Visa, a global payment giant, has made another investment into the crypto project as per the Fortune July 10 report. The firm will lead a $40 million funding round meant for the Anchorage startup.
Andreessen Horowitz was able to lead another funding where $17 million was raised. Visa together with Blockchain Capital — a major cryptocurrency venture capital (VC) — led the funding round with the aim of supporting institutional-grade crypto custody service Anchorage.
It is now a fact — which was revealed on June 18 – that Libra, the cryptocurrency project of Facebook was founded by Visa and Anchorage.
However, in this case, the report stated that there was no disclosure of Anchorage’s private valuation and Visa’s contribution amount in the new round.
Back in 2015, Visa worked alongside Nasdaq and Citi in Chain’s (blockchain startup) funding round where around $30 million was collected.
Lightyear — a Stellar-focused firm — later on, acquired Chain in late 2018. Fortune notes that the current move is the second crypto-related project that the payment giant has participated in.
Anchorage’s mission of providing enough security for customers’ assets will be achieved since the new funding is an alternative to institutional custodies that are based on cold storage. In that perspective, the firm will instead implement a system that involves various human reviews and approvals as well as softwares that are based on biometrics, thereby safely storing cryptos.
Insurance coverage solution that Anchorage introduced in late May differs from the cold and hot storage combination that the majority of custodians prefer to use.
In the company’s view, crypto custody insurance coverage usually differs depending on various circumstances. Therefore, it unveiled a crime insurance policy that aims to cover both the digital asset storage under a single policy.
In a similar venture, Visa released ‘Visa B2B Connect,’ — a somehow blockchain-based cross-border payment network.