Anchorage Raises $350M to Expand Crypto Offerings
The raise gives Anchorage a $3 billion valuation.
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Anchorage Digital has raised $350 million in a funding round led by KKR.
Anchorage Closes Series D Funding Round
U.S.-based digital assets firm Anchorage Digital has raised $350 million in a Series D funding round.
The firm shared details of the raise in a Wednesday blog post. It was led by investment company KKR, while Goldman Sachs, Alameda Research, Andreessen Horowitz, Apollo, and others also participated. The raise gives the firm a valuation of over $3 billion and follows a GIC-led $80 million Series C round, which took place in February 2021.
Diogo Mónica, the President and co-founder of Anchorage Digital, said of the raise:
“As more and more institutions look to add crypto services into their offerings, we find ourselves at an inflection point. This funding positions Anchorage Digital to meet the unprecedented institutional demand for this rapidly evolving market.”
Anchorage lets institutional players gain crypto exposure. It offers a range of services including custody, trading, and staking for crypto assets like Bitcoin and Ethereum.
Per the announcement, the firm plans to deploy the capital to expand its solutions catering to global financial and fintech companies. The freshly-raised capital will also be used to expand its team.
In January 2021, Anchorage made headlines when it became the first crypto firm to receive a banking charter from the Office of the Comptroller. It also helped Visa acquire its CryptoPunk NFT in August.
Anchorage’s funding news comes as vast sums of capital flood into the crypto space. Yesterday, NYDIG, another crypto firm targeting the institutional market, announced it had raised $1 billion in a funding round led by WestCap. The firm said it would use the funds to develop institutional-grade Bitcoin products.
Disclosure: At the time of writing, the author of this piece owned ETH and other cryptocurrencies.