Anchorage, Newly Cleared as US Crypto Bank, Raises $80M From A16z and Others

Crypto custody firm Anchorage has raised an $80 million Series C funding round, led by GIC, Singapore’s sovereign wealth fund. Also participating in the round were Andreessen Horowitz (a16z), Blockchain Capital, Lux and Indico.

“This new capital will allow us to rapidly scale to meet the rising demand for participation in the digital asset space, particularly among corporations and traditional financial institutions,” Anchorage President Diogo Mónica said in a statement.

San Francisco-based Anchorage is distinguished as the first crypto native to receive a federal banking charter from the Office of the Comptroller of the Currency (OCC), making it the first national “digital asset bank” in the U.S.

Read more: Anchorage Becomes First OCC-Approved National Crypto Bank

“Anchorage has gone through a brilliant metamorphosis – from a world-class custody solution, to the standard-bearer for crypto banking. In just a few short years, they’ve already been a powerful, catalytic force for institutional adoption, regulatory confidence, and overall maturation of the space. We’re proud to lend our support as they continue to push the industry forward – and the financial systems together,” said Blockchain Capital partner Brad Stephens.

Over the coming months, Anchorage said it plans to help corporations add crypto to their balance sheets and treasuries, the way Tesla and MicroStrategy have done. The firm also said it plans to scale its lending business and will look to partner with neobanks, challenger banks and traditional banks.