Crypto bank Anchorage gets US$ 350 million in new funding
by: Dynasty GI2022-01-05
The US-based crypto bank Anchorage Digital raised US$ 350 million in its latest funding round, attracting investors such as private equity giant KKR, Goldman Sachs, BlackRock and PayPal Ventures.
According to Anchorage, this is KKR’s first direct equity investment in a crypto business, although it has previously invested in a major fund of crypto VC company ParaFi Capital. With the latest funding round, the San Francisco-based bank is now valued at over US$ 3 billion, with total funding up to now of over US$ 485 million. The bank stated that a main aim for the latest funding round was to attract larger financial institutions as part of its growth strategy. Anchorage started as a crypto custodian in 2017 for institutional clients and has since turned into a full bank, able to offer lending, borrowing, trading and staking services, serving crypto and non-crypto businesses, including venture capitalists, fintechs and major corporates like Visa. With the additional capital, it is looking at growth in size and expansion beyond the United States, with plans to set up regulated operations in Asia and Europe. Eduardo Carvalho, the founder and CEO of Dynasty Global Investments AG, noted:
"I am sure we will become increasingly familiar with new, crypto-focused financial institutions as they grow in size, reach and confidence in line with how the crypto sector matures over the next few years,"