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Visa is trying to get ahead of the curve with regards to blockchain and cryptocurrency with its support of Anchorage, a cryptocurrency custodian startup that aims to advance institutional participation in digital assets..
The credit card giant has co-led a $40 million Series B funding round for Anchorage together with Blockchain Capital.
Visa has been making quite a bit of headway into carving a space for itself in the blockchain industry. Four years ago, for example, it made investments in a firm called Chain. It was since acquired by Lightyear, which is known for its affiliations with the Stellar Lumens crypto coin, Fortune reports.
Despite the impressive news of its success with its recent funding round, hardly anyone had heard of Anchorage before last month. On June 18, its name appeared on a list alongside some major heavy hitters in the financial world, including MasterCard and PayPal. That list was composed of companies that had partnered with Facebook for its Libra offering.
In its announcement, Anchorage said that it intends to use the funding to help its clients achieve their goals by investing in support for all assets, enabling participative features, and unlocking financial services beyond custody.
“Our mission at Anchorage is to advance institutional participation in the digital asset class, and this funding will improve our ability to do precisely that. To have the support of pioneering organizations like Visa and Blockchain Capital is a validation of Anchorage’s vision for the emerging economy of digital assets,” Diogo Monica, president of Anchorage, said.
Visa SVP and fintech head Terry Angelos also threw in his two-cents with regards to Anchorage’s potential, Coindesk reports. This is the entity’s ticket to a brighter blockchain future.
“This investment is consistent with Visa’s global strategy to partner with and invest in emerging fintech companies,” Angelos said. “We’re pleased to add Anchorage to our growing investment portfolio.”
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