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Andreessen Horowitz And PayPal Co-Founder Backed Anchorage Goes Live

Anchorage, the cryptocurrency custodian for institutional investors goes live following a $17 million funding round led by venture fund Andreessen Horowitz

According to a press release publishes on Wednesday, Jan. 23, the series A funding round also saw participation from PayPal co-founder Max Levchin’s SciFi VC, Mark McCombe of investment firm Blackrock, venture company Khosla Ventures, among others. The platforms claim that they are based on the principles of easy access to assets, auditing proof of existence, voting and quick transactions.

The team behind Anchorage states that their aim is to make a custodian that will be more secure than cold storage. This, in turn, invites better support from institutional investments, along with enabling active on-chain participation, which would further bring better prospects for blockchain industry.

 Andreessen Horowitz has been investing in crypto startups, just in November Ethereum’s CryptoKitties Founder, Dapper Labs secured a funding of $15 Million, which includes the California-based fund as well. Moreover, Andreessen Horowitz participates in the Series E equity financing round of Coinbase, a U.S. based crypto exchange and wallet provider that plans to employ the $300 million funding received to “accelerate” the adoption of cryptocurrencies.

Read more: Gram, The Cryptocurrency BY Telegram Is Slated To Launch In March

 

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