visa, ripple, xrp, swift, payments, xrp-news, cryptocurrency news, blockchain payments

Visa Invested In $40 Million Funding Round For Cryptocurrency Startup Anchorage

Visa Inc. an American multinational financial services giant pumps Anchorage’s bucket after investing in Facebook’s Libra project. The updates have come from one of the mainstream and leading media publication Fortune on July 10.

Reportedly, the global payment company has invested in Cryptocurrency StartupAnchorage– a crypto custodian for institutional investors along with another firm “Blockchain Capital”– founded in Oct 2013, which is aimed to grow the cryptocurrency industry with its oldest venture capital fund investors. Blockchain Capital first signed up as an Anchorage customer, and then later became an investor.

Both Visa and Anchorage are part of the Facebook Libra project and working towards the development of its forthcoming launch along with other 25 member companies.

As per the information, Visa has actively started investing in blockchain-based ventures four years back. In 2015, Visa has also empowered a blockchain company that creates blockchain software for app developers and the financial industry named “Chain” by financing it, which later on September 2018, picked up by another blockchain startup Lightyear- an affiliate arm of digital currency Stellar, showing on the 11th rank at the time of writing, according to the CoinmarketCap data.

Furthermore, it is also displayed that Anchorage earlier raised around $17 million in an investment led by Andreessen Horowitz along with venture capital firm Khosla Ventures founded by Vinod Khosla, PayPal co-founder Max Levchin’sSciFi VC, Mark McCombe of investment firm Blackrock, are among others who put the substantial amount of money in the Series A funding round.

Terry Angelos, the lead of Visa’s efforts in financial tech said in a statement:

“Anchorage is building the foundation to support an array of new financial services.”

Reportedly, Visa’s contribution in the funding process of $40 million is not yet disclosed and till date, the firm has raised a total $57 million.  However, Anchorage’s co-founder and president, Diogo Monica told the publication that the blockchain firm at present supporting Bitcoin, Ethereum, along with more than 50 other virtual currencies and with the new funding the management would be soon adding more digital assets in the company’s portfolio, fresh features like automated book-auditing and tax preparation tools along with a cryptocurrency exchange, Fortune cited. 

As per the information, Anchorage is proposing an alternative to “cold storage”– a well-known method for securing cryptocurrency holdings. However, the method has various limitations which Anchorage claims to solve and aid the customers by providing innovative biometric-based software that is believed to offer a system with multiple approvals and human reviews to secure investors’ cryptocurrency by deploying its identity management system.

Monica while explaining the project’s advantage said that Investors can take more benefit by effectively controlling their holdings with great access support. They can use the platform more efficiently by participating in other cryptocurrency networks with less time in such a volatile market and reap the benefits.

After understanding Anchorage’s concept Blockchain Capital, managing partner, Bart Stephens has also shown his excitement by mentioning that, in seven years after coming across 4,500 companies in startup technologies, Anchorage is tendering a most compelling product demo, Fortune outlined.

Tags: Visa, VC, Altcoin News, Payments, Blockchain Capital, Cryptocurrencies, Cold Storage, Mainstream, Facebook, Adoption, Investments, Anchorage, Libra, Bitcoin, Ethereum, Stellar, cryptocurrency exchange