In Brief:
- Anchorage Digital raised $350M in a Series D funding round valuing the platform at $3 billion.
- Global investment firm KKR led the funding round with participation from a16z, Alameda Research, etc.
- Anchorage aims to increase the size of its workforce to continue to develop product offerings and expand its client base.
U.S.-based crypto custody firm Anchorage Digital announced it has raised $350 million in a Series D funding round valuing the platform at $3 billion.
According to the press release, global investment firm KKR led the funding round via its Next Generation Technology Growth Fund II, a fund focused on growth equity investment options in the technology area. This is notable KKR’s first direct equity investment in a digital asset firm.
A lot of big-name investors participated in the funding, including Goldman Sachs, Andreessen Horowitz(a16z), Alameda Research, GIC, Apollo credit funds, Blockchain Capital, Delta Blockchain Fund, and Elad Gil.
Investments also flew in from Standard Investments, GoldenTree Asset Management, Innovius Capital, Kraken, Lux Capital, Wellington Management, Senator Investment Group, and Thoma Bravo.
Anchorage Digital intends to use the new capital to upgrade its infrastructure solutions, aimed primarily at global financial companies and fintech innovators.
The firm also intends to increase the size of its workforce to continue to develop product offerings and expand its client base, as well as invest to quicken and simplify customers’ engagement with the latest in crypto advancement.
Diogo Mónica, President and Co-Founder of Anchorage Digital, stated “This funding positions Anchorage Digital to meet the unprecedented institutional demand for this rapidly evolving market. We’re grateful that KKR and this wider group of investors shares our vision to expand regulated institutional access to digital assets.”
The Office of the Comptroller of the Currency granted Anchorage conditional approval for their national bank charter application earlier this year. According to Mónica, the conditional clearance quickly turned into a full-fledged bank license after the company completed certain requirements.
Anchorage engages with both crypto and non-crypto companies, including venture capitals(VCs), hedge funds, fintech, and companies like Visa.
Anchorage has indicated that it has no plans to follow in the footsteps of cryptocurrency companies such as Coinbase and Robinhood and launch an initial public offering. Monica claims that the company’s balance sheet is in excellent shape.
Just a day back only the crypto community saw the largest funding round in crypto history in which NYDIG raised $1 billion in a growth equity funding round which valued the platform at $7 billion. NYDIG intends to utilize the newly raised funds to expand its team on a global scale.
