Anchorage Digital has closed a $350 million funding round, valuing the cryptocurrency custody firm at more than $3 billion. The Series D funding round was driven by global investment firm KKR and included Goldman Sachs, Alameda Research and Andreessen Horowitz among other large names.
Multi-billion dollar valuations are becoming the standard for cryptocurrency custody specialists like San Francisco-based Anchorage, who will oversee digital assets for institutions hoping to spice up their clients’ portfolios going ahead. Take custody tech providers like Fireblocks and U.K.- based Copper, both of whom recently closed funding rounds, for instance.
Goldman Sachs is known for having a smart digital assets team, one of the main banks in the space. The bank’s backing is testament to Anchorage’s dynamic year, which has included receiving a U.S. government banking charter from the Office of Comptroller of the Currency, just as sacking a $80 million Series C round.
Anchorage Digital Funding Positions to Satisfy the Institutional Need for Evolving Market
As an ever-increasing number of institutions hope to add crypto services into their offerings, we wind up at an inflection point, Anchorage co-founder Diogo Mónica stated, This funding positions Anchorage Digital to satisfy the unprecedented institutional need for this quickly evolving market.
This will be KKR’s first direct equity investment in a digital asset company, through its Next Generation Technology Growth Fund II. We are certain Anchorage will be a crucial piece of the digital asset infrastructure and we are excited to be an investor, said Oli Harris, Head of North America Digital Assets at Goldman Sachs in an assertion.
As a pioneer in empowering institutional investors to access digital assets, Anchorage has constructed a top tier, institutional level digital asset stage that combines the prescribed procedures of both modern security and convenience, said Ben Pederson of KKR’s Technology Growth Equity Team in an assertion.