by Andreessen Horowitz and was for $17 million. The interesting part is that this previous round of funding was just six months ago, which shows the quick traction of Anchorage.
Also, Visa, Andreessen Horowitz and Anchorage are among the 28 founding members of Facebook’s ambitious project Libra. Other founding members include companies such as: Uber, Coinbase, Lyft, Stripe, eBay, Spotify and many more. The requirement: investing at least $100 million in the social giant’s cryptocurrency project.
The co-founder and president of Anchorage, Mr. Diogo Monica commented on the development for the company and its participation in Facebook’s funding round:
“As a custodian, our work is focused on building financial plumbing that other companies depend on for their operations to run smoothly.
Libra is exactly the kind of asset that Anchorage was created to hold. Our custody solution enables online participation with offline assets, so that asset-holders don’t face a trade-off between security and usability.
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Visa leads $40 million Series B round for Anchorage was first posted on July 10, 2019 at 11:41 pm.